CYPRUS COMPANY FORMATION& FREE CIM BANK ACCOUNT
- The Cost of Incorporation package of a company in Cyprus is $ 1250.
- The Renewal cost for the second year is $ 1199.
- Account opening services: $ 0 .
- All expenses for incorporation.
- Memorandum & Articles of Association, Certificates of Incorporation, Registered Office Address, Directors, Shareholders (English translated).
- Copies of the above documents bind as a set, notarized and Apostilled.
- Company common seal.
- Certificate of Good Standing & Certificate of Incumbency issued by an Attorney.
- Registration with Income Tax and getting Tax ID (compulsory).
- Registration with Taxisnet (obligatory electronic registration) .
All Cyprus companies must have a Cyprus registered office.
A Cyprus company requires the appointment of one director and company secretary. The director shall be responsible for the day to day management of the company, whilst the company secretary is responsible for the administrative duties - including the keeping of minutes in general meetings and ling of applications when necessary.
A Cyprus company is incorporated by the signing of the Memorandum by the subscribers and its registration along with the Articles of Association (M&AA).
The official M & A must be in Greek and has to be drafted by a Cypriot lawyer. The document can also be translated and led with the Registrar of Companies (RoC) in English.
The minimum capital required for the set up of a Cyprus company is 1 share with a nominal value of € 0.0001 whilst there is no limit on the maximum amount.
The Completed Application form should be sent to us and the appropriate fee should be remitted to our bank account, before we commence the incorporation procedure.
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. In cases of urgency a selection can be made from one of the available off the shelf companies.
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.
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.
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 different. 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 effect from incorporation date or any time at a later stage.
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.
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.
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 Application.
The appointment of local directors can be arranged through our network of professionals.
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.
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 Application.
- Nominee Shareholder: $ 350
- Nominee Director and General Power of Attorney (apostilled): $ 700
- Special power of attorney (Apostilled): $ 300
- Certificate of Good Standing (Apostilled): $ 250
- Certificate of Incumbency (Apostilled): $ 300
- Set of Corporate documents (Apostilled): $ 300