REGISTRATION OF A CYPRUS COMPANY
The procedure and information required for the registration of a Cyprus company is as follows:
Name of the company
The name chosen for the company should not be similar to any other name already registered and must end with the word limited. When applying to the Registrar of Companies and in order to allow some flexibility and avoid delays, more than one name should be put forward for approval. Our firm has a list of already approved names and clients may chose one of these names and thus speed up the process of registration.
Memorandum and Articles of Association
It is a legal requirement that every Cyprus limited liability company must have a Memorandum and Article of Association which specify the business activities in which the company may engage. Therefore the main objects and activities of the company must be given for inclusion in the Memorandum.
Share capital
We recommend that the authorised share capital should be at least CYP£5000 and at least CYP£1000 must be issued and fully paid. Companies that wish to set up an administrative office in Cyprus we suggest they issue a share capital of CYP£10000.
Shareholders
Every Cyprus company must have at least a shareholder. The shareholder can be either an individual or a company. If anonymity is required, the shares may be held by one of our trustee companies. For each shareholder the following information is required: Full name, address, nationality, occupation, number of shares to be held and a copy of their passport.
Directors
Each company must have at least one director. It is not necessary to have local directors but it is advisable. The information required for each director is: full name, residential address, nationality, occupation and a copy of his/hers passport.
Secretary
The company, by law, must have a secretary. It is advisable that a person or company residing in Cyprus is appointed.
Registered office
It is a legal requirement that a company must have a registered office in Cyprus, which may be used as the business address of the company. Our firm can provide such an address.
Period needed to register a company
The maximum period needed for the registration of the company is 10-12 working days. The process can be speeded up if an already approved company name is chosen. “Off-the-self” companies are also available and if it is considered necessary the name may be changed at a later date.
Bank accounts
The company may open bank accounts with any bank in most of the main currencies and money transfers can be effected without foreign exchange restrictions.
The account opening forms require the signature of one of the directors, the company’s secretary and the account signatories.
LEGAL OBLIGATIONS OF CYPRUS COMPANIES
Maintenance of proper books and records
All companies are required by law to maintain in Cyprus proper books and records. Every company shall cause to be kept proper books of account with respect to:
(i) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place;
(ii) all sales and purchases of goods by the company;
(iii) the assets and liabilities of the company.
Annual financial statements
Financial statements must be prepared from the books and records of the company on an annual basis and to be laid before the company in general meeting.
Audit of annual financial statements
Cyprus Company Law Cap. 113 requires that the annual financial statements of a company, are audited, by a local practising accountant. The audited financial statements are submitted annually to the Department of Inland Revenue and the Registrar of Companies.
Annual Return
All Cyprus companies must hold an annual General Meeting every calendar year and an Annual Return must be lodged with the Registrar of Companies.
Our firm and associates are capable of dealing with all the day-to-day activities of any business entity and thus ensuring compliance with all the above obligations.
Administrative offices
Our firm has produced a step by step guide for the provision of all the information required for the registration of a Cyprus company entitled “Information for the registration of a Cyprus international business company”.
INFORMATION REQUIRED FOR THE REGISTRATION OF A CYPRUS COMPANY - CLICK HERE TO DOWNLOAD FORM