Below you will find a list of FAQs that might offer more information on what you are looking for.
For COCO Limassol, all citizens of the Limassol District are considered partners in the sense that we are all equal co-owners with common goals: equal members of our society, co-owners of the present and future of this Area, who share the common goal of sustainable prosperity for all.
In a world where self-interest and human isolation have become a scourge, COCO Limassol envisions a society where its members have reasons and incentives to work more together for the common good. Although it may seem difficult or utopian for someone to give part of their company, part of their work to other people, we think this will seem less strange once more and more people start doing the same. This is because at this stage we will be able to see that in the same way that we work for others, a large number of our fellow human beings are working for us. And this in practice will help us see our society more collectively, to see our fellow man as a partner.
As stated in COCO Limassol’s vision, it is increasingly recognized internationally that strong local economies can make a significant contribution to the ultimate goal of all humanity today, which is nothing more than a shift to sustainability. Strong local economies can contribute to the empowerment of people and the social fabric, as well as to the promotion of a more harmonious coexistence with the natural environment.
COCO Limassol wants to create incentives that will help the citizens of Limassol District to turn to local products and services. We want to achieve this by making citizens co-owners of local businesses. As a result, the more local businesses increase their revenues, the more the local community will benefit by being a shareholder in these companies. These benefits are not limited to financial profits but the strengthened local economy and mutual support with the local community will also bring both social and environmental benefits.
COCO Limassol uses an existing legal entity model, the Limited Liability Company by Guarantee without Share Capital, which to date is widely used to set up associations and non-profit organizations. Such companies do not have shareholders but members who are both the rightful owners and beneficiaries. COCO Limassol, by maintaining the status of the company as for-profit, has the right to hold shares in other for-profit organizations, to generate profits and to distribute these profits to its Members. The company’s profits come mainly from the dividends it receives from the Participating Companies.
As Members of COCO Limassol can register those who can have an interest and contribution to the strengthening of the economy of the Limassol District. As a result, in addition to the permanent residents of the district, the company accepts as its Members persons who may not be residents of the Limassol District but hold at least 10% of the share capital of a company with a registered address within the Area. These individuals already contribute and have a special interest in supporting the local economy of the Area and their companies have the potential to become Participating Companies of COCO Limassol. It goes without saying that if one of the 2 admission criteria is met, COCO Limassol does not make any distinction on the nationality or country of residence of the person concerned.
Membership to COCO Limassol is valid for as long as the criterion based on which a person was admitted as Member remains valid. When the data based on which a person became a Member of COCO Limassol have changed (e.g., change of permanent residence, sale of shares in Limassol-based company), the Member must inform the company in order for the Members directory to be updated. In case the specific change invalidates the criteria based on which the person became a member, then the Member is considered to be deleted from the Register of Members on the date of the change of data, even if this change came to the knowledge of COCO Limassol at a later stage.
In addition, and in order to ensure that profits are distributed to the rightful members of the company, during the periods of profit distribution, each Member will need to prove that the criterion based on which Membership was granted is still valid. To this end, Members will need to be furnishing the following:
In order for a company to become a Participating Company, it must first of all have its registered office within the area of Limassol District. By giving shares to COCO Limassol, a company is essentially giving shares to the citizens of the Limassol District, making them co-owners and partners. In this way it will succeed in gaining a competitive advantage over companies that are not based in the Area but also those that are not Participating Companies, thus expanding the circle of its potential customers in the base of COCO Limassol members. More about the reasons for joining as a Participating Company can be found here.
The shareholders of the Participating Company reserve the right to request at any time, by giving written notice to COCO Limassol, the transfer of all or part of their company shares back to them, without any prior notice and without any explanation.
The COCO Limassol model is based on free markets and free will. The aim of the model is not to enforce but to create incentives that will bring about changes in both the consumer habits of the citizens and in the production process, aiming at more sustainable choices. Therefore, each registered Member will receive a share of the company’s profits regardless of their consumer preferences. But the aim is for the Members to realize that the more they support their own businesses, the more their economic, social and environmental profits will increase.
The goal of COCO Limassol is the application of proper entrepreneurship standards as well as best practices of sustainable development by all the Participating Companies. COCO Limassol wants to help in this endeavour but, at the same time, understands that the road to complete fulfilment of this goal is long. Therefore, all companies wishing to become Participating Companies will be accepted but they are requested to contribute voluntarily to the fulfilment of the goals and objectives of COCO Limassol by promoting and applying sustainable practices in their activities, which will contribute to the protection and improvement of social fabric of the Area, the natural environment and the local economy.
Companies should maintain their traditional main goal, which is to maximize their shareholders’ value. As Participating Companies, maximizing shareholder value has a whole new meaning. Shareholders of these companies are now the local citizens and therefore the maximization of the value of their shares acquires a social dimension and contribution. Moreover, it will now be easier for companies to see and comprehend value as a three-dimensional term, with citizens being more satisfied with the company’s work when it maximizes not only their financial profits, but also their social and environmental profits.
No. COCO Limassol is a collective ownership platform that aims to make citizens co-owners and co-beneficiaries of local businesses. Therefore, if the Members cannot have a practical share in the profits of a company, it cannot become a Participating Company.
COCO Limassol exists as a platform of collective ownership and redistribution of the value produced by the local economy to the residents of the Limassol District. Its business activities are limited to the following:
The company may not engage in any other business/ for-profit activity for the following reasons:
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