Company registration and formation services in Cyprus
The most popular type of Cyprus Company is a Limited Liability Company. 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 company incorporation in Cyprus is as follows:
- Incorporation of a company in Cyprus is a relatively simple procedure, compared to most jurisdictions.
- An application form is filled in, signed and scanned containing information about a preferred name and details of Directors and Shareholders.
- For efficient company incorporation in Cyprus, A Beneficial Owner declaration must be filled in, signed, scanned and sent to Eltoma.
- A scanned copy of a passport for directors and Shareholders 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 will issue an invoice for an offshore company formation Cyprus.
- Upon receipt of funds received 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. For details on how to check Cyprus company registration number, contact us.
- 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 company formation and apostille of incorporation certificates, check business registration number Cyprus, and up to a maximum of 5 working days for courier delivery.
- At the beginning of each year we issue an annual invoice for €400 to cover renewal fees which includes the registered office fee and company Secretary.
Eltoma Corporate Services have a wide variety of Cyprus company formation services. Click here to see how we can help you obtain an effective Cyprus company registration.
Company administration guidelines
- Authorised and issued share capital: The minimum authorised share capital is €1,000 with 1 share of €1.00.
- Classes of shares permitted: Registered shares of par value is the standard however preference shares, redeemable preference shares and shares with no voting rights are also permitted.
- Shareholders: The minimum number of shareholders is 1. There are no restrictions on foreign individuals or corporate bodies to be Shareholders.
- The minimum number of Directors required is one and names appear on public record but anonymity can be obtained by using nominees.
- There is no restriction for foreign nationals to act as a director of a Cyprus International Business Company and corporate directors are allowed in Cyprus.
- Although there is no requirement for a local resident to be a director it is recommended to use a local nominee director in order to obtain a tax residence certificate in Cyprus.
- An annual general meeting of directors must be held, this must take place within 15 months of the previous one.
Restrictions on Name & Activity:
- Cyprus International Companies name must end with ‘Limited’.
- The following cannot be used: Assurance, Bank, Building Society or any words deemed sensitive or offensive.
- Check company registration number Cyprus.
- Secretary: It is obligatory to appoint a Company Secretary. They may be either an individual or corporate body however it is advisable to appoint a resident company secretary. The secretary is responsible for keeping and filing corporate documents with the Registrar of Companies. Eltoma Corporate Services can provide company secretarial services for an annual fee.
- Registered Office: It is compulsory for a Cyprus international company to have a registered office in Cyprus which is used as the business address of the company. A register of Directors, Shareholder, Secretary and minutes of general and Director meetings are kept at this location. All changes have to be filed with the Registrar of Companies within a month from the date of change. Eltoma can provide the use of an office address if required.
- All details of Directors and Shareholders appear in the public records. In order to protect confidentiality nominees can be used.
- Statutory secrecy provisions protect details of the beneficial owners supplied to the Central Bank.
- From the receipt of the required documentation to the incorporation of a Cyprus international company the approximate time period is 10 working days.
Incorporation services Cyprus
Cyprus company formation cost varies depending on the service provider. We have a wide variety of Cyprus company registration services, including post registration services:
- Bookkeeping & Accounting Services.
- Assistance in an audit process.
- Annual Return & Tax Return Filing Services.
- Business Registration Certificate Cyprus completion.
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