01 Jun 2023

Damianos & Co LLC joins Cyprus TechIsland

MSI's Cyprus law firm member Damianos & Co are excited to share that the firm has joined Cyprus TechIsland, the largest non-profit IT association in Cyprus.

Cyprus TechIsland's mission is to accelerate the local entrepreneurial ecosystem, make the tech industry the most impactful driver of the country’s GDP growth, tax revenue increase, and job market expansion on the island by the year 2030 and put Cyprus on the digital nomad map.

More than 180 tech companies employing over 15000 people in Cyprus are members of this association.

"We truly believe in the gradual, but apparent, transformation of the legal and business landscape due to the rapid technological advancement which has rendered concepts such as AI, the Metaverse, and the new era where transactions are governed by the so-called law of the platforms, the most-discussed topics around a table, and we are already embracing this.

We provide a wide range of services to start-ups, individual entrepreneurs and well-established tech companies. We provide legal advice, undertake the preparation of primary and ancillary documentation pertaining to the setting up of ESOP schemes, equity raisings and real estate transactions.  We assist with the whole process of relocation of employees with an emphasis on employment and migration matters; specifically, we are engaged in drafting and reviewing of employment contracts and rental agreements, we undertake and assist with registration of companies as international companies (otherwise known as companies of foreign interests) and ensure that all procedures and formalities so as to render companies legally able to employ people are duly observed and complied with. Within the same context we assist with the process of application to the migration department concerning mostly employees of international companies, digital nomads and spouses under the family re-unification regime.

It is evident that practice areas such as real estate, migration and employment have been given an immense boost as a result of the emergence of tech companies, nonetheless, this is only part of the broader picture.

Even traditional areas like contract law have changed and tech companies need specific terms and conditions for their websites. E-commerce is now a major part of commercial agreements. Employment contracts now include remote work due to technology. Agreements related to software and intellectual property are becoming more specialized and require tech knowledge. And finally, legal changes also affect service providers and users of digital services.


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