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HOW TO SET UP A COMPANY IN CYPRUS

1) Name:

The first step for registering a company with the Cyprus Registrar of Companies is to submit a name application stating the desired name of the proposed company. Approval and/or rejection of the name application by the Cyprus Registrar of Companies shall be received in approximately 2-3 working days from the date of submission.

2) Memorandum and Articles of Association:

Each Cyprus company must have a Memorandum and Articles of Association. The Memorandum and Articles of Association will state the objects and the regulations of the proposed company. All shareholders must sign the final draft of the Memorandum and Articles of Association.
It must be noted that there is no minimum or maximum share capital, and the share capital may be denominated in any currency.

3) Officers, Shareholders and Registered office:

In general, every Cyprus company must have at least one director, one shareholder, a secretary (corporation or individual) and registered office. There is no minimum number of directors but the number of shareholders is limited to fifty. The registered office must be situated in Cyprus.

4) Timeframe:

A Cyprus company may be registered within 2-3 working days provided that all necessary documentation is correctly submitted to the Cyprus Registrar of Companies.

5) Registration fees and other fees:

Registration fees will depend on company’s authorised share capital. The fees imposed by the Cyprus Registrar of Companies will be €105 (Euro, one hundred five plus 0.6% on the company’s authorised share capital.
Furthermore, each year a company has to submit to the Cyprus Registrar of Companies an annual return. Except of the annual return, each year a Cyprus company must also pay an annual renewal fee which is fixed to the amount of €350 (Euro, three hundred fifty).

6) Tax duty:

A Cyprus company has a duty to be registered to the Inland Revenue Office in order to get a tax number and to the VAT Department in order to get a VAT number. Afterwards, audited financial accounts have to be prepared each year in accordance with the International Financial Reporting Standards and audited by a Certified Public Accountant. VAT returns have to be submitted every three months.
The corporation tax for all Cyprus companies is fixed at the rate of 12,5%.

*Note: We offer nominee services for shareholders, directors, secretary and registered office.

For further information on this topic please contact us by email on el@elambroulaw.com. This document is not intended to be a substitute for legal advice and therefore provides only general information.

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