To register a company, you must perform the following steps:
Receipt of confirmation and reservation of the company name for 6 months. The accelerated procedure takes 3 working days, in the usual mode 2-3 weeks.
Decide on the structure of ownership and management of the company. The size of the authorized capital and the method of raising funds for the company.
The minimum number of shareholders is one. There are no restrictions for foreign legal entities or individuals who have the right to be shareholders of a Cypriot company.
The minimum authorized capital is 1000 shares worth 1 Euro, there is no requirement for the initial contribution of the authorized capital. It is better to determine the size in advance, so as not to incur additional costs for changes later. The authorized capital may be paid in part.
The minimum number of directors is one. There are no statutory requirements that the director must be a resident of Cyprus. However, it is still recommended to have a Cyprus tax resident managing director in order to obtain the required Cyprus tax resident certificate. There are no legal restrictions for all foreign nationals to act as a director of a Cypriot company. The annual general meeting of directors must be held at least once every 15 months.
It is preferable to have a director on the staff of the company with a monthly salary and social security contributions.
Mandatory requirement to have a secretary position in a Cypriot company. The secretary can be both a separate organization and an individual. The Secretary is responsible for keeping, filling out and filing corporate documents with the Registrar of Companies. The secretary is obliged to submit the annual accounts of the company to the registration authority of Cyprus.
A Cypriot company must have a registered legal address, which contains the necessary information about the register (list) of shareholders, directors, company secretary, and contains the minutes of general meetings of directors and shareholders.
To start the process of registering a new company in Cyprus, you need to provide the following documents and information: