Cyprus was a colony of the British Empire until 1960 when it gained its independence. Thus, the Cyprus Legal System is fundamentally based on the English model. Cyprus Companies are governed by the Companies law, Cap. 113. The law was enacted on 16.2.1951 and is based on the English Companies Act of 1948. The most recent amendment of the English Companies Act was in 2006 introducing a comprehensive code of company law for the United Kingdom, and made changes to almost every facet of the law in relation to companies. As a result of that, UK and Cyprus companies share the same fundamentals and are very similar to their use.