A company is governed by two bodies: the general meeting and the board of directors. There should be at least one director and one secretary (exceptions apply with regard to regulated entities e.g. credit institutions, investment firms, alternative investment funds, insurance undertakings etc). By way of exception, in the case of a company with a sole shareholder, the director and the secretary may be the same person. Alternate directors and a deputy secretary may also be appointed if the shareholder so wishes. Except as specified in the law, the competences and respective powers of the governing bodies of the company may be determined in the articles of association in the way that best serves the needs of the shareholder. In default of such provisions most decisions will fall within the competence of the directors, with the exception of decisions which under the law should be decided by the general meeting e.g. the increase and decrease of capital, the winding up, the amendment of the name and the articles of association of the company.
The registered office of the subsidiary must be located in Cyprus.