COMPANY REGISTRATION IN CYPRUS
• Legal Form of a Company in Cyprus is considered a separate legal entity and may 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.
• Cyprus 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 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.
• 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 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.
• The minimum company Directors and Secretary 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.
• A company registered in Cyprus must indicate a registered office and address in Cyprus, which must then be submitted to the Registrar of Companies.
• The timeframe for registering a Cyprus company when all information is submitted to the Registrar of Companies and all compliance checks are completed, the process takes is approximately bettwen 5 to 10 working days.
• Company compliance review with anti-money laundering laws and regulations, relevant people and entities must be submitted for review by the Registrar of Companies prior to proceeding with company incorporation.
• 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.
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