Cyprus - Guidance on Companies

Are ready-made companies available? Yes

Time required to obtain name approval from government from custom-made company? 3-4 days

Time required to incorporate custom-made company after receipt of name approval? 4-5 days

Time required to receive documentation after incorporation by the government? Immediately

Is there disclosure of beneficial owner to the regulatory authorities? Only to The Central Bank of Cyprus

Confidentiality: By law The Central Bank of Cyprus is not permitted to give information about the identity of the beneficiaries of Cyprus offshore companies.

Central Bank requirements: A bank reference together with the name and address of the beneficial owner.

Choosing a name: Certain words cannot be used for offshore companies "Capital", "Financial", "Securities", "Commodities", "International", "Group", "Royal" etc.

Names requiring consent or a license. Permission is required to use : "Bank", "Trust", "Insurance", "Assurance" as part of the company name.

Permitted suffix "Limited" or "Ltd" must appear at the end of the company name.

Company seal required? No

Resident agent required? Yes

Registered Office? Yes

Documents to be maintained at Registered Office? Yes

Public inspection of documents: The Registrar of Cyprus Companies is open to the public

Can the company trade within the jurisdiction of incorporation? No

Minimum/maximum number of shareholders: Minimum is 2 and the maximum is 50

Location of general meeting of shareholders/members? At the Registered Office

Can proxies be appointed? Yes

Classes of shares permitted? Yes

Maximum authorised share capital for minimum duty? Cyprus Pounds 1000

Minimum issued capital? Cyprus Pounds 1000

Minimum number of directors required? One, provided he is not also the Company Secretary

Transfer of registered shares? Yes with prior permission of The Central Bank of Cyprus

Maximum number of directors permitted? No maximum

Any residential, nationality requirements or professional qualifications required for directors? No

Can a company act through a power of attorney? Yes

Are corporate directors permitted? Yes

Where must the board of directors meeting be held? At the Registered Office

Company secretary required? Yes

Requirements for annual audited accounts? Yes

Residential & professional qualification for auditor? Yes

Annual Audited accounts to be filed at public registry or only with tax authorities? To be filed at The Registrar of Cyprus Companies, The Central Bank of Cyprus and the Income Tax authorities.

Powers of attorney? May be granted by the Board of Directors of the company.