The objects clause still matters
Selecting Your Business Activities in Cyprus
A Cyprus company still has an objects clause, and acting outside it creates avoidable argument.
GCC business setup specialists
Objects, codes and authorisation are three things
Cyprus companies retain an objects clause in the memorandum describing what the company may do — a feature several jurisdictions have abolished. Separately there are statistical classifications used for reporting, and separately again there are activities requiring authorisation from a regulator. Drafting the objects too narrowly causes problems later; relying on them as a licence causes different problems.
- Objects drafted broadly enough for planned growth
- Statistical classification handled where reporting requires it
- Regulated activities identified separately and early
20+
Mainland, free zone and offshore jurisdictions we file in — so the recommendation is based on your activity, not on which authority we happen to be registered with.
7,000+
Companies successfully established.
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Three separate things
Objects, codes and authorisation
Only one of them is permission.
| Element | What it does |
|---|---|
| Objects clause | Describes what the company may do. |
| Statistical classification | Used for reporting and statistics. |
| Regulator authorisation | Permits a regulated activity. |
| Municipal permit | Permits the premises use. |
| VAT registration | Follows the supplies you make. |
| Amendments | Objects can be altered by resolution. |
Company law requirements including the objects clause, classification systems and authorisation regimes are set by the authorities and change. Yours are checked before incorporation. Cyprus is a European Union member state, so EU directives, the single market and EU anti-avoidance measures all apply.
How it works
From business plan to memorandum
Drafted once, used for years.
01
Describe the business
What you will do now and expect to do within a few years, so the objects cover both.
02
Draft and classify
Objects drafted appropriately, statistical classification set where needed, and any regulated element identified.
03
Authorise where required
Regulator authorisation pursued separately where the activity needs it, since the objects clause does not provide it.
- What the business will do now
- What it may do within three years
- Whether investment services are involved
- Whether you will administer entities for others
- Whether you will hold client money
- Whether you will hold intellectual property
- Whether property will be held
- Whether you will trade goods
- Where customers will be located
- Whether premises are needed
- Whether staff will be employed
- Whether group financing is contemplated
Scope
What is included, and what is not
Stated plainly, so nothing is added once the engagement starts.
Included in the service fee
- Objects clause drafted for current and planned activity
- Statistical classification where required
- Identification of regulated activities
- Pointer to the correct regulator
- Objects reflected in the memorandum at incorporation
- Amendment of objects by resolution where needed
- VAT position assessed against the activities
- One adviser co-ordinating it
Not included, quoted separately
- Registry fees, paid at cost
- Regulator authorisation, quoted separately
- Bespoke drafting by a lawyer
- Market research
- Municipal permits unless quoted
- Authority decisions
- Audit and accounts preparation
- Bank onboarding decisions
Verify independently
Official Cypriot authorities
We file directly with these bodies on your behalf.
Central Bank of CyprusDepartment of Registrar of Companies and Intellectual PropertyTax DepartmentCyprus Securities and Exchange CommissionCommercial banks and their compliance functionsBeneficial ownership register
Questions
Choosing Cyprus business activities — FAQs
Does a Cyprus company still need an objects clause?
Yes, the memorandum describes what the company may do. Several jurisdictions have abolished this, so it surprises people.
Should the objects be broad or narrow?
Broad enough to cover planned activity, since amending them later requires a resolution and filing. Overly narrow objects create avoidable argument.
Does the objects clause authorise my activity?
No. Authorisation for regulated activities comes from the regulator, and premises permission from the municipality.
Which activities need authorisation?
Investment services and administering entities for others, among others. We identify them before incorporation.
Can objects be changed later?
Yes, by shareholder resolution and filing. It is straightforward but avoidable with sensible initial drafting.
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