Cyprus is known for its location at a great crossroads able to entice investors from Eastern Europe, Asia, Africa or the European Union. With the country now over the crisis of 2012-2013, and its reputation among investors restored, have you ever wanted to know how to start a company in Cyprus, or asked yourself "how do i set up a business in Cyprus?" Well, we're here to help you on that journey. As a firm of Cyprus lawyers based in Limassol, we pride ourselves on our professional ability to resolve issues connected to establishing company formations of whatever size, nature or complexity.
Let's look at the sequence of the basic steps needed for establishing a company in Cyprus:
- Think of your company name and then apply to the Registrar of Companies to reserve it and receive approval; alternatively, in case of urgency, you may request our list of ready-made (shelf) Cyprus companies, which are available upon request;
- A corporate lawyer of our law firm will prepare the Memorandum and Articles of Association, which must be signed by him/her;
- The Memorandum and Articles of Association is thereafter submitted to the Companies Section of the Department of the Registrar of Companies and Official Receiver along with a sworn statement from the lawyer and details of the registered office, all the directors and secretary, making the relevant fee payment (accelerated processing for an extra fee is available via One Stop Shop);
- Wait several working days for receipt of Certificate of Incorporation;
- Apply to the Tax Department to receive a Tax ID;
- Register with the Ministry of Labour, Welfare and Social Insurance, in the event your company intends to employ staff in Cyprus.
Do not forget there will be maintenance costs once you are up and running. In addition to the cost of registering your company, there is the annual fee covering the services of directors (nominees – if required), the secretary and registered office. Furthermore, nominee/trustee shareholder services are offered, preserving your anonymity. The registered office is usually the address of our firm – such address must be a physical address in Cyprus. There are also annual accounting and auditing expenses and fees.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.