You may have heard of the numerous tax benefits the country of Cyprus is offering and wish to register your company in its midst. It is a wise decision on your end. To begin, familiarize with the procedure that has to be accomplished listed below:
Cyprus Company Name
The Registrar of Companies offers a free company name check to all businesses interested to register in Cyprus; however, the following rules has to be remembered:
• As a rule, your company name has to end with either one of these two suffixes: LLC or LTD.
• The name you choose should not be identical or deceptively similar with any of the existing corporation under registration in Cyprus.
• You are given the liberty to use a Greek Company Name, but the necessary English Translation has to be supplied to the Registrar of Companies.
After complying with the following rules, your company name will be submitted for approval to the Registrar of Companies.
Determining the Share Capital
While waiting for the approval of the company name, determine the share capital each shareholder is to receive. Follow these guidelines to make the task easier.
• There is a minimum required share capital of €1,708
• Share capital has to be expressed in Euro, except for older companies that may have their shared denominated using the previous currency honored in Cyprus, the Cypriot Pounds
• Companies considered as LLC are given the liberty to issue as many or as few shares as they deem necessary
Determining the Cyprus Company Directors and Shareholders
The preliminary stage does not end with the finalization of share allocation; the company must also determine their list of directors and list of shareholders. The following guide will be of assistance in proceeding with this stage:
Director Guideline
• The directory may be of any nationality, but it is best if the director is a Cypriot tax resident to take advantage of tax benefits
• It is possible to have more than one director, but the minimum requirement is one
• Nominee directors are acceptable, particularly for fast incorporation
• Corporation are accepted to act and be registered as directors
• It is important to indicate the name of the initial directors because it will be recorded at the Registrar
Shareholder Guideline
• The Registrar requires a minimum of one shareholder for the formed company
• The shareholder may belong to any nationality and may reside in any place of the globe
• Corporations are given the right to become shareholders
• Nominee shareholders are also tolerated
Secretary Guideline
A resident secretary is necessary to fulfill the requirements of the Registrar. Although, you are in no need to provide a resident secretary; you are expected to demonstrate that the company formed can properly control and manage the activities of the company within the jurisdiction of Cyprus. Nevertheless, the primary task of the secretary is to accept papers and documents from local authorities.
Cyprus Company Registered Office
Aside from the above mentioned officers, it is also important to choose a registered office where you will accept your correspondences. Feel free to inquire with certain legal institutions for assistance if you feel the need to request for a virtual office.
Once you have decided on these important aspects of your company, it is time to submit these documents together with the payment of fees to the Registrar. If you manage to submit and fill out the form accordingly, then expect five days to receive the certificate of incorporation together with other documents from the Registrar.
About the Author: Achilleos D. is the Manager of the Corporate and Legal Department at Oxford Tax Solutions. He has extensive experience in company formation, litigation, corporate and international tax.To learn more about Cyprus company registration visit:
http://www.oxfordcy.com/index.php/en/cyprus-companies-cyprus-company-register-cyprus-offshore