Procedure of company registration
- Minimum share capital is 1 € but banks require more than this figure in order to set up an account. The traditional share capital has been 7 500 € but a minimum amount could be deposited of around 4 000 € ex VAT. Please bear in mind that this is “working capital” and can be taken out of the account for use at any time.
- Minimum number of directors is one. However, usually there are 2 directors as this helps with social security payments. If the company only has one director, the burden of these payments is incurred from the first day the company is formed. If the client is non-resident, we can write to the authorities on your behalf to assure these payments are not made. (secretarial fees charged)
- All non EU residents are required to apply for the government authorization if they want to open a SARL in France. This includes applying for an extract of criminal record (not less than 3 months old) which needs to be officially translated into French by a certified translator. A list of translators can be obtained through the French Consulate in the country of residence.
- Company formation takes up to 5 weeks
- VAT registration takes up to 4 weeks.
In order to commence the formation procedure, we will require the following:
- 100% of the company formation cost.
- A completed application form.
- A certified copy of each director/shareholders passport.
- Two utility bills that are less than three months old.
Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.
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