Set up a Company in Cyprus

Cyprus is a major business center offering great business facilities including a low tax haven, with a stable economy and a welcoming territory for foreign investments. The company registration procedure in Cyprus is basically the same for all business entities, having a simple and straightforward structure. The main company types most commonly registered are the limited companies.

Preliminary activities before registering a Cyprus public and private company limited by shares

Before submitting the application for registration of the Cyprus company with the Companies Section of the Department of Registrar of Companies, the founders must choose a unique name, reserve it and get an approval from the Registrar of Companies. Also prior to registration it is necessary to prepare the articles of association and the memorandum of association with the help of a lawyer. They must contain the company's name, board of directors, the shareholders names and addresses and the company's headquarters and object of activity, details regarding the capital and the way each shareholder is contributing to it.

Registering the Cyprus public and private company limited by shares at the Companies Section of the Department of Registrar of Companies

The Companies Section of the Department of Registrar of Companies in Cyprus 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 Certificate of Incorporation, a Certificate of Shareholders, a Certificate of Directors and Secretary and one of the Registered Office Address.

Registering the company in Cyprus with the Ministry of Commerce

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 Certificate of Capital, and of Good Standing. Also the Ministry of Commerce ensures registration for VAT

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.

Founding a Cypriot company from abroad

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. Cyprus welcomes foreign investors for companies that do not have the potential to harm the environment, and treat foreign investors the same way as a regular Cypriot company.

How long does it take to found a company in Cyprus?

Setting up a company in Cyprus 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.