The procedure for incorporation of companies in Cyprus
The procedure for incorporation of companies in Cyprus is as follows:
KYC (Know Your Client) questionnaire for the ultimate beneficial owner (UBO) and for the legal entity are completed and sent to us (please see a sample). Accompanied by: scanned copy of a passport for UBO and/or directors and shareholders, their proof of residence and a reference letter from a bank. This cannot be older than 3 months.
Upon satisfactory due diligence review, an application form is filled in, signed and scanned containing information about a preferred name and details of directors and shareholders.
At this point we will issue an invoice for an International Business Company incorporation in Cyprus. Upon the receipt of payment, we start the formation process by submitting a preferred name for approval to the Cyprus Registrar of Companies. This takes up to 5 working days.
Once the name is approved, a shareholder of a Cyprus Company signs the Memorandum and Articles of Association (M&AA) and sends us the originals by courier.
Upon receipt of the signed M&AA, we apply for company incorporation under the approved name. It takes up to 5 working days for a company formation and 1 day for Apostille of Incorporation Certificates. Courier delivery (by DHL) of all the original documents of the incorporated company could be arranged.
At the beginning of each year we issue an annual invoice for to cover renewal fees which includes the registered office fee and if needed, company director/shareholder/secretary.
Authorized and Issued Share Capital – The minimum authorized share capital is €1,000 with a value per share of €1.00.
Classes of shares permitted – Registered shares of par value is the standard however preference shares, redeemable preference shares and shares with no voting rights are also permitted.
Shareholders – The minimum number of shareholders is 1 (one). There are no restrictions on foreign individuals or corporate bodies to be shareholders.
The minimum number of directors required is 1 (one) and names appear on public record but anonymity can be obtained by using nominees.
There is no restriction for foreign nationals to act as a director of a Cyprus International Business Company and corporate directors are allowed in Cyprus.
Although there is no requirement for a local resident to be a director it is recommended to use a local nominee director in order to obtain a tax residence certificate in Cyprus.
An annual general meeting of directors must be held, this must take place within 15 months of the previous one.
Restrictions on Name & Activity:
Cyprus International Companies name must end with ‘Limited’
The following cannot be used: Assurance, Bank, Building Society or any words deemed sensitive or offensive
If your organisation is looking to expand its product and service offering, please contact usto discuss how you can benefit from our partnership.
For more information and/or advice, feel free to contact us via email at [email protected]