Company registration in Cyprus is on the increase

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cyprusCompany registration in Cyprus is on the increase According to the Registrar of Companies of Cyprus, the number of applications to register new companies rose year-on-year in June, the sixth consecutive month. The figures showed that applications reached 761 in June, from 654 a year earlier, presenting an increase of 16 per cent. During the first six months of 2014 the total number of new companies registered reached 5,254. 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 completed 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 to receive more information on Cyprus as a jurisdiction please feel free to visit to our web page on Cyprus.