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Company Formation Cyprus

Updated on Monday 04th June 2018

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Cyprus is considered a tax haven for foreign companies due to its flexible taxation system, pro-investment legislation, and stable economy. The registration procedure for a company in Cyprus is mainly the same for any type of structure. The first step to take when incorporating a company in Cyprus is to choose three names for the company and submit them for approval. The following step for company incorporation is the filling of a standard form that must contain information about the shareholding structure of the company and the business activities it will operate. Together with this form, there are other documents that must be submitted: 

-    copies of the identification documents of the founding members, 
-    recent utility bills stating the residence address of the owners of the company, 
-    the articles of association, 
-    the certificate of incorporation,
-    a certificate of good standing.

The articles of association must contain data regarding the company’s name, the board of directors, the shareholders’ names and addresses, the company’s registered office and the object of activity. According to the Cypriot laws, all types of companies require a secretary; therefore the secretary must also appear in the articles of association. Our lawyers will help you draft the company’s articles of association and related documents. After preparing the documents, they can be submitted to the Registrar of Companies in Cyprus. Once the incorporation process is concluded, the founders of the Cypriot company will receive a certificate of incorporation, a certificate of shareholders, a certificate of directors and secretary and one of the registered office address.
 

REQUIREMENTS FOR COMPANY INCORPORATION IN CYPRUS


- any person - no matter his or her nationality or residency - can be a director or a shareholder in a company in Cyprus;

- shareholders of a Cypriot company can be natural persons or legal entities;

- the company must have a local registered office (BridgeWest offers this type of service);

- Cypriot companies require by law to appoint a secretary (BridgeWest can help you in that regard);

- Cyprus allows companies to have nominee directors and shareholders.
 

SERVICES PROVIDED FOR COMPANY FORMATION IN CYPRUS


- drawing up the articles of association that can be signed through power of attorney (Cypriot laws require power of attorney for any public notary proceedings);

- drawing up documents for company incorporation in Cyprus: specimen signatures, identification papers copies, application form required by the Company Registration Office;

- arranging public notary proceedings (all procedures for company incorporation are done in front of a Cypriot public notary);

- providing a registered office in Cyprus on demand; the registered office serves as headquarters for the company in Cyprus and it will be made public;

- setting up a bank account for the company in Cyprus; BridgeWest will help you in setting up the share capital bank account, as well as a current bank account once the company is incorporated.

- recommending a Cypriot accountant, as accounting services are needed for new businesses in Cyprus.
 

Incorporating a private company limited by shares (LTD) in Cyprus


The Cypriot limited company is the most common type of company and it is allowed to have at least one shareholder and a maximum of 50. Cypriot limited companies are required to have a registered office and a secretary. There is no minimum share capital required to start a limited company, but a start-up capital of 1,000 euros is recommended. The capital contributions can be made in cash or in kind and it cannot be transferred. The liability of the shareholders will be to the extent of the nominal value of their contribution.
 

Registering a public company limited by shares (PLC) in Cyprus


The Cypriot public company requires a minimum share capital of approximately 26,650 euros, it has no limitation for the maximum number of shareholders and their shares can be traded on the stock exchange.

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