Many people think of Cyprus as a prime location when it comes to setting up their business as it has numerous benefits making it a strategic move. Service providers and E-commerce businesses highly contribute to the number of successful companies in Cyprus along with high interest from triangular trade companies, shipping or ship owning companies and crew management.
Cyprus, a member of the European union is often called a ‘centre of excellence’. This is referring to the amount of international business activities and the specific expertise they have that spread over a wide span of industries.
If your company is related to or has interest in:
Then Cyprus would be a prime location with minimal risk for your company formation.
There are many benefits when forming your company in Cyprus, such as:
The company formation takes 10 to 15 days from the date of completion of due diligence procedure.
The principal registration requirements are found in the table below
|Company Law||Companies Law Cap. 113|
|Registration||A company must be registered to the Registrar of Companies.|
|Capital Requirements||Minimum authorised and paid up capital is €1. If such companies have a fully- fledged office in Cyprus, minimum capital is €10.000.|
|Company Name||Name approval is required by the Registrar of Companies.|
|Shareholders||One minimum either physical or legal entity. No bearer share may be issued shares on behalf of the beneficial owner(s).|
|Beneficial Disclosure/ Nominees||If confidentiality is required, a nominee/trustee company can hold the shares in trust for owner.|
|Directors||Minimum one Director. Cyprus tax resident companies must appoint majority of local directors.|
|Secretary||Every company must have a Secretary and if the company is a tax resident in Cyprus, Secretary must be local. A director can also act as Secretary. For practical purposes, a corporate body may be appointed Secretary.|
|Registered Office||A company needs to have a registered office in Cyprus.|
|VAT Registration||Companies registered in Cyprus and whose income derive exclusively from sources outside Cyprus, are in general exempt from VAT registration. Cypriot registered companies however which have trading activities within the EU, may be required or voluntarily register for VAT and / or VIES purposes.|
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