16.How can we conclude contracts on behalf of a company?

There are 2 ways:

a) The contract is send to Cyprus, is translated in English (if necessary), is checked by a lawyer ( for being in accordance with Cyprus legislation) and then is signed by the company directors. As the "nominee" by the laws is not accepted, and any person according to the law that act as director of a company has full responsibility for the company's activities (up to court cases and cancellation of professional license as lawyer or auditor), our directors are signing any documentation very carefully and the signature of a "real Cypriot" on any document is costing money. The prices for these services are shown in our price list in administrative expenses part.

b) After sending to PPB INC LTD an application for the issuance of Power of attorney to you personally or any trusted person of yours, we are issuing the power of attorney , which gives the right to you or your trustee to sign documents and have full responsibility for and behalf of the company. This case is accepted juristically and it is much cheaper and fast for the clients.

Any Power of Attorney can be translated in any language, be legalized by a Cyprus notary, Ministry of interior of Cyprus, Consulate or Embassy of your country of origin etc. or can be apostilled. This is necessary in order that the Power of Attorney will be accepted and be in force in any country. The Power of Attorney is given for a fixed period, not longer than the period that our directors are appointed and paid for the directorship.

Notice!!! Tax legislation of different countries has the option for checking a company, who does business on their territory (through a person who acts under a general (wide) Power of Attorney), as a permanent representative office of the company. For this reason we advise our clients to be consulted with a local lower about it's text . Some times is better to have 2 Powers of Attorney: one for potential business partners (general Power of Attorney) and a second, for bank account opening, inland revenue registration and other specialized functions (Limited power of attorney).

                                                                                                                                       Back