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A limited company in Cyprus is a legal entity that is separate and distinct from the individuals who run it. For sole traders and for people in partnerships the individuals’ personal assets are at risk if there is a claim against the organisation. Shareholders in a Cypriot LLC are liable to lose only the value of the share capital to which they subscribe.
Cyprus is a very popular country in which to incorporate. Cyprus is also one of the easiest countries to obtain a bank account if needed for the new company.
Company Name
Company names must be approved by the Registrar. Names must be unique whether a name is considered too similar is at the discretion of the Registrar. Company names may be in Greek if accompanied by an English translation and must end with the suffix LLC or LTD.
Registered Office
All companies registered in Cyprus are required to have a registered office where official documents may be legally served. We will provide a registered office as part of our incorporation package.
Directors
Only one director is required with no restrictions on either nationality or residency. Details of the initial directors must be lodged with the Registrar upon incorporation.
Shareholders
A single shareholder is required who may be of any nationality and residency. Corporate shareholders are allowed.
Share Capital
The minimum share capital requirement is EUR 1 there is no restriction on the number of shares that may be issued. Share capital is in Euros.
Filing Requirements
All companies are required to submit an annual return on the anniversary date of incorporation, with the first being due 18 months after incorporation. Annual financial statements must be submitted to the Registrar of Companies.
Company Secretary
Cypriot companies require a company secretary. It is recommended that you use a resident secretary for tax purposes. If you wish to establish tax residency for your company, you will need to prove that the management and administration of the company takes place in Cyprus.
Timescale
Once all necessary incorporation information has been received, including proof of identity of shareholders and directors. The incorporation is completed within five days.
Fees
Cyprus Company Formation – £1500
Company Administration & Registered Office – £480
Bank Account Assistance – £460
Proof of Identity
As part of our due diligence we require proof of identity in the form of a passport copy for all directors and shareholders of the company.
Travel
There is no requirement to visit Cyprus in order to incorporate or open a corporate bank account.
