Company registration in Cyprus

Company registration in Cyprus

Company registration in Cyprus is the process of formally registering a business in Cyprus in order to carry out commercial activities in accordance with local law. Cyprus is a popular destination for company registration due to its business-friendly climate, favourable tax environment, strategic location and access to European and international markets.

Firm registration in Cyprus can be undertaken by both locals and foreign investors who wish to do business in Cyprus or use Cyprus as a base for their international operations. Firm registration in Cyprus usually takes place through the Cyprus Registrar of Companies or through a law firm specialising in company registration services. 

 Legal steps to register a company in Cyprus

This is a process that includes several important stages, each of which requires careful attention:

1. Choosing the type of company: The first step is to determine the type of company that suits your business plans and objectives. In Cyprus, the most common type of company is a private Limited Liability Company (LLC).
2. Documents to register a company: This stage involves the preparation of the necessary documents such as incorporation documents, articles of association and company formation agreements. You will also need to provide copies of passports of all the founders and directors of the company.
3. Choosing a company name: Choose a unique name for your company that complies with Cypriot law and is not duplicated by existing companies.
4. Application: Prepare and submit a company registration application to the Cyprus Registrar of Companies. The application must contain all necessary documents and information about the company and its founders.
5. Payment of fees: Pay the registration fees and other related costs associated with the process of registering a company in Cyprus.
6. Waiting for the application to be processed: After submitting your application, you must wait for your company registration application to be reviewed and approved. This usually takes a few days.
7. Receipt of documents: Once your application is approved, you will receive a certificate of incorporation and other necessary documents to prove your company's legal status.
8. Opening a bank account: After company registration, you will be able to open a bank account for your company in Cyprus.
9. Registration with the tax authorities: Register your company with the Cyprus tax authorities and obtain the relevant tax identification numbers.
10. Compliance: Once you have registered your company, you will need to comply with all the requirements of Cypriot law and regulations relating to doing business in Cyprus. This includes paying taxes, keeping records and accounts, and complying with the corporate charter and other company governance rules.

After completing all the legal stages of registration in Cyprus, you will receive all the necessary documents for doing business and will be able to fully operate in the territory of Cyprus, complying with all legislative requirements.

Under what conditions can the service be provided?

There are several conditions that ensure compliance with the requirements of local legislation and the registration process:

• Compliance with the requirements for founders: The founders of the company must comply with the requirements of Cypriot law. This usually includes holding valid passports or other identity documents, as well as complying with age and legal restrictions.
• Choosing the type of company: It is important to decide on the type of company that suits your objectives and needs. In Cyprus, private limited liability companies (LLC) are popular company types.
• Financial requirements: Some company registration services may require a certain minimum capital contribution or service fee.
• Documentation preparation: You will need to prepare the necessary documents such as incorporation documents, articles of association, contracts and passport copies of the company's founders and directors.
• Legal compliance: It is important to comply with all the requirements of Cypriot law and regulations during the company registration process.
• Payment of fees and expenses: Incorporating a company involves the payment of various fees and expenses associated with incorporation, such as registration fees and legal advisers' or agents' fees.
• Company name harmonisation: The company name must be unique and not duplicate existing companies in Cyprus. Compliance with deadlines and procedures: It is important to comply with the deadlines and procedures set by the Cyprus company registration authorities.

If all conditions are properly met, the company registration service will be provided without delay. It is important to comply with all requirements to avoid refusals in registration and ensure the correct registration of the company.

 Under what conditions can the service not be provided?

There are certain restrictions and requirements, failure to comply with which may lead to refusal of the service:

1. Non-compliance with the requirements for founders: If the founders of the company do not fulfil the requirements of Cypriot law, e.g. do not have valid passports, are minors or have legal restrictions.
2. Failure to provide the required documents: If all required documents such as incorporation documents, articles of association, copies of passports of the founders and directors of the company are not provided, the incorporation service may be rejected.
3. Failure to fulfil financial requirements: If capital requirements or payment of fees related to company registration are not met.
4. Failure to comply with the company name: If the chosen company name is already registered or does not comply with the requirements of Cyprus law, the registration service may be rejected.
5. Legal restrictions: In some cases there are legal restrictions or prohibitions on the registration of certain types of companies or activities.
6. Violation of law: If the founders or the company violate the law.

In case of failure to comply with any of the requirements or violation of the law, the company registration may be rejected. Therefore, it is important to carefully check all documents and compliance with the requirements before submitting an application.

Registering a company in Cyprus on your own?

It is possible to register yourself, but this requires some knowledge and experience in the field of Cypriot law and business procedures:

• Learn the requirements of Cyprus law: The first step is to learn the basic requirements and procedures for registering companies in Cyprus. This includes requirements for founders, types of companies, incorporation processes, tax obligations, etc
• Determine the type of company: Choose the type of company that best suits your needs and business objectives. It can be a private limited liability company (LLC), publicly traded company, etc.
• Prepare the required documents: Gather all the necessary documents to register the company, including incorporation documents, articles of association, copies of passports of the founders and directors of the company.
• Come up with a unique name for your company that fulfils the requirements of Cypriot law and does not duplicate existing companies.
• Prepare the application: Write a company registration application, including basic information about the company and its founders, and attach all the necessary documents.
• File an application: File a company registration application with the Cyprus Registrar of Companies or other relevant authorities.
• Pay the required fees: Pay all registration fees and other costs associated with the company registration process.
• Wait for approval: After submitting your application, you will have to wait for your company registration application to be reviewed and approved.
• Receive documents: Once your application is approved, you will receive your company registration certificate and other necessary documents to prove the status of your company.
• Comply with the law: It is imperative that you comply with all the requirements of the Cypriot laws and regulations relating to doing business in Cyprus.

Although registration can be carried out without intermediaries, for the success of this process it is necessary to carefully study all the requirements, documents and legal aspects. Self-registration will save money, but requires time and attention to detail.

Aspects to consider when registering a company in Cyprus

Budget planning: In addition to the costs of registering a company, it is important to consider further costs for supporting the company, such as taxes, accounting and legal services.

Office search: To conduct business in Cyprus, it may be necessary to rent office space that meets the requirements of local legislation.

Licensing of activities: Depending on the type of business of the company, it may be necessary to obtain additional licenses or permits to conduct business in Cyprus.

Frequently Asked Questions

What does the cost of services depend on?

The price may depend on several key factors. One of the main ones is the type of company you plan to register, as there are various business forms available in Cyprus, including international limited liability companies (Ltd), which may require different service packages. In addition, the cost may vary depending on the need to obtain licenses for certain types of activities, as well as the choice of registering the company in one of the economic zones or in the main territory. The number of related services, such as opening a bank account, providing a legal address and director services, may also affect the final cost.