The way to establishing a Cypriot company
In Cyprus it is relatively easy to set up a business, you do not have to be physically present in the country during the registration procedure of your LLC.
As well as having some of the best fiscal advantages in Europe, Cyprus is one of the easiest places to open a business bank account; the banks we work with are organised to accept international clients.
Documents and Information
To initialise the incorporation of your international company in Cyprus, we only require the following:
- Your proposed Company Name
- The Directors – full name, date of birth, address and nationality
- Shareholders – full name and address
- The objects of the company, specifying the scope of the entity’s principal activities
- The amount of capital and the number of shares taken by each shareholder
Documents you are required to provide:
- Proof of identity – Passport, national identity card or photographic driving licence
- Proof of residential address – Gas / electricity bill or credit card or bank statement dated within the last 3 months
Incorporating an LLC
According to Cyprus Law, an application for the formation and registration of a company must be carried out through a Cyprus Law Office. The formation procedure is as follows:
- Approval of the name of the company.
- Application to the Central Bank for Exchange Control approval.
- Preparation and printing of the Memorandum and Articles of Association of the company in both Greek and English.
- In cooperation with our associated lawyers, we will draft and file the following documents with the Registrar of Companies: Memorandum and Articles of Association of the company (in Greek); forms HE1, HE2, HE3; approval of the Central Bank and the payment of the registration duty.
As soon as registration of the company is effected, the Registrar of Companies will provide us with the Certificate of Registration in Greek and a copy in English, as well as certified copies of the list of directors and secretary, shareholders, registered office, Memorandum and Articles of Association and a Certificate of Good Standing of the Company. As soon as the Certificate of Incorporation of the Company is issued, the company can arrange for the first meeting of the directors for statutory matters, such as appointment of auditors, appointment of a legal advisor, opening bank accounts and of the Memorandum and Articles of Association, appointment of the secretary etc.
- Only one director is required
- A director can be of any nationality
- The names of the initial directors are stated on the records lodged with the Registrar. Further appointment and resignation details are also lodged with the Registrar
- Nominee Directors are allowed. In many cases, it is advisable to have a nominee Cypriot director (which we can provide). This way, the company can claim Cypriot residency, and therefore take advantage of tax treaties of which Cyprus is a party.
- There is no requirement to appoint a local resident director, but many clients use our nominee Cypriot director service.
- The shareholder(s) can be any nationality
- Only one shareholder is required
- The shareholder can be a Corporation
- Nominee shareholders are allowed. Through one of our related companies, we can provide a nominee shareholder facility.
- It is not a requirement to appoint a local resident shareholder, and taxable residence does not depend on the residency of the shareholders
- The subscribers of the company appear in the first company statutes, which are lodged with the Registrar. Changes in shareholders should also be registered.
Cypriot companies require a company secretary. You do not require a resident secretary, but if you need to establish tax residency for the company, your company needs to demonstrate that management and control of the company take place in Cyprus.
For this reason, as well as for ease of administration, it is advisable to have a resident secretary if any papers are to be signed for the local authorities.