Types of companies in Cyprus

Types of Companies in Cyprus

The work of Cypriot firms is governed by the Company Law. Companies are registered in such organizational and legal forms:
1. Closed company with limited liability.
2. Open company with limited liability.
3. A closed enterprise whose activities are not taxed.
4. The firm with responsibility within the guaranteed amount.
5. Trust.
6. Partnership.

Stages of registration of an enterprise in Cyprus

Our company provides services for the registration of an enterprise and the acquisition of an existing company on the island of Cyprus.
The data required to be presented when registering an enterprise and purchasing an existing Cypriot company:
• Management information;
• data on shareholders;
• information about the beneficiaries.
Some businessmen are stopped by the need to provide information about the beneficiaries because of concerns about the safety of these data. We assure – these fears are groundless: in the legal framework of Cyprus it is written that the data on the beneficiaries are confidential information and no lawyer has the right to disclose them.
In addition to the above requirements, we ask you to provide a description of the activities of the future enterprise. This information is also needed for opening a bank account.
In the case where the founder of a firm in Cyprus is a legal entity, the registration of an enterprise and the acquisition of an existing Cyprus firm requires the presentation of the foundation documents.

Registration of an enterprise in Cyprus with the help of our company services is quite simple. It includes the following steps:
1. It is necessary to determine the name of the future company. According to the Law of Cyprus, it is not possible to register an enterprise under a name identical to the name of already existing company, so it is necessary to conduct an inspection on this subject, which will take a couple of working days.
2. It is necessary to enter the enterprise in the register and legalize the documentation. At this stage it will take about 7 working days.
3. You need to open a bank account. The process takes 7-10 working days.

This is the process of registering a Cypriot enterprise. Next, the owner is given corporate documentation, and the company can start its activities.

Corporate documentation of the company in Cyprus

Upon completion of the registration procedure for a Cypriot company, our company issues the following documents to the owner:
• document on the process of registration of the enterprise, translated into Greek and English;
• Memorandum of Association, translated into Greek and English;
• company charter translated into Greek and English;
• a document on the appointment of a director;
• Certificate of directors and secretary;
• certificate of shareholders;
• a document on the legal address;
• minutes of the first meeting of the leaders;
• a tax certificate;
• shares;
• a seal.

Functional duties of shareholders and the secretary can be performed by both private and legal entities with any citizenship. An enterprise must have at least one shareholder. Similar rules apply to directors, however, in order to be able to use all tax benefits, the management of an enterprise must come from Cyprus.
Each company is required to register an office space on the island of Cyprus.

Nuances

There are no requirements to the size of the authorized capital of the enterprise, but the shareholders’ income most often amounts to 1 thousand euros.
An enterprise must have at least one shareholder. This role can be performed by both private and legal entities. It follows that the company’s capital can be € 1.
The company must have at least one director and secretary. Information about the manager is publicly available.
Information about shareholders is also publicly available, but data on beneficial owners are confidential.

The process of creating an enterprise lasts from two to four weeks.
The procedure for registering the VAT number takes from two to five working days. Gets the status of legality at the end of the month of filing an application for value added tax.