Cyprus Company Formation
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The Republic of Cyprus offers a wide array of significant tax advantages and tax exemptions for a Cyprus company that can be used for a variety of purposes, including but not limited to, holding assets and shares in other companies, use as an investment vehicle, setting it up as part of a global structure of group of companies or as a place of headquarters for conducting international business.
Cyprus company formation or company registration refers to the process of incorporating a legal person in Cyprus, commonly referred to as the Company. The most popular Cyprus company formation is a private company limited by shares. This type of company allows shareholders to only be liable to the extent of the value of the shares they own.
Cyprus company formation is fairly simple and fast. The process commences with an application for name approval, and then following the approval of the name within 3 working days, the submission of application for incorporation before the Cyprus Registrar of Companies. Following the submission, the company will be incorporated between 7 to 10 working days.
Advantages of a Cyprus Company Formation
Cyprus law allows the movement of the operating headquarters to or off Cyprus. The regulations give the opportunity to investors, entrepreneurs and international companies to become Cyprus tax residents and benefit from the attractive local tax regime.
The Cyprus Companies Law allows the redomiciliation of foreign companies into Cyprus and of Cyprus companies out of Cyprus, without such companies losing their corporate identity while ensuring their business continuity. In this way, operating headquarters can be moved to Cyprus or off Cyprus, allowing investors, entrepreneurs and international companies to become Cyprus tax residents and enjoy the advantageous tax regime of Cyprus.
Cyprus is one of the very few countries allowing the redomiciliation of non-EU companies into the Republic of Cyprus, making Cyprus a very lucrative business destination.
A Cyprus private company allows for a simple structure: in order to be incorporated requires, at minimum, one (1) shareholder and one (1) director. Both legal entities and natural persons (of any nationality and citizenship) can be appointed as shareholders and directors.
Through the careful use of nominee and/or fiduciary services, a Cyprus company can provide anonymity to its ultimate beneficial owners as well as safeguard assets held under such Cyprus company.
The names of directors and secretary are publicly accessible through the website of the Cyprus Registrar of Companies and the names of shareholders of a Cyprus company can be obtained via a paid search through the website of the Cyprus Registrar of Companies. Cyprus Law allows the use of nominee and fiduciary services so that the names of the controlling persons of a Cyprus company and its ultimate beneficial owners can remain confidential without public disclosure to the Cyprus Registrar of Companies. Through the use of a simple deed of trust or the more elaborate Cyprus International Trust, the shares of a Cyprus company be held on trust for the benefit of its ultimate beneficial owners while at the same time any assets under that Cyprus company are protected.
Paris Mavronichis & Co LLC can provide both nominee and fiduciary services.
Being a full member of the European Union since 2004 and member of the Eurozone since 2008, Cyprus offers a safe and stable environment for international investors, high net worth individuals and companies, providing access to the European Union market of more than 500 million EU citizens and unrestricted access to EU directives and regulations. This is very advantageous for companies seeking to expand their business operations into the EU.
Cyprus is also member of the Commonwealth and its legal system is closely aligned with English common law system, making the Cyprus company and ideal vehicle for investments and holding assets. In addition, the Cyprus legal system in compliance with EU Directives and Regulations, the Financial Action Task Force on Money Laundering (FATF), OECD, FATCA, and the Financial Stability Forum laws.
With its strategic geographical location and its favourable tax incentives combined with an extensive network of double tax treaties, Cyprus is truly the business bridge connecting Europe, Asia and Africa and a hub between the three continents for business, tourism and residence, as well as an ideal hub for expanding into these regions.
Requirements to Register a Cyprus company
Because Cyprus companies can only be formed and registered through a licensed lawyer or law firm in the Republic of Cyprus, due diligence and know-your-client (“KYC”) procedures regarding a company’s beneficial owners, controlling persons, directors and secretary are mandatory by Cyprus law to take place before the registration of the Company.
The below are the required actions, information and documentation that must be collected before submitting an application for company registration at the Cyprus Registrar of Companies.
Company Name
Company Activities
Directors
- Passport copy
- Business Address and Residential Address
- Proof of permanent residential address, such as an original utility bill (electricity or water or gas or landline) not more than three (3) months old
- Original reference(s) from a professional (e.g. Lawyer or Accountant) and from a Bank not more than three (3) months old
- Detailed Curriculum Vitae (CV)
- Occupation and Profession
- Business Card and Contact Details
Shareholders
- Passport copy
- Business Address and Residential Address
- Proof of permanent residential address, such as an original utility bill (electricity or water or gas or landline) not more than three (3) months old
- Original reference(s) from a professional (e.g. Lawyer or Accountant) and from a Bank not more than three (3) months old
- Detailed Curriculum Vitae (CV)
- Occupation and Profession
- Business Card and Contact Details
- Evidence to support the Source of Funds and Source of Wealth
Secretary
Registered Office
Procedure to Register a Cyprus Company
Receive notification of approval of the company’s name from the Cyprus Registrar of Companies.
- Collect all required information and documentation.
- Finalize necessary KYC procedures with our law firm.
Submit Forms HE 1, HE 2, HE 3, and the Memorandum and Articles of Association to the Registrar of Companies for review and approval.
- Wait for the Registrar of Companies to examine all submitted documents.
- Approval and official registration of the company may take 6 to 8 working days from the date of submission.
Receive a unique company registration number from the Registrar of Companies.
Obtain the following Company Certificates:
- Certificate of Incorporation
- Certificate of Directors and Secretary
- Certificate of Shareholders
- Certificate of Registered Office Address
- Certified Memorandum and Articles of Association.
The Company Certificates can either be in the Greek or English language. The Memorandum and Articles of Association can be translated via a court affidavit in English by the law firm.
Receive a company folder containing:
- All aforementioned Company Certificates in original format
- Share Certificate(s)
- Official company stamp
- Share transfer documents (if nominee shareholder services were requested)
- Declaration of Trust – Trust Deed (where applicable)
- Open-dated resignation letter signed by the nominee director (if nominee director services were requested)
- Indemnity Letter signed by all beneficial owners and controlling persons.
Our Legal Services
Paris Mavronichis & Co LLC can assist you in every step of the procedure:
- Provision of corporate legal advice and tax advice as to the most efficient Cyprus company structure (in collaboration with our trusted associates).
- Company Formation Services – Preparation and submission of all forms and documents before the Cyprus Registrar of Companies for company name approval and registration of company.
- Secretary Services – maintenance of statutory books of the company and the registers directors and members of the company, submission of forms and reports to Registrar of Companies, holding general meetings and keeping minutes of them and issuing notices.
- Nominee and Fiduciary Services – provision of nominee directors and nominee shareholders and registered office address.
- Substance Solutions Services – arrangement of office space for substance purposes
- Bank Account Services – Opening and maintaining bank account for the Company and provision of bank signatory services.
- Services provided via our business associates:
- with respect to ongoing administrative functions of the companies (accounting, payroll and HR solutions)
- Audit and Advisory services
- Tax services: corporate, personal and indirect tax compliance and advisory
Please feel free to contact us if you have any question and to discuss how we can be of assistance to you.
DISCLAIMER:
PARIS MAVRONICHIS & CO LLC accept no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.
The material contained herein is provided for informational purposes only and does not constitute legal advice nor is it a substitute for obtaining legal advice from an advocate. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced advocate. PARIS MAVRONICHIS & CO LLC will be glad to assist you in this respect.
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