July 16, 2010, 4:15 pm
Before submitting the application for registration of the
The provides a form that must be filled by the founders who must submit it along with a form setting out the secretariats and directors, one that states the registered office, a declaration of the lawyer that the articles of association are in conformity with the law and the memorandum and articles of association. As a result of this process the founders of the public and private company limited by shares obtain a .
The company's founders must register at the Ministry of Commerce for tax purposes and this procedure can be completed online on the website of Ministry of Commerce, where an application is available. The application must be filled with the applicant's name and address, and besides the information about the certificates issued by the Companies Section of the Department of Registrar of Companies, it must also contain
Register for Social Contribution at the Ministry of Labor
The last step of registration is the application to the Ministry of Labor, in order to have all the employees registered for the Social Contribution.
In many sectors of business Cypriot law permits full ownership of foreign investors. However if there are restrictions they can be surpassed by obtaining an approval from the Central Bank of Cyprus, and if the foreign participation in the company ownership exceeds 49%, in some sectors, the approval of the Ministry of Commerce, Industry and Tourism are required.
has a lot of advantages, one of them being the short period of time in which a company is incorporated in the system. Preparing the memorandum and articles of association by a lawyer takes 1 to 2 days, and registering the company in the Department of Registrar of Companies is done in maximum 3 days, the same period of time as reserving a unique name at the Registrar of Companies. Registering the company with the Ministry of Commerce is done in one day. A Cypriot company is ready to use in a maximum of 8 days if all the documents are properly submitted.