Cyprus: Company Formation In Cyprus - Questionnaire

Last Updated: 14 October 2016
Article by Deloitte Cyprus

Documents required and procedure

This questionnaire includes all the information needed to register a company in Cyprus as explained in more detail below and which can be used to collect and send to us all the necessary information. The incorporation procedure is finalised approximately within 15 days from the submission of all the relevant documents to the Registrar of Companies, provided of course that the name of the company is approved and all of the required documents are in order.

The completed questionnaire should be sent to us and the appropriate fee should be remitted to our bank account, before we commence the incorporation procedure.

Company name

Two to three options for the name of the company should be provided to apply for name approval to the Office of the Registrar of Companies. We can also provide a list with some pre-approved names we keep for our clients from which a selection can be made. The name of such a company can be changed at any time at a later stage. In cases of urgency a selection can be made from one of the available off the shelf companies.

Objects of the Company

A detailed description of the intended activities of the company should be provided. A standard Memorandum and Articles of Association may be used which is suitable for a general trading/investment holding company.

Proposed capital structure

Clients must inform us about the amount of share capital of the company, the number of shares and their nominal value. There is no legally required minimum amount of issued and paid up share capital of a private limited liability company. However we would recommend that the share capital be at least €1,000.

Proposed subscriber shareholder(s)

The name, address, passport number, date of birth, nationality and occupation of the proposed shareholders and their proposed shareholdings in the company must be provided. The same information must be provided for the ultimate shareholders/owners where diff erent. Local nominees, can be provided through our network of professionals, if the identity of some ultimate shareholders/owners should not be made publicly available. In order to speed up the incorporation local subscribers can be provided to sign the Memorandum and Articles of Association and to act as the initial shareholders. The shares can be transferred to the proposed shareholders either with eff ect from incorporation date or any time at a later stage.

Bank references

Clients must provide a bank reference and a curriculum vitae with respect to the ultimate shareholders'/owners' financial standing, character, business integrity and credit worthiness. Please note that the bank reference must be typed on the bank's letterhead with full details of the address, telephone and telefax numbers, properly dated, stamped and signed.

Corporate Shareholders

In case the proposed or ultimate shareholder(s)/owner(s) of the new company is a corporate body, we shall need to be provided with a full set of certified copies of all the incorporation documents, that is, certificate of registration, Memorandum & Articles of Association, certificate of directors and secretary, certificate of shareholders and certificate of the address of the registered office. We also need to be provided with a resolution of the body's board of directors resolving the establishment of the Cyprus company.

Directors

The clients must provide us with the name, residential address, date of birth, nationality and occupation of the proposed directors of the company, (a minimum of one), unless local directors are to be provided.

Although it is not a legal requirement to appoint local directors it is advisable. If however, one or more directors from outside Cyprus are to be appointed then please provide the details required in paragraph 8(a) of the questionnaire.

The appointment of local directors can be arranged through our network of professionals.

Passport and other documents

Certified true copies of the passports, as well as an original utility bill for all individuals proposed as shareholders and directors who will participate in the company must be provided. The same documentation must be provided for the ultimate shareholders/owners.

Company secretary and registered office address

Cyprus law requires that every company must have a company secretary and a registered office address in Cyprus which is used as the company's official address for the service of any official documents. The provision of a company secretary and of a registered office address can be arranged through our network of professionals. Otherwise, please provide details of the company secretary and the registered office address by completing paragraph 9 of the questionnaire.

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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.

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