Setting up company Cyprus is a simple process that usually takes only a few days. This guide will help you through the necessary stages and regulations to form your Cyprus Corporation, making the process easy and fast.
Step-by-Step Guide to Cypriot Company Formation
Finding a lawyer
According to Cyprus legislation, only lawyers licensed by the Cyprus Bar Association can create and sign the Memorandum, Articles of Association, and HE1 form. Choosing the correct legal advice is critical to a successful registration procedure.
Company name approval
Submit an application for approval of your company’s name to the Registrar of Companies and Official Receiver (RCOR). This can be done either by the applicant or by a lawyer/service provider. Many legal consultants provide pre-approved “shelf names” that can be used immediately.
Document submitted to the registrar of companies in Cyprus
Prepare and submit the required documentation to the Registrar of Companies. A lawyer or service provider will help you gather and fill out these forms, as well as open a bank account. The required documents include:
· Description of the company’s primary goals.
· Details about the nominal share capital.
· Names, residences, and passport information for proposed directors and secretaries.
· Proposed registered address.
· Certified copies of the ultimate beneficial owner’s passports.
· References to the good status of the ultimate beneficial owners.
· The chain of ownership leads to the final beneficial owners.
· KYC information complies with anti-money laundering laws and CBA requirements.
Incorporation process
The Registrar processes the documents after they are submitted along with the application package and fees. If everything is in order, the company is incorporated, and you will receive a certificate of incorporation as well as certified copies of the Memorandum and Articles of Association.
Tax registration and bank account opening
After Setting up company Cyprus, you must register with the Tax Department to get a tax identity number and a VAT registration number. Companies must register with Social Insurance Services. Employers must make contributions to various funds, and registration forms can be submitted electronically through the Point of Single Contact (PSC) Cyprus portal or in person at a District Social Insurance Office or Citizens Service Centre.
