When Cyprus adopts the Euro on January 1 2008, companies whose share capital is denominated in Cyprus pounds will be required to pass a resolution in a general meeting to convert their share capital into euro, and amend their memorandum and articles of association. Notice of the change must be filed with the Registrar of Companies. There will be no fee for registration.
Although conversion should be no more than a formality, care will have to be taken to comply with the detailed provisions of the Cyprus Companies Law, which, for example, requires a special resolution for these purposes.
After January 1 2008, until companies have filed the necessary documents to amend their share capital, the Registrar of Companies will not accept any other documents from them for registration. Also, if conversion does not take place before the end of 2008, the Registrar will accept a resolution for the conversion of capital only with a court order authorizing late registration.