A Company name must necessarily end in “LIMITED” (no other suffix is allowed) and must be approved by the Registrar of Companies. This procedure usually takes 2-4 business days.
MEMORANDUM AND ARTICLES OF ASSOCIATION
To register a Company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at the Office of the Registrar of Companies. The Memorandum specifies the activities in which the Company may engage and the Articles of Association specify the rules governing the internal management of the Company.
The number of shareholders in a Company may be from 1 to 50. A shareholder can be a physical or legal person of any nationality. Details of shareholders such as their name, address and nationality, are part of the public record, however they may avail themselves of a nominee service by appointing a nominee shareholder, which we can provide by virtue of an agreement or a Deed of Trust for a reasonable fee.
A Cyprus Company should have a minimum authorized share capital of 1,000 Euros. The minimum issued capital is one share of 1.00 Euro.
DIRECTORS AND SECRETARY
The minimum number of directors is one. A director can be a physical or legal person of any nationality. Details of directors are part of public record; however our firm can provide a nominee director, if required, for a reasonable fee.
The Company must have a Cyprus resident secretary (an individual or a legal person). The same person cannot act as both the director and secretary, if the Company has only one director.
Every Company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office.
OFFICES IN CYPRUS
A Cyprus company may operate from abroad or may have a fully-fledged office in Cyprus. There are certain regulations and procedures that must be fulfilled in case a businessman wishes to establish a fully-fledged office in Cyprus.
Company meetings need not be held in Cyprus.
Normally from 2 to 3 weeks, however a priority claim can be requested.
RECURRING MAINTENANCE FEES AS FROM 2ND YEAR
- Provision of registered office and registered address
- Provision of company Secretary
- Submitting of Annual Return
- Government Annual Levy. As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June in every year (irrespective of the date of incorporation) an annual levy of €350,00 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry.