Cyprus

CYPRUS COMPANY FORMATION

Easy and quick formation of Limited Liability Company within European Union with low corporate tax rate of 12,5%, zero taxation on dividends for holding companies and benefits of double taxation agreements with 44 countries worldwide. Cyprus LLC is an ideal solution as EU intermediary or holding company, as well as regional headquarters. 

General information on Cyprus
  • Total area: 9,250 sq km
  • Population: 790,000  
  • Political status: Republic
  • Capital : Nicosia
  • Official language: Greek, Turkish
  • Official currency : Euro (EUR)
  • Time zone : GMT + 2
Our Commitment
  • Register your Company in Cyprus in 10 working days.
  • The most competitive price, in complete transparency.
  • Complete confidentiality.
  • A dedicated manager available throughout the year.
  • Your company with a bank account, including e Banking and credit card. Opening by correspondence.
Incorporation Timeline

The Timeline for Incorporation of a Cyprus company is 10 working days.

It takes 2 days for preparation that consists of:

  • Reserving the existing company name (Already approved by ROC)
  • Prepare the M&AA

It takes 8 days for Incorporation that consists of:

  • Registration with Registrar of companies
  • Obtaining Incorporation Certificate
  • Registration with Tax department
  • Obtaining Tax Identification Code (TIC)
Advantages of Incorporation of company in Cyprus

Formation of Limited Liability Company in Cyprus is easy and quick. Cyprus is a full member of the EU since 2004 and it benefits from all EU treaties, regulations and directives, as well as offers freedom in the movement of capital. Cyprus LLC is an ideal solution as EU intermediary or as holding companies. Cyprus offers a unique tax system that retains the majority of the financial privileges of a tax haven country, whilst remaining in full compliance with the EU legislation and without the stigma that the tax haven countries carry with them. The corporate tax is as low as 12.5%. There is zero Taxation on dividends for holding companies. Cyprus does not amend its tax rates, which have been remained unchanged since entering into the EU in 2004. From the International perspective, Cyprus has developed an extensive network of double taxation treaties; it has entered into double taxation treaties with more than 44 countries worldwide.

A. Incorporation of a Company in Cyprus:

The Cost of Incorporation package of a company in Cyprus is $ 1299.

The Renewal cost for the second year is $ 1199.

Incorporation Cost is inclusive of:

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)
Key Requirements for Company Incorporation are enclosed below:

Establishing a Cyprus private company limited by shares requires a minimum of 1 shareholder.

The maximum number of shareholders is 50 - who may be Cyprus residents, as well as non-residents.

1. Office

All Cyprus companies must have a Cyprus registered office.

2. Appointments

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.

3. Company Formation Documents

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.

4. Capital

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.

Documents required for Incorporation and Procedure

1. Completed Application form for registering company in Cyprus

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.

2. 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. In cases of urgency a selection can be made from one of the available off the shelf companies.

3. 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.

4. 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.

5. 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 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.

6. 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.

7. 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.

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

9. 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

10. 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 Application.

Cyprus Shelf Company upto 6 months old The Package we offer for a Cyprus Shelf company costs $ 1299. The Shelf Company package is inclusive of: All expenses for incorporation Memorandum & Articles of Association; Certificates of Incorporation, Reg. 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 Taxis net (obligatory electronic registration)
B. Annual Representation and Maintenance (per company)- $ 1699.

Appointment of Local Agent and Annual Compliance Reporting

Registered Office and Statutory Secretary

Nominee Shareholder: Inclusive of Corporate nominee shareholder for one year.

Nominee Director: Inclusive of Corporate Nominee Director for one year.

Management and Administration services for up to 10 hours per company; if those hours are exceeded then additional charges will apply.

Records Storage and Safe Keeping.

C. Accounting Fees
  • Accounting Fee if no VAT Registration $ 99 per month
  • Registration with the VAT Authorities (if any) $ 299 per month
  • Preparation and submission of VAT Forms $ 345/ per year
  • For detailed Accounting fees please get in touch with our relationship manager
D. Audit Fees
  • Dormant Accounts $ 599/per year
  • Audit Fees $ 850/per year
E. Virtual Office and Telephone Answering

Virtual Office Package 1 – $ 250/ per month

40 hours private access to private office each month .

Business Address and Reception Service.

Private Phone Line and Individual Phone number .

Telephone Answering service on your company name .

Call/ Messages forwarding .

Collection of Correspondence.

Virtual Office Package 2 – $ 200/per month

25 hours private access to private office each month

Business Address and Reception Service

Private Phone Line and Individual Phone number

Telephone Answering service on your company name

Call/ Messages forwarding

Collection of Correspondence

Virtual Office Package 3 – $ 90/ per month

Business Address and Reception Service

Private Phone Line and Individual Phone number

Telephone Answering service on your company name

Call/ Messages forwarding

Collection of Correspondence

Installation of Landline – $ 125/ one off fee

Monthly Telephone Charges – At Cost.

Please note:

  • Courier Expenses will be charged at cost
  • VAT to be added wherever applicable
F. Additional Services

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

Information on Cyprus

Cyprus, officially the Republic of Cyprus is an island country in the Eastern Mediterranean, off the coasts of Syria and Turkey. It is the third largest and third most populous island in the Mediterranean Sea. The official languages of Cyprus are Greek and Turkish. The main foreign languages are English and French. Cyprus has an open, free-market, service-based economy with a long record of successful economic performance. The economy of Cyprus is classified by the World Bank as a high-income economy.

For any queries/additional services please send us an email or reach us on Skype at info@offshore-banking.net.

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