Alma movement proposes reform of the law on partnerships and trade names

On August 19, 2026, the political movement Alma launched a public consultation regarding a draft law intended to replace the existing Law on General and Limited Partnerships and Trade Names (Chapter 116) in Cyprus. The initiative is spearheaded by parliamentarians Odysseas Michaelides and Michalis Paraskevas, who aim to modernize the country's business legislative framework.

The proposed legislation seeks to preserve traditional partnership regulations while introducing a flexible, modern framework for limited partnerships. Key updates include providing the option for a limited partnership to operate with or without separate legal personality, a feature currently reserved for investment funds. The proponents argue that the current 20th-century legal framework is inadequate for the modern economy, hindering effective participation in large-scale projects, business collaborations, and special purpose vehicles.

The initiative addresses long-standing legislative gaps that proponents claim have persisted for too long. By formalizing these changes, the movement aims to improve the island's competitiveness as an international business and investment center. The draft law is now open for public scrutiny and stakeholder feedback, which represents the next phase of the legislative process before it moves to formal parliamentary debate.