Similar to England, organizations restricted by guarantee are normally reserved only for charitable of non-profit-making purposes. Aside from their share structure, they are identical to other types of private organization and fall under the Cyprus Companies Law[1]. These organizations are different from the others as their nature of work and requirements are basically different. The difference presented is that there is no share capital that is required to be paid upfront, but in fact the shareholders guarantee to pay the amount of their subscription at the time of liquidation. Despite that, the body of law covering any disputes in these companies is company law.
[1]Int’L Business Publications, Usa, Northern Cyprus – Turkish Republic Of Northern Cyprus Business Law Handbook (Intl Business Pubns Usa, 2015)
Similar to England, organizations restricted by guarantee are normally reserved only for charitable of non-profit-making purposes. Aside from their share structure, they are identical to other types of private organization and fall under the Cyprus Companies Law[1]. These organizations are different from the others as their nature of work and requirements are basically different. The difference presented is that there is no share capital that is required to be paid upfront, but in fact the shareholders guarantee to pay the amount of their subscription at the time of liquidation. Despite that, the body of law covering any disputes in these companies is company law.
[1]Int’L Business Publications, Usa, Northern Cyprus – Turkish Republic Of Northern Cyprus Business Law Handbook (Intl Business Pubns Usa, 2015)
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