A Certificate of Good Standing (CGS) is an official document, issued by the Companies Registry. A CoGS confirms that a particular company legally exists, has complied with all the administrative requirements as to its presence within the official registry, and has paid all government duties, and, thus, is “in good standing” vis-a-vis the Companies Registry as of the date of issue.
The Certificate of Good Standing is used to formally confirm the continued legal existence of a Cyprus company after it has already been in operation for some time. The CoGS confirms that the status of an independent legal entity (a juridical person) has not been revoked, that this company has not merged with another firm, has not filed for dissolution and has not been struck-off.
Many banks tend to regularly ask for fresh Certificates of Good Standing in respect to the companies with accounts on their books, as soon as the company is more than a year old. A potential customer or supplier may ask for a CoGS as evidence that your company is in legal existence. The Certificate of Good Standing can be requested and obtained from the Companies Registry, as and when required. This is one of our standard services. As the Certificate of Good Standing is basically a “snapshot” of the legal health of the company at a particular moment in time, there is no sense to order the CoGS in advance, without a special need.
If, over time, the Cyprus company has not been properly maintained or has not paid its state duties, it can lose its status of good standing and, ultimately, be struck-off from the Registry. For such companies, of course, the Certificate of Good Standing will not be issued until all overdue fees are paid and the good corporate status is restored. Reinstatement of a struck-off company is possible, but it is costly and time-consuming.
In Cyprus, the main information in respect to any Cyprus company (including its organisation status) can be obtained by anyone, free of charge, as this information is available on the website of the Cyprus Department of Registrar of Companies.
