Perfection of a Pledge Agreement pursuant to Article 138(1) and 138(2) of the Cyprus Contract Law (Cap. 149):
The agreement must be:
1. In writing
2. Signed by the Pledgor
3. In the presence of two competent witnesses who must fully state their name
4. A notice of the pledge must be delivered to the company by the Pledgee together with a certified copy of the share pledge agreement,
5. A Memorandum of such pledge is entered in the register of members of the company against the shares for which a notice of pledge has been delivered;
6. A certificate issued by the secretary of the company that a memorandum of pledge has been entered in the register of members of the company against the pledged shares, delivered to the pledgee.
The above are the requirements to create a legal, valid and enforceable pledge under Cyprus Law.