Cyprus Branch of Overseas Company:

Any overseas company may operate in Cyprus as a branch. Within one month of establishment of such a branch, the following documents must be filed (in Greek) with the Registrar:

A certified copy of the Memorandum and Articles of Association A list of the directors and secretary The names and addresses of persons residing in Cyprus authorized to accept all notices on behalf of the Company.

Companies with branches in Cyprus must also file their accounts annually, together with certified Greek translations.

Company law changes implemented in 2003 as part of the EU accession process include the following rules covering branches:

Every foreign corporation that maintains a branch in the Republic must submit, for every financial year, copies of its financial statements as presented in its last AGM and published in accordance with the laws of the country of incorporation, except that EU corporations that publish audited financial statements in their countries of registration and submit these financial statements to the Registrar of Companies are exempted from preparing and submitting separate branch financial statements.

Version date: 07.05.06