Company Registration in Cyprus
The Procedure of Company Registration in Cyprus
- Name Approval
Application must be filed with the Registrar of Companies. For approval, 10 business days are required from the date of application, and approval is focused to regulations of the Registrar regarding deceptive or already existing names.
- Documents to be Filed
Accordingly to implemented memorandum and articles of association in Greek, must be filed with the Registrar of Companies.
- Memorandum of Association
The memorandum of association must include the follow information:
Name of the company with the term "Limited" affixed thereto;
Address of the registered office;
The object of the company;
A statement that the accountability of the members is limited by shares or by guarantee where this is the case;
The sum of the shares capital;
All names of the subscribers to the memorandum together with the number of shares for which they have subscribed;
Signature from all subscribers on the Memorandum.
- Articles of Association
The articles include regulations regarding the leading of the internal management of the company and regulating the rights of the members among themselves.
The articles cope with matters such as: all kind of meetings of the company; Members voting rights; Engagement and authority of directors; Bonus; Financial records and audit.
- Share Capital
There is a minimum requirement of €1,700. share capital either authorized or issued and paid up. Nevertheless, unless specific needs require otherwise, share capital of € 17,000 is suggested. In case of a planned application for duty free dispensation, a minimum of € 17,000 of share capital issued and paid up is required.
Full name, nationality, address, occupation and number of shares held are also required.
If anonymity should be required, the shares may be detained in trust for the beneficial owner. In such cases, the trustee is required to acquire the permission of the Central Bank in order to hold shares in trust for the non-resident beneficial owners, and such authorization is regularly granted. In the case of a trusteeship, the beneficial owner receives a duly executed instrument of trust, a blank transfer of shares and the share records.
- Directors Appointment
The proposed directors’ disclosure of full name, occupation, residential address and nationality is also required. Local directors can be provided in the event that, for tax purposes, the offshore entity needs to establish that its efficient control is based in Cyprus.
- Secretary Appointment
The company secretary may be either an individual or a legal entity. A service company is normally provided for this purpose.
- Registered Office
The office of the secretary or the service company serving in such capability is usually elected as the registered offices, of the offshore entity.
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