The Cyprus Germany Business Association – Ready to Serve

The Cyprus Germany Business Association is ready to contribute to our Society and to the further development of the ties between Cyprus and Germany.

It is my utmost pleasure as the President of the Cyprus Germany Business Association, shortly CGBA, to announce to the public that the Association has been registered with the Registrar of Companies on the date of 21 December 2020.

The Cyprus Germany Business Association has been incorporated as a “Company Limited by Guarantee”, which is a legal form of companies that is typically preferred for non-profit organisations. The Goethe Institute in Nicosia, for example, is a Company Limited by Guarantee.

Companies Limited by Guarantee have no share capital and thus no shareholders, but members instead who guarantee the provision of a certain small amount to cover costs and expenses in case of liquidation.

Companies Limited by Guarantee need to keep proper books and accounting records and need to have their annual financial statements audited by an Auditor licensed in the Republic of Cyprus, just as it is the case with any other company.

Bookkeeping and accountancy services will be provided as contribution by our member Roedl & Partner.

Non-Profit Status

Article 4 of the Memorandum states that the Company is a non-profit entity.

Structure and Organisation

The Cyprus Germany Business Association has 19 Founding Members. The Cyprus Chamber of Commerce and Industry is a founding member.

Out of its 19 founding members, there are 11 German companies or their subsidiaries or German-owned companies, all based in Cyprus, and 8 Cyprus-owned companies.

The Cyprus Germany Business Association has an internal Board of 19 Members, of which 7 form the Executive Committee. These 7 Executive Committee Members act as Directors of the Company, as per the registration records with the Registrar of Companies. The Cyprus Chamber of Commerce and Industry is represented on the Board.

The well-balanced Board of Directors has been elected by the Founding Members during the inaugural meeting. The Board consists of 3 female members and 4 male members, 3 of them being Cypriot and 4 of them German members.

The Board of Directors consists of the following persons:

  • Stefan Nolte (President; Shanda Consult)
  • Irena Georgiadou (Vice-President, individual member)
  • Capt. Eberhard Koch (Vice-President, Österreichischer Lloyd Seereederei)
  • Alexandros Ioannou (CCCI)
  • Beate Christeleit (BTM Travel Logistics)
  • Dirk Fry (Columbia Shipmanagement)
  • Maria Makridou (Kinanis LLC)

The Board has adopted

  • the Vision and Mission,
  • the Values,
  • the Slogan,
  • the Code of Conduct of its members and
  • the Strategic Objectives

of the Cyprus Germany Business Association as worked out during a Facilitated Brainstorming Retreat of the previous Board in October 2017, facilitated by Mrs Muriel Matta, owner of Maravilhosa.

Benefiting from the restriction to meet in person during the Corona period, the Executive Committee is now working on the Association’s plan and programme of activities.

As the President of the Association, I invite companies and individuals as well as institutions in Cyprus whose business or activities are connected with Germany to become a member of the Cyprus Germany Business Association and to support our activities to foster the ties between the two countries, especially during the post-BREXIT times, which require a partly re-orientation of the Republic of Cyprus in various areas.


Stefan Nolte
President of CGBA