Company Registration in Cyprus

Cyprus Cyprus has emerged as a highly sought-after jurisdiction for entrepreneurs and businesses seeking to establish a company in a strategically advantageous location within the European Union. The process of incorporating a company in Cyprus is streamlined, offering numerous benefits for those looking to operate in a business-friendly environment with favourable tax regulations and a robust legal framework.

  • Decide on the type of business entity that aligns with your goals. Common options include a private limited liability company (Ltd), a public company, or a branch of an overseas corporation.
  • Select a unique and distinctive name for your company, ensuring it complies with Cyprus’ naming regulations. The proposed name must be submitted to the Registrar of Companies for approval and reservation.
  • Prepare the Memorandum and Articles of Association, outlining the company’s objectives, structure, and internal regulations. This documentation is a crucial part of the incorporation process.
  • Appoint at least one director and a company secretary. Directors can be individuals or corporate entities, and at least one director must be a resident of Cyprus.
  • Determine the share capital of the company. Cyprus allows for flexibility in terms of the minimum share capital requirement, and shares can be denominated in any currency.
  • Establish a registered office in Cyprus, where official documents and notices can be served. This office is crucial for compliance with legal requirements.
  • Obtain a Tax Identification Number for the company and register for VAT if applicable. Cyprus offers an attractive corporate tax regime with one of the lowest corporate tax rates in the European Union.
  • Open a corporate bank account in Cyprus. Most banks in Cyprus offer a range of banking services tailored to the needs of businesses, making the process efficient and convenient.
  • Submit the required documents, including the Memorandum and Articles of Association, director and secretary details, and any other relevant documentation, to the Registrar of Companies in Cyprus.
  • Upon successful review and approval of the application, the Registrar of Companies issues a Certificate of Incorporation. This certificate officially registers the company and allows it to commence its operations.

COMPANY FORMATION IN CYPRUS

1, 800 EUR
  • Company Registration
  • Payment of State Duty
  • Legal address for 1 year
  • Share Certificate
  • Company Seal
  • Company Secretary
  • Completely Remotely

Open business in Cyprus

Our services ensure a smooth process for company registration in Cyprus, a jurisdiction favourably recognized internationally. At the moment it is possible to open a company in Cyprus, without fear of the latter on the international market, as Cyprus is not offshore, so does not fall into the black list of most countries. All Cypriot companies are officially registered with the State and there is a requirement to hold mandatory annual shareholders’ meetings, to submit financial statements to supervisory bodies and to audit.

Partner with us to open a company in Cyprus swiftly and securely in this advantageous business landscape.

Corporate services in Cyprus

Advantages

Worldwide recognition of the jurisdiction

Confidentiality to the beneficiary of the company

One of the lowest income tax in Europe

Access to the European Economic Area (EEA)

The advantages of opening a company in Cyprus for international entrepreneurs

  • is one of the best international reputations, especially when compared to classic forms of offshore with similar taxation;
  • has a double taxation protection agreement with more than 60 states worldwide;
  • tax rates are reduced for certain activities;
  • financial statements comply with applicable international standards;
  • does not provide for tax payments on external and internal dividends, income from securities sales, capital gains;
  • there are favourable conditions for the registration of holdings due to the loyal control of state authorities, there is no tax on consolidation;
  • low maintenance costs compared to most EU countries;
  • simple company registration without a lot of bureaucratic procedures;
  • the possibility of using a nominal service is allowed,
  • the possibility of transferring the company’s losses for a new tax period until full repayment without negative consequences for the company and its owners.

Cyprus uses one of the most loyal tax policies within the entire European Union. Owners of the Cyprus company get such undeniable advantages as zero tax on transactions with securities, revenues from foreign subsidiaries and subsidiaries, conversion of real estate into possession.

The Government of Cyprus has made it possible for international entrepreneurs not only to establish business in Cyprus but also to live freely both in Cyprus and abroad.

Company registration in Cyprus – a number of undeniable advantages:

  • it is possible to run a business entirely remotely with minimal personal involvement and low costs compared to other EU countries;
  • no minimum capital requirements;
  • company registration documents are available in English;
  • within 2-3 business days, you can obtain the number of the VAT payer;
  • it is possible to engage the nominee director and nominee shareholder, which gives the maximum possible confidentiality to the beneficiary of the company;
  • the opportunity to buy a ready-made company, which allows you to quickly start operations;
  • the limited liability company in Cyprus (Ltd) in case of closure can be restored within the next 20 years;
  • liquidation of business is carried out at the request of the owner with a minimum set of procedures;
  • the country is not on the OECD blacklist, which protects the Cyprus company from difficulties in cooperating with other foreign companies.

The main reasons to register a business in Cyprus:

  • income tax – 12.5%, one of the lowest in Europe;
  • with the widespread introduction of online services, virtually all registration procedures can be performed remotely, including the management of the company and its bank account;
  • not necessarily a resident of Cyprus – a foreigner may establish a company in Cyprus;
  • documents, certificates and certificates are allowed to be submitted in English;
  • after the company’s establishment, you can open both corporate and personal bank accounts;
  • there are no strict requirements regarding the size of the authorized capital of the company;
  • service to the company is significantly cheaper than in other EU countries;

Getting a VAT number in Cyprus

The new company will also have to register with the tax office to become a VAT payer. This can be done in person or by proxy. In order to pay social contributions, it will also be necessary to register the company with the Ministry of Labour of Cyprus.

More information about getting the VAT number for the Cyprus company is available here.

Advantages of business registration in Cyprus

Cyprus is part of the European Economic Area, so it will be an ideal jurisdiction to register your company if you want to cooperate with other EU countries. The state is known for the preferential tax regime and simplified procedure of registration of the company, the possibility of quick obtaining VAT-number for interaction with European partners, the procedure for obtaining residence permits for third-country citizens. Cyprus has a high international reputation and will be suitable for many entrepreneurs wishing to enter the European market.

Cyprus has an agreement to avoid double taxation with most European countries. Running the business with a Cyprus-based company is very convenient.

Registration of the company in Cyprus is quite simple and does not take long, it takes from 7 days to register, and the whole procedure can be carried out remotely.

Since Cyprus is part of the European Union, the company registered in Cyprus is considered European, which positively affects the reputation of your business.

Cyprus is a comfortable country for business and living. There is a large international community, education and health care available in English.

Profit tax -12.5% – one of the lowest tax rates in Europe. Income from dividends and securities transactions are not subject to taxation.

There are no clear regulations regarding the size of the authorized capital of the company, as it depends on the specifics of the work of each company.

The official languages of Cyprus are Turkish and Greek, but English is widely used in the corporate environment. All company documents can be provided in English.

The Government is trying to create a comfortable environment not only for business, but also for comfortable living on the island for non-residents of the country.

General information on Cyprus

capital

Capital

population

Population

currency

Currency

languages

Languages

area

Area

Nicosia 1,229,000
(838,897 southern Cyprus)
 Euro Greek and English 9.3 thousand km2

Organizational requirements for company registration in Cyprus

The activity of commercial organizations in Cyprus is carried out in accordance with the Law «About Companies». The legislation of Cyprus is based on British law, with some amendments, which greatly simplifies the procedure of registration and business for international entrepreneurs.

Changes in 2003 have virtually eliminated the distinction between offshore companies and local firms. Only status is considered – whether the organization is a resident of Cyprus.

A business whose manager is present in the country shall be recognized as a resident of Cyprus. The period of stay shall not be less than 183 days.

You can register a company in Cyprus in almost any field. If financial, insurance or banking activities are to be carried out, a license will be required.

Licensing of financial activities is the responsibility of the Securities and Exchange Commission of Cyprus.

Cyprus is the most favourable country in the EU for doing business in finance, but to start providing financial services you should go through the licensing procedure.

In Cyprus, the state regulator of all financial services is the Securities and Exchange Commission (CySEC), and licenses are issued by the Central Bank (Central Bank of Cyprus). All financial organizations are registered in the Unified State Register after receiving the license.

Requirements for Cyprus company:

  • at least one director;
  • a minimum of one shareholder;
  • one person may act as director and shareholder;
  • may involve not only natural persons but also legal entities as director;
  • is allowed to use nominal service;
  • one secretary, who can only be a local or non-resident individual.

Requirements for international entrepreneurs:

  • the founder must be over 18 years old
  • the founder must confirm the address of registration or actual residence
  • the founder of the company must undergo AML-verification and verify his identity
  • the founder must fill in a form about the company to be established

Step-by-step Registration of the Company in Cyprus

With our help, you will be able to register a company in the Republic of Cyprus as soon as possible. You do not need to understand all the intricacies and prepare documents. It is enough to contact us and after consultation to provide the minimum package of documents:

  • passport
  • proof of residence
  • a description of the company’s future activities
  • the name of the company (preferably not less than 3 options)

If it is assumed that there will be several owners in the structure of the company – passport and proof of residence must be provided for each participant. In case of a more complex structure of the company, it is necessary to describe it in more detail, after which the lawyers of RUE will provide the list of necessary documentation.

On the basis of these documents, we will prepare everything necessary and in a short time we will register the Company for you.

In addition to registration of the company from scratch, we offer ready-made solutions – re-registration of the already existing Cyprus company to the new owner.

It should also be borne in mind that your company must not have a mass legal address in the territory of the Republic of Cyprus. You can rent an office, buy a room or contact our specialists who are always happy to help you.

List of documents submitted to the Register in Cyprus

  • secretary’s note;
  • director’s reference;
  • Certificate of registration in Greek or English;
  • Certificate of official registered address;
  • copies of the shareholders’ passports;
  • Company Charter and Founding Agreement;
  • key points from the first board meeting;
  • the name approved in the Trade Register;
  • non-trade order of activity;

Necessary documents for obtaining a financial license in Cyprus

To obtain one of the financial licenses in Cyprus, you should submit the following documents to CySEC:

  • Documents confirming the identity of the owners of the company
  • Articles of Association and founding agreement of the company
  • Information confirming the professional suitability of the company’s managers
  • Letter of recommendation from the bank
  • The confirmation of the income level of the owners of the company and the company itself
  • The business plan
  • Transaction program with detailed description of payment services
  • Documents confirming the initial capital required
  • Detailed description of the company’s management mechanisms and cash flow control
  • Organizational chart, including the company’s departments and the heads of these departments
  • Measures to prevent the legalization of illicit income

Additional information about company registration in Cyprus

Depending on the direction of business, the authorized body must issue a license, to confirm the right of the company to conduct its business.

It’ll take about a week to get a permit. However, if the company is engaged in insurance or banking activities, the licensing process may take several months.

It is possible to hold accounts in Cyprus as a resident of the country and a foreign citizen.

To open an account with the Cyprus Bank, you will need to file a package of documents, including:

  • a notarized copy of the passport
  • proof of address of actual residence (for example, utility bills)
  • confirmation of the legality of income (tax declaration)
  • recommendations from other companies, banks in Europe, with which the applicant previously cooperated

Some banks ask for other documents – the list needs to be specified in a particular financial institution. The time and cost of opening an account depends on the selected service package and the bank’s policy.

Limited liability companies in Cyprus (Ltd) have such officers as director, secretary, shareholders, beneficiaries.

1. Headmistress

Directors appoint shareholders and, if necessary, decide on their replacement. The Director may be a resident or non-resident, a natural or legal person, and has the authority to sign the company and to manage the company’s bank accounts. Once a company is established in Cyprus, the information about its director is placed in the Register of Companies and becomes publicly available.

2. Secretary

The presence of a secretary is a must for all Cypriot companies. Among his duties – filing documents in the Register, storage of documents, corporate correspondence and other. The right of signature does not have the secretary. Mainly secretarial functions entrust legal companies that provide a full range of corporate services to international non-resident entrepreneurs of Cyprus.

3. Shareholders

The shareholders of the Cyprus Company may be natural or legal persons, including non-residents of the country. Information about shareholders and their shares shall be recorded in the Register and become available to third parties only upon special request.

4. Beneficiary

The beneficiary of the Cyprus company is the person who manages the company.  The information about the beneficiary of the Cyprus company is confidential and not is registered in the Register of Companies, and also not subject to disclosure to third parties – banking, auditing and other organizations.

The Cyprus company undertakes to pay tax. The profit tax is 12.5%, for domestic transactions is provided VAT of 19%. Among the undeniable advantages, I would like to highlight the absence of taxes in key areas – acquisition of real estate, inheritance, receipt of assets, payment for municipal services. In addition, income from securities transactions and dividends are not subject to taxation.

Required annual reporting for Cyprus Company:

  • financial statements with the opinion of an external auditor;
  • the tax return for the reporting period;
  • financial statement in Greek;
  • annual report with information about the secretary, directors and shareholders.

The first three years of the company’s operations are reported to the Tax Department. In addition, a document in Greek is submitted to the Registration Chamber of Cyprus.

Profit Tax
0-12.5% The need for an annual report check
VAT
0-19% Need for an audit opinion check
Need for accounting check Physical office
No

  • The data about the director of the company in Cyprus are freely available, while the name of the owner is not subject to disclosure.
  • Reports on the company’s activities must be submitted in two languages – English and Greek. The reports include an annual financial report and a tax return.
  • Cyprus has a favourable regime for the taxation of intellectual property income – the company’s profit tax rate can be reduced to 2.5%.
  • It is recommended that at least one of the company’s directors have a registration in Cyprus, as this will allow you to take advantage of the great advantages of the jurisdiction.

Prior to the registration of a company in Cyprus should be aware of the existing organizational and legal forms of business. The most popular form of business activity is Private company limited by shares – a company with limited liability.

  • Public company limited by shares – limited liability company
  • Exempt private company – a company of the closed type, exempted from taxation
  • Company limited by guarantee – a company with the responsibility of participants within the guaranteed amount
  • Partnership – partnership
  • Trust – Trust

Cyprus serves as a gateway between Europe, the Middle East, and Asia, making it an ideal location for international business. Cyprus offers a competitive and transparent tax system, including low corporate tax rates, tax exemptions, and double taxation treaties with numerous countries.

As a member of the European Union, companies incorporated in Cyprus enjoy the benefits of access to the EU single market and various business-friendly regulations.

Cyprus has a well-established legal framework based on English common law principles, providing a stable and predictable business environment.

Cyprus boasts a well-educated and multilingual workforce, contributing to a dynamic and versatile business environment.

In summary, incorporating a company in Cyprus presents an opportunity to operate within a favourable business climate that combines strategic geographical positioning, a robust legal framework, and advantageous tax regulations. The process is efficient, and the resulting corporate entity can leverage the benefits of Cyprus’ EU membership for international business activities.

Key Advantages of Initiating a Business in Cyprus:

  • EU Membership: Cyprus holds membership in the European Union, a factor that assists businesses in mitigating exchange rate risks and enhancing monetary transparency.
  • Double Taxation Treaties: Cyprus has entered into treaties with over 50 countries to prevent double taxation on foreign companies operating in the country. This contributes to an attractive tax regime, featuring multiple tax incentives.
  • Low Corporate Tax: Cyprus boasts one of the lowest corporate tax rates in Europe, standing at just 12.5%. This favourable tax environment serves as a significant incentive for individuals to embark on business ventures in Cyprus.

In Cyprus, businesses are required to contribute only 12.5% of their profits to the government, showcasing one of the lowest corporate tax rates in Europe. Additionally, corporations enjoy exemptions from taxes on the sale of securities, dividends, and, under specific circumstances, capital gains. The country operates under a territorial tax system, taxing only locally generated revenue. By leveraging double taxation agreements, establishing a business in Cyprus can result in substantial tax reductions.

Compared to continental Europe, Cyprus imposes less bureaucratic scrutiny on businesses. Moreover, businesses initiated in Cyprus carry significant influence and a positive reputation beyond its borders. This enables investors to establish business headquarters in Cyprus and conduct operations across Europe without encountering additional licensing requirements. Cyprus is responsive to the needs of both domestic and international enterprises, offering attractive tax incentives and deductions implemented by the government.

For prospective business ideas in Cyprus, particularly in the banking and financial consultancy sectors, there is significant potential for profitability and rapid growth. Cyprus has been a preferred destination for international investors over the past two decades, with a notable increase in investments flowing through Cyprus to Asia (especially China and India), South America, and the Middle East. While not comparable to banking, the shipping industry in Cyprus boasts over 130 firms, operating Europe’s third-largest and the world’s eleventh-largest merchant fleet, contributing up to 7% of the annual GDP. Additionally, the thriving insurance industry in Cyprus meets high demand from both private and public organizations.

Factors to Contemplate When Launching a Business in Cyprus

When contemplating entering the business realm in Cyprus, foreign entrepreneurs should consider various aspects, including:

  1. Distinct formalities associated with each company structure.
  2. The necessity for legal or registered physical addresses in Cyprus (virtual offices are deemed acceptable).
  3. Procedures for name reservation and registration.
  4. Immediate registration for taxation and employment purposes following incorporation.
  5. The requirement for obtaining special licenses and permissions from the government.

Questions regarding the expenses associated with initiating a business in Cyprus are commonly raised. Fortunately, these costs are relatively reasonable, and certain procedures incur no charges. The fixed costs for commencing a business in Cyprus encompass:

  1. Company registration fee
  2. Annual maintenance fees
  3. Accounting fees

Nominee services (for shareholder and director) and company secretary services are frequently utilized by foreign entrepreneurs in Cyprus, as local directorships are mandatory by law.

There are five company structures available for foreign investors conducting business in Cyprus:

  • Private Limited Liability Company by Shares: This is the most prevalent structure, with no minimum share capital requirement, and limited liability for members. The number of non-transferable shareholders ranges from 1 to 50.
  • Public Limited Liability Company: For this structure, the minimum capital is 25,629 EUR, and shares are transferable. A minimum of 7 shareholders is required.
  • Limited Liability Company by Guarantee without Share Capital: Typically established for charitable or non-commercial purposes, this structure allows each participant to determine their responsibility limit, which must be agreed upon before participation.
  • Limited Liability Corporation: This structure, defined by its memorandum of association, can restrict the responsibility of its members and can be either private or public.
  • Variable Capital Investment Company: Characterized by a variable value instead of a nominal value, this structure requires an initial capital ranging from 50,000 to 300,000 EUR. The number of members for a private business is from 1 to 50, while a public firm must have at least one member.

The Republic of Cyprus is a former British colony. Today it is a full member of the European Union with a developed economy and the possibility of simple business registration. Although Greek and Turkish are recognized as official languages, English is widely spoken and since 2008 the official currency of Cyprus is the euro. All this simplifies the conduct of business for international entrepreneurs.

Today, investments are actively made here thanks to the attraction of capital from the EU, Asia, Middle East, Russia and South America. It is also home to the largest transport hub, which provides a large volume of goods and goods for various purposes.

RUE can help with the preparation of the full package of documentation required to obtain a financial license in Cyprus – company formation, preparation of a business plan for your project, ensuring accounting requirements, selection of local employees for key positions, as well as comply with the requirements of the regulator, which should be taken into account when enforcing anti-money laundering (KYC/AML) requirements. These recommendations will significantly reduce the time for obtaining a financial license in Cyprus and will help companies interested in obtaining an EMI, payment institution, Forex, investment fund license to implement their project in Cyprus in the shortest possible time.

Sheyla

“Are you contemplating the initiation of your business in Cyprus? This might be an ideal opportunity for you. Contact me today, and let’s engage in a thorough conversation regarding your project.”

Sheyla Shamilli

LICENSING SERVICES MANAGER

email2[email protected]

FREQUENTLY ASKED QUESTIONS

The time it takes to open a company in Cyprus can vary based on several factors, including the type of company, the completeness of documentation, and the efficiency of the registration process. On average, it may take a few weeks to a couple of months to complete the entire company formation process in Cyprus. Working with experienced professionals and ensuring all required documents are in order can help expedite the process.

  • The data about the director of the company in Cyprus are freely available, while the name of the owner is not subject to disclosure.
  • Reports on the company’s activities must be submitted in two languages – English and Greek. The reports include an annual financial report and a tax return.
  • Cyprus has a favorable regime for the taxation of intellectual property income – the company’s profit tax rate can be reduced to 2.5%.
  • It is recommended that at least one of the company’s directors have a registration in Cyprus, as this will allow you to take advantage of the great advantages of the jurisdiction

Prior to the registration of a company in Cyprus should be aware of the existing organizational and legal forms of business. The most popular form of business activity is Private company limited by shares – a company with limited liability.

  • Public company limited by shares – limited liability company
  • Exempt private company – a company of the closed type, exempted from taxation
  • Company limited by guarantee – a company with the responsibility of participants within the guaranteed amount
  • Partnership – Partnership
  • Trust – Trust

It is possible to hold accounts in Cyprus as a resident of the country and a foreign citizen.

To open an account with the Cyprus Bank, you will need to file a package of documents, including:

  • a notarized copy of the passport
  • proof of address of actual residence (for example, utility bills)
  • confirmation of the legality of income (tax declaration)
  • recommendations from other companies, and banks in Europe, with which the applicant previously cooperated

Some banks ask for other documents – the list needs to be specified in a particular financial institution. The time and cost of opening an account depends on the selected service package and the bank’s policy.

To form a company in Cyprus:

  1. Choose a unique name and get it approved.
  2. Draft the Memorandum and Articles of Association.
  3. Determine share capital, appoint directors, and have a registered office.
  4. Submit documents to the Registrar of Companies with applicable fees.
  5. Upon approval, receive the Certificate of Incorporation.
  6. Register for taxation, open a bank account, and, if necessary, register for VAT.

Professional assistance can streamline the process, ensuring compliance with regulations.

Yes, non-residents can register a company in Cyprus. The country encourages foreign investment, and individuals or entities from any part of the world can establish and own companies in Cyprus. The process is designed to be accessible to both residents and non-residents, fostering a business-friendly environment.

Limited liability companies in Cyprus (Ltd) have such officers as director, secretary, shareholders, beneficiaries.

1. Headmistress

Directors appoint shareholders and, if necessary, decide on their replacement. The Director may be a resident or non-resident, a natural or legal person, and has the authority to sign the company and to manage the company’s bank accounts. Once a company is established in Cyprus, the information about its director is placed in the Register of Companies and becomes publicly available.

2. Secretary

The presence of a secretary is a must for all Cypriot companies. Among his duties – filing documents in the Register, storage of documents, corporate correspondence and other. The right of signature does not have the secretary. Mainly secretarial functions entrust legal companies that provide a full range of corporate services to international non-resident entrepreneurs of Cyprus.

3. Shareholders

The shareholders of the Cyprus Company may be natural or legal persons, including non-residents of the country. Information about shareholders and their shares shall be recorded in the Register and become available to third parties only upon special request.

4. Beneficiary

The beneficiary of the Cyprus company is the person who manages the company. The information about the beneficiary of the Cyprus company is confidential and not is registered in the Register of Companies, and also not subject to disclosure to third parties – banking, auditing and other organizations.

In Cyprus, a private company (Ltd) must have at least one shareholder, and the maximum allowed is fifty. As for the board of directors, a minimum of one director is required, and there is no maximum limit specified by law. Therefore, a Cypriot company can have one or more directors. It's important to note that the roles of shareholder and director can be held by the same or different individuals or legal entities.

Cyprus is an excellent jurisdiction to optimize the taxation of your business.  The taxation of companies in Cyprus includes:

  • An annual fee of €350, which must be paid by the end of June of each year, whether or not there is some business activity;
  • Capital gains tax after the sale of real estate or shares in the country – 20%;
  • VAT (usually 19%). For some activities the rate is lower: 9% – transportation of passengers and luggage, catering, nursing care, renting of real estate to tourists, 5% – food industry, repair of housing, sale of tickets for excursions, etc., 0% – banking, insurance, finance, and some others.
  • Income tax of 12.5% regardless of the source (from abroad or within Cyprus);

Tax exemptions are provided for companies with activities related to education, intellectual property, rental housing, insurance and some other areas.

You will not have to pay taxes when re-registering real estate, as well as when receiving payments from subsidiaries and subsidiaries abroad.

Depending on the direction of business, the authorized body must issue a license, to confirm the right of the company to conduct its business.

It’ll take about a week to get a permit. However, if the company is engaged in insurance or banking activities, the licensing process may take several months. For more information, it is recommended to contact our team.

Depending on the direction of business, the authorized body must issue a license, to confirm the right of the company to conduct its business.

It’ll take about a week to get a permit. However, if the company is engaged in insurance or banking activities, the licensing process may take several months.

It is possible to hold accounts in Cyprus as a resident of the country and a foreign citizen.

To open an account with the Cyprus Bank, you will need to file a package of documents, including:

  • a notarized copy of the passport
  • proof of address of actual residence (for example, utility bills)
  • confirmation of the legality of income (tax declaration)
  • recommendations from other companies, banks in Europe, with which the applicant previously cooperated

Some banks ask for other documents – the list needs to be specified in a particular financial institution. The time and cost of opening an account depends on the selected service package and the bank’s policy.

Limited liability companies in Cyprus (Ltd) have such officers as director, secretary, shareholders, beneficiaries.

1. Headmistress

Directors appoint shareholders and, if necessary, decide on their replacement. The Director may be a resident or non-resident, a natural or legal person, and has the authority to sign the company and to manage the company’s bank accounts. Once a company is established in Cyprus, the information about its director is placed in the Register of Companies and becomes publicly available.

2. Secretary

The presence of a secretary is a must for all Cypriot companies. Among his duties – filing documents in the Register, storage of documents, corporate correspondence and other. The right of signature does not have the secretary. Mainly secretarial functions entrust legal companies that provide a full range of corporate services to international non-resident entrepreneurs of Cyprus.

3. Shareholders

The shareholders of the Cyprus Company may be natural or legal persons, including non-residents of the country. Information about shareholders and their shares shall be recorded in the Register and become available to third parties only upon special request.

4. Beneficiary

The beneficiary of the Cyprus company is the person who manages the company.  The information about the beneficiary of the Cyprus company is confidential and not is registered in the Register of Companies, and also not subject to disclosure to third parties – banking, auditing and other organizations.

Features of taxation and reporting

The Cyprus company undertakes to pay tax. The profit tax is 12.5%, for domestic transactions is provided VAT of 19%. Among the undeniable advantages, I would like to highlight the absence of taxes in key areas – acquisition of real estate, inheritance, receipt of assets, payment for municipal services. In addition, income from securities transactions and dividends are not subject to taxation.

Required annual reporting for Cyprus Company:

  • financial statements with the opinion of an external auditor;
  • the tax return for the reporting period;
  • financial statement in Greek;
  • annual report with information about the secretary, directors and shareholders.

The first three years of the company’s operations are reported to the Tax Department. In addition, a document in Greek is submitted to the Registration Chamber of Cyprus.

Profit Tax
0-12.5% The need for an annual report check
VAT
0-19% Need for an audit opinion check
Need for accounting check Physical office
No

  • The data about the director of the company in Cyprus are freely available, while the name of the owner is not subject to disclosure.
  • Reports on the company’s activities must be submitted in two languages – English and Greek. The reports include an annual financial report and a tax return.
  • Cyprus has a favourable regime for the taxation of intellectual property income – the company’s profit tax rate can be reduced to 2.5%.
  • It is recommended that at least one of the company’s directors have a registration in Cyprus, as this will allow you to take advantage of the great advantages of the jurisdiction.

Prior to the registration of a company in Cyprus should be aware of the existing organizational and legal forms of business. The most popular form of business activity is Private company limited by shares – a company with limited liability.

  • Public company limited by shares – limited liability company
  • Exempt private company – a company of the closed type, exempted from taxation
  • Company limited by guarantee – a company with the responsibility of participants within the guaranteed amount
  • Partnership – partnership
  • Trust – Trust

You can register a company in Cyprus on a personal visit to the island or remotely. You need to choose a company form, prepare documents and apply to the register. Basic documents: copy of passport and confirmation of residence. The new company opens in 5-7 working days.

Yes, Cyprus allows you to open companies for a variety of activities: Trade, IT business, Intellectual Rights Management (IP), Holding.

Registration of the company in Cyprus takes 5-7 working days, subject to the correct submission of documents. The registration period of the company is extended if you need to obtain a license to operate.

Personal presence to register a company in Cyprus is not necessary, all necessary legal procedures can be carried out remotely.

Among the obvious advantages of the company’s registration in Cyprus can be mentioned financial stability of the country, its membership in the European Union, low taxes (VAT 19%, corporate tax 12.5%) and the ability to conduct international business (no double taxation with more than 60 countries).

A Cyprus company may have one or more shareholders, who may be natural and legal persons, including non-residents of Cyprus.

Initially, it is necessary to choose the name of your enterprise, which is checked for the absence of analogues in the register of companies. In the name must be the end of Limited, it is not allowed to use words and expressions, hinting or directly indicating illegal activities. The next step is the legalization of the company’s documents with the subsequent submission of documents to the register. The documents must include the address of the office to confirm the legal address of the company and proof of the economic presence of your business in Cyprus.

The standard cost of registration offshore in Cyprus – from 1, 750 EUR. This amount includes the first year of service of the company (legal address). In addition, it is necessary to pay a mandatory state fee of 350 EUR.

Yes, this is a mandatory measure if you are interested in the company being a tax resident of Cyprus. Such evidence would include the filing of annual financial statements, the address of the company’s office in Cyprus, which holds all the company’s accounting records, the contracts concluded, the auditors’ report and other documents of the company, as well as the presence of a secretary with the Cyprus residence. All decisions and management of the company should be carried out in Cyprus.

Yes. After your company is registered, you can get detailed guidance on further work with the company (filing of reports, payment of fees, etc.), as well as consultation with our lawyer and accountant. If necessary, you can always contact our company on any legal or accounting issues.

The new company should have a unique name that reflects its activities. In Cyprus, it is possible to form a company name in any language, it is only necessary to take into account that you will have to use the Greek or Latin alphabet with a mandatory translation. It is not allowed to register names that repeat or resemble existing names. It is also forbidden to use the name if the firm being established contains a hint of a connection with patronage of royal families or illegal activities. Some words in the name of the Cyprus company imply compulsory licensing. This includes the names – «bank», «insurance», «trust», therefore the name of the company should accurately reflect its future sphere of activity. At the end of the name requires an end Limited. The abbreviation Ltd is allowed.

After submitting an application for registration of a company in Cyprus, the registrar checks the uniqueness of the name, whether there is no similarity in writing and sound with other Cypriot enterprises. In order to get approval more likely and in the shortest possible time, it is better to provide several variants of the company name for consideration. After checking the name of the company to be established, a reservation is made in the Register of Companies, after which an official reply is received on the possibility of its use.

The management of the Cyprus company is carried out by documented voting of the shareholders’ meeting, while the board of directors does not lose control over the company’s title documents. To protect against illegal and unauthorized actions, shareholders of the company can deposit Restrictions on the powers of the director. Shareholders’ meetings held abroad become an additional requirement. If the company is registered as a resident of Cyprus, assemblies are mandatory in the territory of Cyprus.

RUE customer support team

Milana

Milana

“Hi, if you are looking to start your project, or you still have some concerns, you can definitely reach out to me for comprehensive assistance. Contact me and let’s start your business venture.”

Sheyla

“Hello, I’m Sheyla, ready to help with your business ventures in Europe and beyond. Whether in international markets or exploring opportunities abroad, I offer guidance and support. Feel free to contact me!”

Sheyla
Diana

Diana

“Hello, my name is Diana and I specialise in assisting clients in many questions. Contact me and I will be able to provide you efficient support in your request.”

Polina

“Hello, my name is Polina. I will be happy to provide you with the necessary information to launch your project in the chosen jurisdiction – contact me for more information!”

Polina

CONTACT US

At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

Company in Lithuania UAB

Registration number: 304377400
Anno: 30.08.2016
Phone: +370 661 75988
Email: [email protected]
Address: Lvovo g. 25 – 702, 7th floor, Vilnius,
09320, Lithuania

Company in Poland Sp. z o.o

Registration number: 38421992700000
Anno: 28.08.2019
Phone: +48 50 633 5087
Email: [email protected]
Address: Twarda 18, 15th floor, Warsaw, 00-824, Poland

Company in Czech Republic s.r.o.

Registration number: 08620563
Anno: 21.10.2019
Phone: +420 775 524 175
Email:  [email protected]
Address: Na Perštýně 342/1, Staré Město, 110 00 Prague

Finwyn Consultancy LTD

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