The English law is the legal system as practiced in the United Kingdom and all statutes regulating business matters and procedure are based on this. Most laws are officially translated to English. Cyprus economy is based on the free enterprise system. The Government’s role is limited to regulation, planning and the provision of public utilities. Holding companies set up in Cyprus have a number of taxation benefits. They have become a favoured vehicle by companies in other EU countries since the country became a full member of the EU in May 2004. Such companies are exempt from corporation tax, under particular conditions.