Like an LLC in the UK, an LLC 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 but 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 destination in which to incorporate as the process is both quick and simple; it is also one of the easiest jurisdictions for a foreign citizen to open a national, corporate bank account.
Company Name
Company names must be approved by the Registrar and, after approval, may be reserved for 10 days. Names must be unique and not deceptively similar to another Cypriot company name, whether a name is considered 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 1,708 but there is no restriction on the number of shares that must be issued. Share capital must be denoted 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. The secretary does not need to be resident in Cyprus but it is generally 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 complete 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.
