COMPANY REGISTRATION PROCEDURE
You will need:
- Application form for the company registration in Cyprus.
- One or more shareholders (maximum number of the shareholders – 50) - an individual and/or legal entity (both resident and non-resident).
- Certified copies of the passports of the shareholders and the original letter of recommendation from the bank for each shareholder. CV of each shareholder of the company. If the shareholder is a legal entity, all the certificates of the legal entity will be required.
- Brief description of the company’s activities for the preparation of the constituent documents – Memorandum of Association and the Charter.
- The address of the company and the addresses of residence of the shareholders.
- At least one Director and Secretary, and it is necessary that the Director and the Secretary are residents of Cyprus.
Cypriot law does not provide clear deadlines for the completion of procedures for the incorporation of companies. The deadline for the registration depends on the workload of the Registrar of Companies (the process takes about two weeks).
1. Choosing and registering a company name
An appropriate corporate "name" must be reserved and approved by the Registrar of Companies.
To do this, you need to fill out a standard application and send it in person, by mail, or electronically.
Attention! There is a number of restrictions when choosing a company name. To facilitate the process, we recommend choosing and submitting 2-3 names for consideration.
The average time for processing an application is 2 days. If you want to carry out the procedure faster, you will have to pay an additional 20 Euros.
2. Preparation of the Memorandum of Association and the Charter with the help of a lawyer (usually takes 1 working day)
There are no pre-stipulated Memorandums of Association for different types of activities in Cyprus. There is a general template that your lawyer will need to edit.
3. Registration of the company with the Registrar of Companies
After receiving the Memorandum of Association and the Charter of the company you need to register the company with the Registrar of Companies.
To do this, the following package of documents should be submitted to the Registrar of Companies:
- Memorandum of Association and the Charter.
- A statement by a lawyer confirming that the registration of the Charter was in full compliance with the current legislation.
- Form of appointment of the Secretary and the Director, including a copy of the Director’s passport. Confirmation of his actual address (invoice issued in his name for any utilities), an indication of his personal data and qualifications, a sample signature.
- Proof of the property rights for the office (Certificate of Ownership or Lease Agreement).
- Form of registration of the shareholders. If the shareholders are individuals, then it should be accompanied by copies of their passports and the confirmation of their actual place of residence. In the case of legal entities, you need to add a certificate of registration and a copy of the certificate of registration indicating the address of the head of the office.
All the above documents can be submitted both through the Department's website and in person.
In the case of online registration, you must receive a username and a password. They are formed within 4 business days.
Alternatively, you can apply for a temporary password that will be available immediately. In addition, to complete the registration you need to provide your credit card details.
All the documents must be translated into English and certified by an Apostille.
The verification of papers usually takes two working days. If all the documents were drawn up correctly, then the corresponding Registration Certificates will appear in your account. It will be enough just to print them out.
If the Registrar finds any errors, then he can leave comments and recommendations and send the papers for revision. If necessary, you can translate the Registry into any language.
At the end of the entire process you will be issued with the following documents:
- 4 Certificates of State Registration.
- Certificate of the registration of the composition of the shareholders.
- Certificates of the Directors and the Secretary.
- Certificate confirming the address of the company.
The services of the Registration Department will cost you 205 Euros + 0.6% of the authorized capital.
4. Registration with the tax authorities and social insurance authorities
The final stage of creating a new company is registration with the Tax Department. The company also needs to obtain registration for VAT and social security contributions. You can register online within one business day. The cost of the company registration services ranges from €1,500 to €2,500 + VAT, depending on the type of the company and the selected list of services.
OPENING A COMPANY BANK ACCOUNT
To open a bank account a company will need:
- Copies of the company registration documents.
- Passports and resident permits of the shareholders and the Directors of the company with the right to sign.
- Certificate of a clean criminal record for all the above persons.
- An invoice for payment of the utilities at the place of registration of the company as a confirmation of its address.
- Other documents at the request of the bank.
This process normally takes no more than 5 working days (if the information provided by the company is assessed as comprehensive).
Attention! Recently, banks have required their clients - legal entities to provide comprehensive information about the ultimate owners of the company and letters of recommendation.