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Whats is needed for the formation of a Cyprus Company

Michalaki Pitsillidou Rozen Law Firm > English Articles  > Whats is needed for the formation of a Cyprus Company

Whats is needed for the formation of a Cyprus Company

WHAT IS NEEDED FOR THE FORMATION OF A CYPRUS COMPANY

NAMING YOUR COMPANY

You must choose a company name.  Change of name at any time is allowed.

INCORPORATION

Incorporation normally takes seven to ten working days from the time that the necessary documentation is presented to the Cyprus’ Registrar of Companies.

AUTHORISED SHARE CAPITAL

No legal requirements as to the minimum and maximum authorized share capital.   It is recommended that the authorized share capital is at least € 1.000 divided into 1.000 shares of € 1:- each. The share capital of a company can be increased and decreased at any time.

SHARES AND SHAREHOLDERS

Under Cypriot law even a single member company may be registered, in which the sole shareholder shall own 100% of the shares.

NOMINEE SHAREHOLDERS

These are permitted and will hold the shares on trust on behalf of the beneficial owner(s).

REGISTERED OFFICE OF THE COMPANY

A Registered office is required in Cyprus. The registered office must be a real address, but it doesn’t have to be the place where a Company operates.

DIRECTORS

The minimum number of directors is one. Directors may be of any nationality and do not have to be resident in Cyprus. They can be either natural or legal persons. Companies wishing to take advantage of Cyprus’ Tax Regime would need to ensure that the company is managed and controlled from Cyprus. Nominee Directors are permitted

COMPANY SECRETARY

Every company must have a company secretary, whose role is very essential. The Secretary may be a natural or a legal person. The Secretary’s task is to ensure that a wide range of paperwork and organization is carried out properly, to keep the Company’s register up to date and to keep minutes of all meetings. Furthermore the Secretary signs all forms, applications and other documents to be filed in the Registrar of Companies, including the drafting and submission of the Company’s Annual Return to the Registrar of Companies. Hence it is widely and highly recommended that these secretarial services are offered by Law Firms.

ACCOUNTS AND YEAR END

All companies have a year end at 31st December. Audited accounts must be presented to the members within 12 months from the year end and filed with the Registrar annually for the previous year. The First Audited Financial Accounts must be filled in the Registrar of Companies together with the Company’s First Annual Return, 18 months after the date of its incorporation.

DOCUMENTS AND INFORMATION NEEDED

  • Choose a name for the company – cannot be identical or similar to any other company already registered with the Registrar of Companies.
  • Description of the objects, activities and purposes of the company in order to draft the Memorandum and Articles of Association.
  • Information, regarding the directors, secretary, shareholders, registered office.
  • Full contact details (name, date of birth, profession, passport number, nationality, address) for each director/shareholder/secretary, together with copies of passports and proof of residential address.
  • For the opening of a bank account the shareholders and/or the beneficial shareholders of the company should provide the Bank with duly certified copies of passport, proof of residential address and a Bank Reference Letter.

For more information and guidance please email iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com or visit our website atwww.impklawyers.com    Tel. +357 99 345000 – Fax +357 25 – 660097

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