Formation – Establishing a Company in Cyprus
Foreigners do not require any permit to hold shares in a Cyprus company.
The first step to set up a company is to apply to the Registrar of Companies for approval of the company’s name. This takes about 4 working days.
Secondly, an application is made to the Registrar of Companies to register the company in accordance with Company Law.
To register a company, takes about 15 days. By paying an acceleration fee to the Registrar of Companies this can be reduced to 5 days.
For the registration of the company to be in accordance with the Companies Law, the following are required:
- The name of the company. At least three names should be provided in order of preference. (Do not include in the name the words ‘international’, ‘King’, ‘Queen’ or well-known names). We always have a few ready-made trading companies and a list of approved names. If you are not concerned about the name you could choose from our list.
- The names, addresses and nationalities of the Directors, Company Secretary and Shareholders, together with copies of their passports (main pages only). Our ’Know your client’ form should be completed by each foreign shareholder, director and company secretary.
- References for each shareholder. We require a reference from a bank, professional accountant, lawyer or existing client.
- The number of shares held by each Shareholder.
- The amount of Authorised and Issued Share Capital.
- The company’s main activity. Our standard text for a trading company has clauses covering almost all classes of activity.