Company registration is up in Cyprus as the formation of new companies increases

By in

Company registration in Cyprus is on the increase
cyprus_registrationIf anyone is in doubt that Cyprus is coming out of the global financial crisis all they need do is take a look at the Department of Registrar of Companies website. This clearly shows an increase in company registration for new companies including holding companies. In 2013 after the EU bailout and the so called haircut on deposits over €100,000, it was quit understandable that new companies were cautious and even hesitant about registering themselves in Cyprus, and this showed in the statistics as 2013 had only 10,847 new companies registered by the Department of Registrar in Cyprus this was the lowest since 2003 when the total number of new companies registered was 9,080. From 2003 up until 2007 when the global financial crisis hit, there was a steady rise in the formation of new companies in Cyprus where company registration hit a high at 29,016. As the greatest majority of the companies formed were offshore formations including Holding companies that meant that statistics should show this which they do, in 2008 the year after it happened new company registration was down by almost 16% to 24,453. 2009 saw the biggest drop down to 16,101 from then on it was a bumpy road with ups and downs but generally speaking it was on the rise, right up to the moment the global crisis knocked on Cyprus’s door which took the country to lowest number in a decade. As confidence grows and people see that Cyprus is possible one of the best countries in Europe to form a new company with the lowest tax at just 12.5% and a banking system that is looking up, the number of new companies being registered is on the up. The first quarter results are 2,615.
Process and procedures for formation of new company in Cyprus
The most popular type of Cyprus Company is a Limited Liability Company (LTD). Cyprus Offshore Company Formation and administration is done under the Cyprus Company Law Cap.113 which is a virtual copy of the English Companies Act of 1948. The procedure for Incorporation by Eltoma corporate services is as follows: • An application form is filled in, signed and scanned containing information about a preferred name and details of directors and shareholders • A beneficial owner declaration is filled in, signed • A scanned copy of a passport for directors, shareholders and beneficial owners is required • A scanned copy of proof of residence. This can be in the form of a utility bill, bank statement or bank reference and must not be older than 3 months. • At this point Eltoma Corporate Services will issue an invoice for a Cyprus Offshore Company Formation • Upon receipt of money in our bank account for Formation of a Cyprus Offshore Company, we start the formation process by submitting a preferred name for approval of Cyprus Registrar of Companies. This takes up to 5 working days. • Once the Cyprus Offshore Company name is approved, a shareholder of a Cyprus Company signs the Memorandum and Articles of Association (M&AA) and sends the originals to Eltoma by courier. • Upon receipt of the signed M&AA, we start the Cyprus Offshore Company Incorporation process. It takes up to 15 working days for a Cyprus Offshore Company Formation and Apostille of Incorporation Certificates and up to a maximum of 5 working days for courier delivery. • At the beginning of each year we issue an annual invoice to cover renewal fees which includes the registered office fee and company secretary. If you are thinking about forming a new company and are considering Cyprus as an option or if you would just like a little more information on Cyprus as a jurisdiction please feel free to go to our web page on Cyprus.