Cyprus Company Formation
The information below displays the requirements to register a Cyprus company (Cyprus International Business Company). We provide details on the maintenance, shareholder requirements, the minimum capital requirements for Cyprus company formation, along with the legal form, naming requirements, documentation required and director and secretary requirements.
The information below is a guide to help you with your Cyprus company registration, this serves as a general guide and may be subject to the most recent changes of the legislation in various jurisdictions. We invite you to Contact Us for the latest update and free quotation.
Cyprus Company (Cyprus International Business Company)
The term International Business Company came to substitute the term offshore company, which no longer exists.
Legal form: A duly incorporated Cyprus IBC constitutes a separate legal entity and may sue and can be sued in its own name. An IBC may take the form of a private Limited Liability Company either limited by shares or by personal guarantee of its members. By far the most usual form that businessmen and or corporations prefer is the Limited Liability Company.
Name of the company: A company name must be chosen and approved by the Registrar of Companies. This procedure usually takes 2-4 working days.
Memorandum and Articles of Association: To register a limited liability company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at the Office of the Registrar of Companies. Memorandum specifies the activities in which the company may engage and Articles of Association specifies the rules governing the internal management of the company.
Shareholders: The number of shareholders in a private Limited Liability Company may be from 1 to 50. In the case where there is a sole shareholder the Memorandum and Articles of Association should include a special provision stating that there is only one shareholder in the company. The names of the shareholders, their address and nationality must be submitted to the Registrar together with copy of their passports. A beneficial owner of an IBC has the option not to disclose his details should he wishes so. The beneficial owner may use nominee shareholders provided by our firm based on a personal agreement or a deed of trust.
The minimum share capital: A Cyprus limited liability company should have a minimum authorized share capital of EUR 1,000. The minimum issued capital is one share of EUR 1.00.
Directors of the company and company secretary: The minimum number of directors is one. The full name, nationality, residential address and occupation together with copy of the passport are required. A Cyprus company must have a secretary by law who can be a legal or natural entity. Our firm can provide you with a company secretary at a reasonable fee.
Registered office: Every company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office.
Basic Tax Principles: Following the latest changes in the Cyprus Tax laws, a Cyprus registered company is taxed at 10% on its net profits provided that the company has management and control in Cyprus. Management and control is considered to be exercised in Cyprus if (i) the important decisions about the company are made in Cyprus and (ii) the majority of the members of the board of directors are residents of Cyprus for tax purposes (i.e. they live in Cyprus for more than 183 days a year).
Non-resident status: In the case where a Cyprus company does not have management and control in Cyprus then the company is not subject to taxation in Cyprus. However, it should be noted that in such a case the company might not take advantage of Cyprus double tax treaties network. Further it should be noted that in some rare cases the company may be subject to taxation at the jurisdiction were management and control is exercised.
Audit and financial returns: An IBC must submit accounts with the Tax authorities and the Registrar of Companies. The submission of the first audited accounts may be made for the first time in up to 18 months from the date of incorporation of the company. Following that an annual submission is necessary.
Offices in Cyprus: An IBC may be operated from abroad or may have a fully-fledged office in Cyprus. There are certain regulations and procedures that must be fulfilled in the case were a businessman wishes to establish a fully-fledged office in Cyprus.
Cyprus Government Levy: As from 2011 all companies incorporated in Cyprus shall pay annual levy of €350 to the Registrar of Companies. For groups of companies the maximum levy is fixed at €20,000. There are exemptions and penalties for non-payment of annual levy which apply.
Meetings: Company meetings need not be held in Cyprus
Time needed for Cyprus formation: Usually it is 2-3 weeks working days.
In order to proceed with the formation of the Cyprus company (Cyprus IBC or Cyprus Limited) please complete our Company Application Form.
Our fees and prices for the Cyprus company formation (Cyprus International Business Company or Cyprus Limited Liability Company)
Cyprus Company Formation cost includes:
- Name check and approval
- Filling the incorporation documents with the Registrar of companies
- One set of standard corporate documents
- Payment of government fees
- Provision of registered office and address for one year
- Provision of a company secretary for one year
- Registration with Cyprus Tax Department and obtaining Cyprus tax number
- Rubber stamp
Optional services (to be chosen by the client)
- Provision of nominee shareholder
- Provision of nominee director
- General Power of Attorney issued by nominee director, Apostilled
- Notarial certification
- Apostille
- Opening a corporate bank account
- Bank card application
- Certificate of Incumbency
- Certificate of Good Standing
- Mail collection, mail forwarding
- Provision of a postal address
- Virtual office
- Metal seal
- Extra rubber stamp
Recurring maintenance fees from 2nd year and after
- Provision of registered office and registered address
- Provision of company secretary
- Preparing and submitting of Annual Returns
- Government fee
Speak to one of our consultants for a free quotation
For DeltaQuest Corporate Services please contact:
Telephone: +357-25-878480
Fax: +357-25-761160
E-mail: corporate@deltaquestgroup.com
Mailing address: P.O.Box 57216, Limassol 3313, Cyprus
Business address: 14, Louki Akrita Str., Ayias Zonis, Limassol 3030, Cyprus
You can also fill our Contact Form
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