Business name registration in Cyprus
A business name refers to the name used by an individual or a legal entity to conduct business operations within the Republic of Cyprus. When a business is operated under a name different from the individual’s or company’s legal name, it is mandatory to register with the Registrar of Companies. This requirement applies specifically to the following situations:
1. When a natural person conducts business within the Republic of Cyprus using a business name other than their own legal name. For instance, if Nick Smith chooses to trade under names such as “Smith,” “Nick Smith,” or “N. Smith,”
2. When a company that is registered with the Companies register carries out business operations using a name other than its registered name.
What are the responsibilities associated with a Business Name?
When incorporating a business name with the Registrar of Companies, certain requirements must be met. Once the incorporation process is complete, the below obligations must be fulfilled.
To register a business name, it is necessary to select an appropriate name that satisfies the criteria set by the Registrar of Companies and obtains their approval.
There are certain restrictions to consider when seeking name approval. These are the Name of business, the registered place, the business owner and finally the nature of the business. Read below the explanation.
Name.
1. The proposed name must not resemble names of already registered organizations listed in the Registrar of Companies’ register.
2. The name should not resemble registered trademarks without obtaining the relevant consent.
3. The name should not be misleading or undesirable. For instance, it should not falsely indicate any connection with the Republic of Cyprus, the President, a Minister, Ministry, Government Department, Local Authority, or any organization established by law or by the Government of a foreign country, unless it accurately reflects such a relationship.
4. The name should not provide a general indication of the nature of the business, its quality, or its location.
5. The name should not imply that a company with limited resources is engaged in extensive activities or operating on a large scale.
6. The following words are generally restricted: “National,” “International,” “Republic,” “European Union,” “Europe,” “Euro,”
7. The words “co-operative, “municipal,” “privileged,” or “recognized,” and their respective Greek equivalents, are generally not allowed.
8. Unless there are reasonable grounds, the name should not include the name and/or surname of a person other than the director, shareholder, or owner.
9. The name should not include words or phrases that would constitute a criminal offense if used.
10. Offensive or inappropriate names are not permitted.
11. Specific characters, symbols, and punctuation marks such as “@” “$,” “%,” or “!” should not be included in the name.
These considerations must be taken into account when selecting a name for registration.
Place of Business.
The business conducted under a business name must be situated within the Republic of Cyprus and cannot be a mailbox. The main place of business associated with the business name serves as the designated location to receive all required notifications and notices in accordance with the General and Limited Partnerships and Business Name Law.
To notify the Registrar of Companies about the business name’s place of business, a dedicated form needs to be submitted along with the application for business name incorporation. In the event of a change in the address of the place of business, a dedicated form must be submitted to the Registrar of Companies within seven (7) days from the date of the change.
It is important to note that the address of the business name’s place of business is published in the Registrar of Companies’ electronic register.
Owner of Business Name
The owner of a business name can be either:
- A natural person who operates a business and has a physical location within the Republic of Cyprus.
- A company that has a place of business in the Republic of Cyprus.
To notify the Registrar of Companies about the owner of a business name, whether it is a natural person or a company, a form (EE1) needs to be submitted during the process of incorporating the business name.
If there are any changes to the owner’s particulars, an additional application must be submitted within seven (7) days from the date of the change.
It is important to note that the ownership of a business name cannot be transferred to another natural person or company. To transfer ownership, the business name must first be removed with an application. Then, an application for name approval must be submitted again using Form EE1 to register the new owner of the business name.
Nature of business related to business name.
The nature of business for a business name refers to the specific activities that it intends to undertake within the Republic of Cyprus.
Certain activities may require permission, consent, or pre-approval before they can be carried out under the business name.
For example, services related to medical activities, financial activities, dental, legal, administrative and business related services.
