Cyprus - Company Incorporation

 

Cyprus Key points

  • Time - only 5 days to incorporate your company
  • Cost - a Cyprus company will cost £2630
  • Directors - only one director of any nationality, is necessary for your company
  • Shareholders - only one shareholder required of any nationality
  • Share Capital - the share capital requirement is only €1,708
  • Tax - low corporation tax
  • Tax - no taxation on dividends and no Capital Gain Tax on sales of securities
  • Support - using our 20 years experience we guide you throughout every step of the company formation process
  • A Cypriot company must appoint a company secretary, which we will arrange for you
  • More than 40 double tax treaties concluded with other countries

Cyprus is one of the easiest places in Europe to set up a business, you do not have to be physically present in Cyprus during the registration procedure of your LLC Company. 

As well as having some of the best fiscal advantages in Europe, Cyprus is one of the easiest places to open a business bank account; the banks we work with are organised to accept international clients.

Documents and Information

To start incorporating your offshore company in Cyprus, we only require the following:

  • Your proposed Company Name
  • The Directors - full name, date of birth, address and nationality
  • Shareholders - full name and address
  • The objects of the company, specifying the principal activity
  • The amount of capital and the number of shares taken by each shareholder

Documents you are required to provide:

  1. Proof of identity - Passport, national identity card or photographic driving licence
  2. Proof of residential address - Gas / electricity bill or credit card or bank statement dated within the last 3 months

Incorporating an LLC

According to Cyprus Law, an application for the formation and registration of a company must be carried out through a Cyprus Law Office. The formation procedure is as follows:

  • Approval of the name of the company.
  • Application to the Central Bank for Exchange Control approval.
  • Preparation and printing of the Memorandum and Articles of Association of the company in both Greek and English.
  • We will draft and file the following documents with the Registrar of Companies: Memorandum and Articles of Association  of  the company (in Greek); forms HE1, HE2, HE3; approval of the Central Bank and the payment of the registration duty.

As soon as registration of the company is effected, the Registrar of Companies will provide us with the Certificate of Registration in Greek and a copy in English, as well as certified copies of the list of directors and secretary, shareholders, registered office, Memorandum and Articles of Association and a Certificate of Good Standing of the Company.  As soon as the Certificate of Incorporation of the Company is issued, the company can arrange for the first meeting of the directors for statutory matters, such as appointment of auditors, appointment of legal adviser, opening bank accounts and of the Memorandum and Articles of Association, appointment of the secretary etc.

Directors

  • Only one director is required
  • A director can be of any nationality
  • The names of the initial directors are stated on the records lodged with the Registrar. Further appointment and resignation details are also lodged with the Registrar
  • In many cases, it is advisable to have a resident Cypriot director (which we can provide). This way, the company can claim Cypriot residency, and therefore take advantage of tax treaties of which Cyprus is a party.
  • There is no requirement to appoint a local resident director, but many clients use our Cypriot director service.

Shareholders

  • The shareholder can be any nationality
  • Only one shareholder is required
  • The shareholder can be a Corporation
  • Nominee shareholders are allowed. Formacompany can provide a nominee shareholder
  • It is not a requirement to appoint a local resident shareholder, and taxable residence does not depend on the residency of the shareholders
  • The subscribers of the company appear in the first company statutes, which are lodged with the Registrar. Changes in shareholders should also be registered.

Company Secretary

Cypriot companies require a company secretary. You do not require a resident secretary, but if you need to establish tax residency for the company, your company needs to demonstrate that management and control of the company take place in Cyprus. For this reason, as well as for ease of administration, it is advisable to have a resident secretary if any papers are to be signed for the local authorities.

Ready Made Companies

We also offer Ready Made companies, which are available and can be reserved online. Upon signature of official forms by the new directors, the ready-made company is transferred over to you and is ready to trade immediately.

Formacompany & Co Ltd
11 Church Road
Great Bookham
Surrey
KT23 3PB
UK