Name of the company
First of all, the client has to suggest a company name, which will then be submitted to the Registrar of Companies for approval. Please note that the approval of one company name is included in the fee quoted for company registration. However, if a company name is rejected by the Companies Registrar, there will be an extra charge of 50 euros for each rejected name.
If the company name that is about to be formed already belongs to a group of companies operating abroad under a similar name, then a letter of consent from those companies is required.
We will need the proposed name of the company in order to proceed with the request.
Objects of the company
The main activities of the company must be provided so that the Memorandum and Articles of Association can be drawn up for submission.
A bank reference is required for each beneficial owner/shareholder/director. This is basically a letter from the bank stating that they have been a client of theirs since a certain time and that they are of good standing. We can send you a standard bank letter in English for you to use a template, if you wish.
We will need a certified copy of the passports of the beneficial owners / shareholders / directors, their date of birth, address, profession, etc.
The passport should be certified as being a true copy by your local Cyprus consulate in your country of origin.
We will need a recent original utility bill (ie. electricity, water, telephone, gas bill, council tax bill, etc.) as proof of the address of the beneficial owners / directors / shareholders. This should be no more than 3 months old.
Every company should have at least one shareholder. If the beneficial owners require complete anonymity, then our own nominee companies can be used to hold the shares in trust without the names of the beneficial shareholders being disclosed publicly. The names should be disclosed to a Government Authority under the new law requirements.
If the beneficial shareholders do not need anonymity, then the shares may be registered in their names.
In the case of international business companies, it is important, both from a tax point of view and for administrative purposes, that the management and control of the company are exercised within the jurisdiction. If this is the case, then it is advisable for not more than one director to be appointed from abroad.
Our office is able to provide local directors in addition to the ones mentioned above. These directors will be able to conduct the functions through guidance from the beneficial owners, thus ensuring the smooth and timely operation of the company.
Company Law requires that every company has a company secretary. Our office can provide this service through a nominee secretary, provided by one of our nominee companies. Please note that this is a secretary in name only. It is merely a post held and does not involve the provision of any actual secretarial services, though we can provide secretarial services upon request, if required.
Registered office address
Another legal requirement is that a company has a registered office, without implying that this entails the opening of an administrative office. Our own office address may be used as such. The registered office and post of secretary need to be provided by a Cypriot resident for tax residency purposes so that the new company will be considered as being resident in Cyprus and will therefore benefit from the favourable tax regime in Cyprus.
It is recommended that the authorized and issued share capital of a newly formed company is at least 1000 shares comprising 1 euro each. (No payment needs to be made for the shares). The number of shares can be altered for a nominal fee.
Period needed to register a company
The period needed to register a company is approximately 7-10 days. A shelf company may be used more or less immediately, subject to all of the necessary documents being promptly received by us.