The following is required to proceed with the incorporation/registration of a company in Cyprus:
Name of the company: A company name must be chosen and approved by the Registrar of Companies. This procedure usually takes 2-4 days; Our firm has a list of approved names to choose from, if you so wish and so to avoid this procedure and speed up the registration of Cyprus company. Please note that the approval of one company name is included in the fee quoted for company registration. However, if a company name is rejected by the Companies Registrar, there will be an extra charge of 50 euros for each rejected name. If the company name that is about to be formed already belongs to a group of companies operating abroad under a similar name, then a letter of consent from those companies is required.
Memorandum and Articles of Association: To register a limited company, the Memorandum and Articles of Association must be prepared and filed at the Office of the Registrar of Companies; the former specifies the activities in which the company may engage and the latter specify the rules governing the internal management of the company.
Objects of the Company: The main activities of the company must be provided, so that they can be included in the Memorandum and Articles of Association.
Authorized and issued share capital: There is no minimum capital requirement by law but if the company is going to employ non-European including its director then there are certain criteria to be met (see employing Non-Eu nationals). It is recommended that the authorized and issued share capital of a newly formed company is at least 1000 shares comprising 1 euro each (no payment needs to be made for the shares). The number of shares can be altered for a nominal fee.
Shareholders: The names of the shareholders (at least one) address and nationality must be submitted to the Registrar together with a copy of each shareholders' passport. Every Cyprus company should have at least one shareholder. If the beneficial owners require complete anonymity, then our own nominee companies can be used to hold the shares in trust without the names of the beneficial shareholders being disclosed publicly. If the beneficial shareholders do not need anonymity, then the shares may be registered in their names.
Directors: The minimum number of directors is one. The full name, nationality, residential address and occupation together with copy of the passport are required. Local directors are recommended. It is important, both from a tax residency point of view and for administrative purposes, that the management and control of the Cyprus company are exercised from within Cyprus and it it is advisable, therefore, that not more than one director is appointed from abroad and that a majority of the directors' meetings be held in Cyprus. We are able to provide local directors in addition to the ones mentioned above. These directors will be able to conduct the functions through guidance from the beneficial owners, thus ensuring the smooth and timely operation of the company.
Company secretary: A Cyprus company must have a secretary by law who can be a legal or natural entity, resident or non-resident. Our firm can provide you with a nominee company secretary at a reasonable fee. Please note, however, that this is a company secretary in name only. It is merely a post held and does not involve the provision of any actual secretarial services, though we can provide secretarial services upon request, if required.
Registered office: Every company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office. The requirement to have a registered office in Cyprus does not entail, however, the opening of an administrative office in Cyprus. The registered office and post of secretary need to be provided by a Cypriot resident for tax residency purposes so that the new company will be considered as being resident in Cyprus and will therefore benefit from the favorable tax regime in Cyprus. As part of our incorporation services, we can provide a registered office address in Cyprus. Please also check our Mail Forwarding and Virtual Office solutions below.
Business Offices in Cyprus: It is the company’s decision whether or not to maintain offices in Cyprus. In the case they decide not to establish an office in Cyprus, our firm can provide full day-to-day running and operation support of the company including accounting, payroll and international trade facilitating services.
Directors' and Shareholders' Meetings: Company meetings need not be held in Cyprus.
Time Needed to Register a company in Cyprus
Once we have received all of the required information and signed documentation, the registration of a Cyprus company can be completed within a period of one to maximum three weeks.
An accelerated incorporation procedure is available at an additional cost of €500,-