Further to the announcement below issued on the 5th of November 2021, we would like to alert relevant entities that the grace period (for existing VCICs) lapses on the 5th of November 2022, affected entities may reach out to our firm for further clarifications / actions.
The Department of Registrar of Companies and Intellectual Property hereby announces that on 5th of November 2021 the Companies (Amendment) (No.3) Act of 2021 (Ν. 150(Ι)/2021) was published in the Official Gazette. This Amendment Legislation introduces specific provisions regarding Variable Capital investment companies.
Your attention is drawn to Articles 370 Θ (1) – (3) and 370 IE (1) – (3) according to which a time limit is set.
(a) According to Article 370 IE par. (2), an existing Variable Capital Investment Company must, within twelve (12) months from the effective date of the abovementioned Law (N. 150(I)/2021), submit to the Registrar of Companies a special resolution together with the amended Memorandum and Articles of Association.
(b) Pursuant to Article 370 Θ (2), each company that has amended the terms of its Memorandum in relation to its share capital, so as to become a Variable Capital Investment Company, must within one (1) month from the said amendment, submit to the Registrar of Companies the relevant ordinary resolution, together with form HE16 and, if they so wish, the amended Memorandum presenting the new share structure of the company.