admission criteria
The criteria for the registration of a new member are set out in Article 3, Paragraph 2 of the Articles of Association of the Association, as follows:
Article 3
Paragraph 2
1. (a) Have as their principal occupation in Cyprus the business of land and building development for their own benefit and with the intention of disposal to third parties;
2. (b) As of the date of submission of their application:
(i) Have completed and disposed of, for their own benefit and to third parties, licensed buildings with a total built area of at least 3,000 square metres of building coefficient;
(ii) Have secured, for their own benefit, the necessary permits and have carried out the subdivision of at least thirty (30) plots, including the completion of all required roads, and have disposed of an equal number of plots to third parties;
3. (c) Maintain an office adequately staffed with qualified personnel and suitably equipped, which is used primarily for the execution of the member’s business activities;
4. (d) Have demonstrably appointed a qualified auditor.
Paragraph 2A
Natural or legal persons who do not meet the registration criteria of subparagraph 2(b) above may submit an application and, if approved, may be registered as Probationary Members of the Company until the end of the calendar year in which the application was submitted, with the right to renew for three (3) consecutive years. Upon the expiration of this period, they must meet all the aforementioned criteria in order to apply for registration as Full Members, failing which they shall no longer be eligible for registration as Probationary Members.
It is understood that Probationary Members shall be subject to the provisions of the Articles of Association in the same manner as Full Members, except for the rights to vote, to be elected as officers, and to be counted towards the quorum at the General Meetings of the Company.
In addition to the above, the following are required:
1. Continuous presence in the industry for not less than 3 years prior to applying for membership of the Association. For companies that do not meet this criterion, a “Probationary Member” will be introduced where they will be monitored until 3 years have passed.
2. Letters of recommendation from banking institutions with which the company cooperates
3. Provision of evidence that the company’s Social Insurance has been paid.
4. Provision of a certificate from an approved auditing firm that the company (a) maintains proper accounting records, (b) that the financial statements prepared provide the information required by the Companies Act, Cap. 113 information and (c) the latest date of preparation of financial statements.
5. In case the land development company is also a construction company, its licence from the Council for Registration and Control of Contractors must be presented.
6. It shall be the obligation of the member, prior to the commencement of sales of individual units in single developments, to have at least a Planning Permit.
