Michael Kyprianou Law Firm

Michael Kyprianou Law Firm is a leading full-service law firm, founded in Cyprus in 1991. The firm has grown steadily over the years and established an international presence by operating 11 offices in 9 countries: Cyprus (Nicosia, Limassol and Paphos), Greece (Athens), Malta (Birkirkara), Germany (Frankfurt), Israel (Tel Aviv), the UAE (Dubai), the UK (London), Ukraine (Kiev) and most recently Poland (Warsaw). The firm presently comprises 62 lawyers with 24 partners and a staff of 112 persons in total.

Intellectual Property Team

Nick Kounoupias, UK IP Champion and acclaimed solicitor with thirty-six years’ experience in Intellectual Property Law, heads the Intellectual Property department of the firm alongside Senior Associate Agis Charalambous, who specializes in litigation and Intellectual Property enforcement. Maria Georgiou, Chief Financial Officer of M. Kyprianou Accounting Services Ltd, has extensive experience in financial matters as well as considerable experience in corporate taxation.

The firm has many years of experience in the field of Intellectual Property and, as a result, it has acquired an excellent international reputation. The firm advises clients on both contentious and non-contentious matters and also acts for clients in high-value IP related litigation. The team at Michael Kyprianou Law Firm successfully assists clients in any matter related to Intellectual Property and always aims for – and obtains – the most efficient solutions. As a representative of Michael Kyprianou Law Firm, Agis Charalambous, is a member in the exclusive Internation Federation of Intellectual Property Attorneys (FICPI). In the latest edition of The Legal 500, the team is recommended for providing comprehensive advice on all aspects of intellectual property and providing practical solutions to complicated matters. Michael Kyprianou Law Firm is consistently ranked and recommended by leading international legal directories such as The Legal 500 and IP Stars. This year the firm has been ranked as a Tier 1 law firm in all areas, including Intellectual Property, Dispute Resolution, Commercial and Corporate and M&A law, Employment law, and Real Estate & Construction Law. It has also been recognized as highly ranked firm in the areas of Tax law. Partner Nick Kounoupias, has been recognised as an IP Star and Senior Associate Agis Charalambous as a Rising Star.

Services

So many opportunities in the current digital era depend on protecting your intellectual Property Rights (IPR), including trademarks, patents and copyrights. Registering, developing and protecting your company's IPR and assets can often be a difficult task. Whether you want to protect your technological inventions or ensure that your goods or services stand out from those of your competitors, there are always straightforward solutions to achieve the utmost protection possible.

The firm’s specialist Intellectual Property team is always available to guide and advise in understanding your position and going through the necessary steps to protect your IPR.

The firm’s team deals with all aspects of Intellectual Property for clients as regards protection, exploitation of IP rights and enforcement, including:

• Copyright litigation
• Copyright prosecution and portfolio management
• Providing strategies to safeguard the Firm’s clients’ rights
• Counsel on claims of infringement and enforcement
• National patents registration and renewals
• Validation and renewals of European Patents in Cyprus
• Drafting and reviewing of Agreements relating to the commercial exploitation of patents
• Trademark registration and renewal operations in Cyprus, the European Union and Internationally,
• Oppositions, cancellations, counterfeiting and passing-off disputes
• Licensing and franchising
• Trademark Litigation

Intellectual Property in Cyprus

By Maria Georgiou, CFO and Agis Charalambous, Senior Associate

Cyprus Intellectual Property law protects Cypriot nationals for their work notwithstanding the place of publication. Copyrights in Cyprus are considered as an automatic right as no register exists for their registration and are regulated by the Copyright and Neighbouring Rights Law of 1976 to 2006 (Law No.59/1976). Intellectual property becomes increasingly vital to innovative businesses and companies making the case for engaging with experienced counsel on patent representation. Those seeking our counsel for patent-related issues include domestic and international clients from a variety of industries, from small to large corporations, and privately held organizations.

The Cyprus IP Box is an attractive and tax beneficial scheme, under the Cyprus Tax Laws. It allows an 80% deduction on qualifying IP profits. The Regulations include, among other things:

• The definition of qualifying IP assets
• The definition of qualifying IP profits
• The research and development (R&D) fraction (i.e. modified nexus fraction) applied on qualifying IP profits
• The definition of qualifying taxpayers
• The obligation of maintaining accounting books and records

The IP Box is applicable on legally and/or economically owned qualifying IPs:

• developed by the Cyprus company in Cyprus, or
• whose development was outsourced to a third party, or
• developed by the Cyprus company via a foreign branch, or
• acquired but which are further developed by the Cyprus company.

The following types of profits qualify:

• Royalties or other amounts in relation to the use of qualifying IP
• Amounts for the grant of a licence for the exploitation of qualifying IP
• Amounts derived from insurance/compensation in relation to qualifying IP
• Trading income from the sale of qualifying IP
• IP income embedded in the sale of products, services or the use of processes directly related with qualifying IP assets.

The Cyprus IP Box regime provides a strategic tax advantage for companies earning revenue from IP through innovation and monetisation. Our firm supports clients from A to Z, in order to ensure that they utilise and gain the optimal benefits that the Cyprus IP Box has to offer. Michael Kyprianou Law Firm has the knowledge and expertise to make the relevant reports to Tax Authorities to support all its clients’ cases to and obtain the relevant tax rulings (approvals). Furthermore, accounting records of each IP are properly kept by segments, offering always clarity and proper recording.