Cyprus Company Formations
Companies incorporated in Cyprus are Limited Liability Companies (LLC), which offer limited liability to its shareholders. We incorporate all our Cypriot companies by working with the Cyprus Department of the Registrar of Companies.
Cyprus Company Incorporation
We offer a complete incorporation package in Cyprus that includes:
- Reserving your Company Name
- Liaising with the registrar in Nicosia and relevant authorities
- Structuring the company as per your requirements
- Prepare your Company Registration Forms
- Drafting the Articles of Association / Statutes
- File the documents with the Registrar of Companies
- Appoint the Directors
- Initial Government licence fee payable on incorporation
- Certificate of Incorporation
- Issue of shares and production of Share Certificates
- Memorandum and Articles of Association
- Certificate of officers, Certificate of registered office address
- Certificate of Shareholders and Share Certificates
- Government Fees
- All documents and certificates supplied in a professional folder
- Delivery of documents by FedEx / DHL courier
Cypriot Company Law states an application for the formation of a company must be carried out through a Cyprus Law Office. The formation procedure is as follows:
- Approval of the company name.
- Application to the Central Bank for Exchange Control approval.
- Preparation and printing of the Memorandum and Articles of Association of the company in both Greek and English.
- We will draft and file the following documents with the Registrar of Companies: Memorandum and Articles of Association of the company (in Greek); forms HE1, HE2, HE3; approval of the Central Bank and the payment of the registration duty.
As soon as registration of the company is complete, the Registrar of Companies will provide us with the Certificate of Registration in Greek and a copy in English, as well as documents detailing the list of directors and secretary, shareholders, registered office and Memorandum and Articles of Association.
Advantages of incorporating in Cyprus
- Company documents are produced in English as well as Greek
- Company legislation is based on British company legislation
- Obtain a European VAT number without the complications of many other countries
- One of the lowest rates of Corporation Tax
- Full capital gains tax exemption on capital gains for all non-Cypriot assets
- Full stamp duty exemption on contracts entered into for assets outside Cyprus
- Cyprus is not considered to be a tax haven but a tax incentive country
- Tax treaties with most countries
- No withholding of tax on dividends
- No capital gains tax
- Ease of opening a bank account there
- Freely transferable accounts of any currency may be kept either in Cyprus or anywhere abroad without any exchange control restrictions
- No exchange control restrictions once the approval for the registration of the company is granted by the Central Bank of Cyprus
Cyprus Company Directors
Your company only requires one director. Directors may be of any nationality and there is no requirement to appoint a Cypriot director.
Cyprus Company Shareholders
Your Cyprus company requires a minimum of one shareholder who may be the same person as the director. Shareholders may be of any nationality and may reside anywhere. Individuals and corporations are permitted as shareholders.
Authorised and Issued Share Capital
- A company pays a small stamp duty, based on the authorised share capital
- The minimum authorised, issued and paid up share capital of a Cyprus IBC
company is €1
- Share Capital is in Euros and only one share required
Cyprus Company Secretary
Cypriot companies require a company secretary. If you need to establish tax residency for the company, your company needs to demonstrate that management and control of the company takes place in Cyprus. For this reason, as well as for ease of administration, it is advisable to have a secretary.
A Cyprus company must have a registered office in Cyprus, the address of which is filed with the Registrar. We can assist with this.
All Cyprus companies are required to hold a yearly General Meeting and file an annual return with the Registrar of Companies. A return outlines changes that took place with the shareholders, director or secretary of a company.
VAT Registered Cyprus Companies
Every Cyprus company must register with the VAT department, and registered companies with a tax number must file quarterly – even if no transactions occurred during the quarter.
Companies are required to complete financial statements compliant with International Financial Reporting Standards, and certain companies must appoint an approved local auditor to inspect the financial statements.
Annual Government Levy
As of 2013 all Cyprus registered companies irrespective of their year of registration are required to pay the Annual Government Levy. The Levy is payable to the Registrar of Companies by 30th June of each year.