Industry News

Cyprus adopted the EUR from the 01.01.08

As of the 01.01.08 Cyprus as EU member adopted the European Currency or else as know EUR. Those companies that issued their share capital value in Cyprian pounds (CYP) will have to be convert the capital it in EUR.

The changes concern an Issued Share Value, but not on the total amount of the Issued and Authorized Share Capital. The value of shares for conversion from CYP to EUR will be divided by 0,585274 and will be rounded off to 2 decimal places.

All the changes should be included into the Register of the Enterprises of Cyprus till December, 2008. Those companies that will not have time to make changes till the end of the qualifying period, will not receive the Good-Standing certificate.

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