Company formation in Cyprus
Cyprus Company Formation becomes easy when interested to incorporate an international business company in Cyprus. The registration process with the Cyprus Company Registrar Authorities and the preparation of all the documents required is relatively easier than in other jurisdictions.
Cyprus is a country where provision of services is maintained at a highly professional level of a high standard. Several accounting firms, business consultancy agencies and law firms provide to both local and international businesses a wide range of company formation services. Even though the process is short and easy, one should trust professionals into guiding the business through registering an IBC timely and efficiently.
Usual length of Registration Procedure
Granted the fact that there are not any implications it usually takes from five to ten working days to form and register an International Business Company. After the completion the company is able to initiate its activities.
Company Name Approval a vital part of Cyprus Company Formation
There are some documents and information required in order to proceed with the Cyprus Company Formation. First the beneficial owners must choose three alternatives for the proposed name of the company to be registered in order of preference. The authorities need the alternatives in case there is no availability in the company name of your choice and this is essential to avoid delays. Applicants must know that the name submitted might not be approved in case it is similar to an existing company, it is found misleading, it implies links with royalty or it includes the prohibited words "Imperial", "National", "Co-operative" or "Corporation, Commonwealth".
The Memorandum and Articles of Association
Followed by the name approval, a description of the core activities of the company should be submitted to the authorities. Then the company must declare the amount of initial share capital, which is usually set at €1.000 and a statement of the liability of the members limited by shares. A list of the subscribers to the memorandum and the number of shares subscribed is also needed at this stage.
Along with the above information, the Cyprus Registrar of Companies needs a registered office address for the headquarters of the company, which must be in Cyprus. Where needed, most of the professionals can provide fiduciary services such as nominee shareholders and nominee directors, the company secretary and registered office address for a small annual fee.
The next step is the submission of information regarding the beneficial shareholders of the company. This information include the names, nationality, passport numbers, occupation, the residential address of each registered shareholder, as well as the amount of shares which will be subscribed to each shareholder. The same information must be submitted for the director of the new company and the company secretary. Copies of passports and original utility bills must be attached with the above as a proof of the residential address.
Beneficial owners should be advised that, for tax purposes, it is crucial to make sure that management and control of the company is exercised from Cyprus. Appointing local resident directors is an important step to the procedure as to enable the double tax treaty effect. The local directors will act always after receiving authorization and proper instructions from the beneficial owners.
The Articles Of Association
It is essential that the beneficial owners in cooperation with the professional firm undertaking the registration process, form the rules governing the internal procedures of the company, such as the management and the rights of the members. Other related matters include the powers of directors transfer of shares, dividends, accounts and audit.
Another step to follow in the Cyprus company formation presses, is the drawing up of a series of documents such as undated blank instrument of transfer of shares, trust deeds and undated letters of resignation by the local nominee directors and nominee shareholders. This is an essential move which will be useful in order to safeguard the interests of the beneficial owners.
A declaration from a lawyer is needed to confirm that the incorporation in question complies with all the formalities the Companies Law provides for.
Once all the required documents are satisfactorily filled in and submitted to the Cyprus Registrar of Companies, a Certificate of Incorporation will be issued. The procedure follows with printing all official stationery and opening bank accounts, which usually takes another ten working days. Then the company is able to start its operations.
Local professionals are deeply experienced in the field of International Business Company Formation and will be ready to provide professional advice, personally designed and tailor made solutions in order to meet the expectations of each customer.
Cyprus Company Formation is a portal providing users with a list of Cyprus law offices, Cyprus accounting firms and Cyprus Business consultants offering Company formation in Cyprus and company registration services. As the formation of a company in an international Jurisdiction with better Tax obligations and other benefits, has become attractive and easy, more and more businesses choose to register a Cyprus company. Cyprus is characterised as a Tax Haven where certain corporate taxes are - compared to other countries - significantly lower. Cyprus accountants, business consultants and lawyers found in this portal are competent of successfully guiding business people who are interested into opening a Cyprus company, through the whole company registration procedure.
With Cyprus Company Formation it is now easier to locate trusted and experienced company registration professionals who will provide strategic planning, careful auditing, banking and accounting services or cautious legal and business consultancy services. Users may navigate through the websites of the firms featured here to find additional information regarding the company formation process in Cyprus, the company registration fees required by the Cyprus Company Registrar, and other professional services provided, such as corporate services, consultancy services and offshore management services which will be useful after registering a Cyprus company.
Visitors can find the ideal accounting or law firm offering the most appealing packages for opening a company in Cyprus and let the experienced professionals create customised solutions, according to any individual goals. Starting from our portal, business people feel confident that the companies showcased here, hold respectful positions among the leading and most renowned firms in Cyprus dealing with company formation and international business services.