Company Registration in Cyprus
Company Registration in Cyprus. This page provides relevant information about Cyprus company registration and the requirements for registering a Non-Tax Resident Cyprus Company. (Offshore company)
What is a Cyprus Non-Tax Resident Company?
Once called “offshore companies” this term was discontinued in 2004 in favour of the official label of ‘Non-Tax Resident Companies.”
Non-Tax Resident Companies are companies which are not managed or controlled in Cyprus. This means that the companies are not subject to local taxation, except for the source of income in Cyprus. In such cases, the company is unable to take full advantage of the island’s double tax treaties.
Audit & Financial Returns for Cyprus Companies
Non-Tax Resident Companies are required to submit tax returns with the Tax Authorities as well as the Registrar of Companies, indicating that the tax returns relate to a Non-Tax Resident Company, and also note in which country it is to be taxed. In addition to the above, Non-Tax Resident Companies are also required to submit annual accounts to the Registrar of Companies. You can find out more about our audit services in Cyprus
Requirements for Company Registration in Cyprus
The following summary should be considered before applying for a company in Cyprus.
Legal Form: A Cyprus Company is considered a separate legal entity and make take the form of a public or private LLC (Limited Liability Company). This can be a Company Limited by Shares or a Company Limited by Guarantee. Generally, the most common option is a private LLC by shares.
Company name: A company name must be selected and submitted to the Cyprus Registrar of Companies for approval. This procedure in Cyprus generally takes approximately 3 to 5 working days.
Memorandum and Articles of Association: In order to register an LLC, the Memorandum and Articles of Association must be prepared by a licensed legal practitioner and submitted to the Registrar of Companies. These two documents specify the activities in which the company engages, and the rules governing the management of the company.
Shareholders: The number of shareholders in a private LLC can be anywhere from 1 to 50. The number as well as the personal details of the shareholders, including address and nationality, must be submitted to the Registrar of Companies.
Share Capital: This refers to the minimum amount of share capital of a private LLC. The most common share capital is 1000 shares at 1 euro each. Additionally, there is no specific currency requirement, which means that any currency is applicable.
Company Directors and Secretary: The minimum number for company directors for a private company is one. The law also requires a Cyprus company to have a secretary, who can either be an individual or a corporate person.
Registered Office: By law, a company registered in Cyprus must indicate a registered office and address in Cyprus, which must then be submitted to the Registrar of Companies.
Timeframe for formation of Cyprus company: Once all information is submitted to the Registrar of Companies and all compliance checks are completed, the process for registering and forming a company takes approximately 5 to 10 working days.
Compliance Review: In line with anti-money laundering laws and regulations, related persons and entities must be submitted for compliance review by the Registrar of Companies prior to proceeding with company incorporation.
How our firm can help?
Cyprus Company formation fees: We offer the best competitive fees, without any hidden costs.
Bank Account: We offer our clients Cyprus company registration with bank account. The beneficial service of opening a Cyprus bank account for their company, though Non-Tax Resident Companies are eligible to have bank accounts in any country of their choosing.
Certificate of Cyprus Company: Our firm provides the company formation and incorporation services of a Cyprus Company Registrar and will issue the relevant certificate of records for your company.