Establishment of a Medical Company in Cyprus
Establishing a medical company in Cyprus offers licensed practitioners a structured pathway to provide services through recognized corporate entities. The legislative framework, particularly the Law on Registration of Doctors (Amended) of 2013 (Law 73(I)/2013), outlines the procedures and requirements for such establishments.
Types of Medical Companies in Cyprus
Medical companies in Cyprus can be formed as:
- Private Limited Liability Companies (I.E.P.E.): These entities are denoted with the acronym “I.E.P.E.” (Ι.Ε.Π.Ε.) Ιατρικές Ιδιωτικές Εταιρείες Περιορισμένης Ευθύνης in Greek or “DLC” (Doctors’ Limited Company) in English. All shareholders and board members must be registered doctors under the Medical Registration Law. Additionally, general or limited partnerships, where all partners are registered doctors, can also hold shares in these companies.
- General Partnerships: All partners must be registered doctors.
- Limited Partnerships: Similarly, all partners in these structures are required to be registered doctors.
Company’s Name
The company’s name should exclusively comprise the name(s) of one or more doctors who currently practice or have practiced medicine. For limited liability companies, the name concludes with “I.E.P.E.” or “DLC,” depending on the language used.
Registration Process
- Approval from the Cyprus Medical Council: Before registering the company with the Registrar of Companies, it’s mandatory to obtain approval from the Cyprus Medical Council. This ensures that all professional standards and requirements are met.
- Submission to the Registrar of Companies: Upon receiving approval, the company can be registered with the Registrar of Companies. Following this, the Medical Council maintains a special register of all medical companies.
Compliance and Maintenance
Medical companies must adhere to both the Companies Law and the specific provisions of the Medical Registration Law. The Medical Council holds the authority to remove a company from its register if it fails to meet the necessary conditions post-establishment.
For detailed guidance on establishing a medical company in Cyprus, it’s advisable to consult with legal professionals experienced in corporate and medical law. They can provide comprehensive assistance tailored to your specific needs.
