2. ALL clubs, societies and associations in Cyprus have been officially closed by the Government. [but they can continue to operate until July 2020 before being officially dissolved by the Government.]
3. All Clubs, societies and associations must register by 13 July 2018
4. Clubs, societies, associations, etc have to be ‘re-founded’
5. 20 members must act as 'Founding Members' and obtain Police Clearance [Members cannot be blood related, married or connected by a third party and must not have a criminal record] - the club/society/association will have to pay the cost of each member who acts in this capacity
6. From the 20 members a "Board of Directors" [Committee] must be formed
7. The Constitution must be re-written in English and Greek
8. A convening AGM will be required, giving the District Office 30 days notice of the meeting
9. For any AGM to proceed there must be 60% of the members present; that can drop down to 40% provided there is a court order obtained in advance
10. If turnover exceeds €40,000, an external auditor will be required
11 Legal/registration costs to set up under the new system are estimated at around €2,000. No-one is saying what membership fee, if any, there will be at this stage. Clubs, societies and associations will have to deal with the matter via lawyers as all paperwork is likely to be in Greek. If clubs, societies and associations seek translation advice, it is recommended that they approach official translators so that the true meaning of any legal wording is not lost or misunderstood 12 There appears to be an anomaly in that the law does not require a club, association or society to be registered if this has no financial holdings or assets. For a club to hold a bank account the club must be registered. If a decision is made to go down the 'unregistered' route, then the club, association or society must approach any Bank that they have an account with for their agreement. It is likely that the name of the account holder would have to be changed into individual name[s] IF the Bank will accept an account for an unregistered club.
At this stage it is unknown if, where or how residents associations with 21 or more 'members' fit into the new legislation, but it is thought that if there is a bank account, then they fall within the new rules and regulations.
Information will be posted on the site above as it is available.
Registration Requirements:
The rules on registration have been heavily extended and include the following:
1. Copy of Articles of Association (ie Constitution) which must include;
-Purpose/scope, name and address of Club
-Terms of admission, resignation and expulsion of members
-Members’ rights and obligations
-Financial resources
-Out-of- court representation
-Conditions for calling a General Meeting
-Administrative body: election process, term of office, frequency of meetings, terms of remuneration.
-Provision for Committee or other members to claim any reasonable expenses incurred
-Terms of amendment of the Constitution
-Method of auditing accounts
-Terms of dissolution
-Club, society, association logo
-If any committee member is convicted of a criminal offence, he/she should be ejected from the Committee and be replaced. It is suggested that this provision be stated in the Constitution.
2. A list of a minimum of 20 founder members of the club together with their address, telephone number, 2 copies of passport, residence certificate/visa and a police clearance.
3. A complete inventory of all assets
4. AGM minutes
5. Club handbook
6. Copy of annual accounts
Costs are likely to be:
1. Police check is €20 per person, so €400 for the 20 founding members
2. Registration fee of approximately €35 but expected to be higher in the future.
3. Translation fees [as the application is likely only to be in Greek and the submission must also be in Greek].
4. Total legal costs are currently estimated at €1500-€2000 with unknown ongoing annual charges/fees.
The actual registration process is a one off exercise. However, submission of information to the registrar will be an annual requirement.
By 31st March every year:
-Any changes to the Committee
-Number and details of new member
-Deletion of retired members
Within 30 days of every General Meeting:
-The minutes, explaining the voting procedure followed.
-A list of all the members who attended, with their signatures, marked ‘CONFIDENTIAL’
-A copy of the Constitution
-If there were any amendments to the Constitution, copies of both the old and amended versions, and a covering letter explaining the procedure and number of members present (with/without voting rights). Any amendments require the approval of 75% of members.
Within 7 months of the end of the fiscal year:
-Copies of the club, society, association accounts
All documentation each year will have to be translated into Greek.
DO YOU NEED TO BE REGISTERED?
If you have assets - Yes.
If you have no significant assets or financial holdings but want to have a bank account - Yes probably depending on the attitude of your bank
If you have no significant assets or financial holdings but don't hold a bank account - No
Can you manage without a Cyprus bank account?
1. All monies collected have to be held by an individual or individuals on trust.
2. All transactions have to be in cash ie no cheques or bank transfers.
3. There will be no bank statements.
4. There will be no bank charges or interests on deposits.
5. Future Committee Members will not be required to submit personal details.
6. The club, society, association will need to review current cash management practices.
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