Cyprus is an incredibly popular destination for international businesses seeking company formation solutions. Often described as the hidden gem of Europe, Cyprus is the ideal location for a settling business thanks to its advanced infrastructure, strong expat community, and competitive tax rates.
Since Brexit, Cyprus has become a particularly prominent location for business operations, largely as a result of the uncertainty Brexit brought to UK-based businesses. However, Cyprus is renowned worldwide as a leading location for company formation services thanks to its fast formation processes, favourable tax incentives, strategic geographical positioning and skilled workforce.
If you are interested in setting up a company in Cyprus, read on to learn about the various procedures involved, and to discover how Chesterfield’s team of professional lawyers, accountants, and tax advisors can support you throughout the entire process.
Company Formation in Cyprus
When it comes to setting up a company in Cyprus, you first need to understand the legal and regulatory requirements involved.
Cyprus offers a number of company types, including Private Limited Company, Public Limited Company, and partnerships. Each corporate entity is subject to its own rules and requirements, and as such, it’s essential that you understand what’s involved in each company type before choosing the right entity for your business.
The Cyprus Company formation procedure begins with the appointment of a licensed lawyer, who will be responsible for preparing the necessary incorporation documents, and for registering the business.
Together with the lawyer, you will need to select the type of company you want to set up. Once you have selected your corporate structure, you will then need to apply for a company name with the Registrar of Companies Cyprus (RCOR).
The name selected should not be too similar to that of an existing company, and must include the abbreviation ‘Ltd’ or ‘Limited’ at the end. Names should not include the words ‘cooperative’, ‘municipal’, ‘privileged’ or ‘acknowledged’. Only in special cases can the words ‘national’, ‘international’, ‘democracy’, ‘Euro’ or ‘Europe’ be permitted. The approval procedure typically takes around ten working days.
Next, the Memorandum and Articles of Association must be prepared, which outline the rules and regulations of your company. These documents must be signed by all shareholders and directors of the company, then submitted to the RCOR, along with other supporting documents, including a statutory declaration by a lawyer (a HE1 form), and forms HE2 (provides the Company’s registered office) and HE3 (provides Company Director and Secretary information).
Once the company has been registered, you will then need to register with the Tax Department in order to obtain a Tax Identification Number (TIN), and a Value Added Tax (VAT) registration number. You will also need to open a corporate bank account in Cyprus. Finally, you will need to obtain all necessary permits and licenses in order to operate your business. The entire process of setting up a company in Cyprus takes between seven and ten days.
How Chesterfield supports you throughout Company Formation in Cyprus
If you are interested in setting up a company in Cyprus, allow Chesterfield to help. We specialise in supporting businesses with company formation, accounting, tax, payroll, and legal services.
We provide expert advice on the company formation process in Cyprus, and can help you navigate the legal and regulatory requirements in place. We can also assist you with ongoing tax and accounting compliance, as well as other business-related matters.
Our team of professionals includes experienced lawyers, accountants and tax advisors, who are on hand to support you and ensure a smooth and efficient process. We are familiar with the local laws and regulations in place, and can help with every aspect of company formation in Cyprus, from selecting the right corporate entity to obtaining the necessary permits and licenses.
Contact Chesterfield for Company Formation in Cyprus
Setting up a company in Cyprus can be a complicated process, especially if you are unfamiliar with the local laws and regulations here. However, with the advice and support of Chesterfield, the entire process will be much smoother. Whether you are a small, medium or international organisation, we provide you with the knowledge and guidance you need to ensure a successful company formation process that enables you to achieve your precise business goals.
Contact Chesterfield’s consultants today to learn more about how to register your Cyprus company.
