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Registration procedure - Cyprus Company
The first step to be taken as regards the incorporation of a company is to decide the name of the company and get the approval of the Registrar of Companies. This procedure usually takes 2-3 days.
The Registrar has name limitations and will not accept a name if it’s too similar to an already registered company, or is considered confusing or it includes any of the following words: , “Co-operative” ,“Commonwealth” , “Imperial”, “National”, and “Corporation”.
Alternatively, our company has an extensive list of already approved names, one of which can be chosen, in order to save time.
Feel free to contact us at admin@mmh-audit.com for more details.
Also if you are in a hurry then we can provide you with a Cyprus company complete with full nominee services, avoiding completely the registration process, please see our list of Cyprus shelf companies.
The next step is for the memorandum and articles of association to be filed with the Registrar of Companies in order for the registration process to begin.
Shareholders
Under Cyprus Law, the minimum number of shareholders is one. In order to preserve the anonymity of the beneficial owner, a trust can be formed where the shares are held by the trustee on behalf of the beneficial owner.
Registration procedure Requirements:
Share capital
Legal restriction does not exist as to the minimum or maximum share capital of the company. However it is suggested that the authorized share capital should be at least €1.000 which can be divided into 1.000 shares of €1 each. Upon incorporation shares are usually issued and fully paid.
2. The following information is required for each Director/ Secretary and Shareholder:
Appointment of directors
Everybody can be appointed as a Director of a Cyprus Company. However there are certain statutory disqualifications. For instance somebody who was declared bankrupt, or a minor, etc. Very important is that the members of a company can appoint and remove any persons to acts as Directors.
There are certain criteria to be taken into consideration when appointing a Director. Both local Cyprus Residents and non Cyprus Residents can be appointed as Director depending on the needs of the company, to achieve the treatment of taxation. Usually a local Director is useful in order to sign local documents and can present himself if required by the local authorities. There are also tax advantages of having a local director in the sense that the company can be considered as Resident.
Corporate documents
As soon as a company is incorporated its beneficial owners or Directors are provided with copies of all corporate documents, properly legalized, apostilled and translated if needed, from Greek into English or any other language. These corporate documents are as follows:-
The appointment of the secretary is a requirement of the Law and acts under the control and instructions of the Directors of the company. A Secretary keeps the Company’s statutory registers and performs ministerial functions of a non-executive character.
Registered office
It is required by Law that every company has a registered office from the day it starts business or from the fourteenth day after its incorporation, whichever is earlier. The registered office is the place where writs, summonses, notices, orders and other official documents can be served upon the company.
Our firm can provide you with such an address.
Period needed for registering a company
The formation and registration procedures, usually takes a period of two weeks.
Bankers, currency and signatories
The company may open bank accounts with any bank in most of the main currencies and money transfers can be effected without foreign exchange restrictions.
The first step to be taken as regards the incorporation of a company is to decide the name of the company and get the approval of the Registrar of Companies. This procedure usually takes 2-3 days.
The Registrar has name limitations and will not accept a name if it’s too similar to an already registered company, or is considered confusing or it includes any of the following words: , “Co-operative” ,“Commonwealth” , “Imperial”, “National”, and “Corporation”.
- Having in mind, above limitations it is then advantageous to get the approval of the Registrar for two or three alternative names so this can save time and unnecessary exchange of correspondence.
- In the case that the Cyprus company will have a similar name to that of its parent company, then the Registrar requires the written permission of the parent company for the use of such name.
Alternatively, our company has an extensive list of already approved names, one of which can be chosen, in order to save time.
Feel free to contact us at admin@mmh-audit.com for more details.
Also if you are in a hurry then we can provide you with a Cyprus company complete with full nominee services, avoiding completely the registration process, please see our list of Cyprus shelf companies.
The next step is for the memorandum and articles of association to be filed with the Registrar of Companies in order for the registration process to begin.
Shareholders
Under Cyprus Law, the minimum number of shareholders is one. In order to preserve the anonymity of the beneficial owner, a trust can be formed where the shares are held by the trustee on behalf of the beneficial owner.
Registration procedure Requirements:
Share capital
Legal restriction does not exist as to the minimum or maximum share capital of the company. However it is suggested that the authorized share capital should be at least €1.000 which can be divided into 1.000 shares of €1 each. Upon incorporation shares are usually issued and fully paid.
2. The following information is required for each Director/ Secretary and Shareholder:
- Full Name
- Date of Birth
- Residential address
- Occupation
- Nationality
- Number of shares to be held
- Copy of passport (notarised) for expatriate, ID number for Cypriots
- 2 Recent utility bills (not later than 3 months old)
- In the case that the Shareholder is a company then, we will need notarised copies of its statutory documents.
Appointment of directors
Everybody can be appointed as a Director of a Cyprus Company. However there are certain statutory disqualifications. For instance somebody who was declared bankrupt, or a minor, etc. Very important is that the members of a company can appoint and remove any persons to acts as Directors.
There are certain criteria to be taken into consideration when appointing a Director. Both local Cyprus Residents and non Cyprus Residents can be appointed as Director depending on the needs of the company, to achieve the treatment of taxation. Usually a local Director is useful in order to sign local documents and can present himself if required by the local authorities. There are also tax advantages of having a local director in the sense that the company can be considered as Resident.
Corporate documents
As soon as a company is incorporated its beneficial owners or Directors are provided with copies of all corporate documents, properly legalized, apostilled and translated if needed, from Greek into English or any other language. These corporate documents are as follows:-
- Memorandum and articles of association
- Incorporation certificate
- Directors, secretary certificate
- Shareholders certificate
- Registered office address certificate
- Share certificates
- Statutory documents
- Minutes of the meetings of the directors and shareholders
The appointment of the secretary is a requirement of the Law and acts under the control and instructions of the Directors of the company. A Secretary keeps the Company’s statutory registers and performs ministerial functions of a non-executive character.
Registered office
It is required by Law that every company has a registered office from the day it starts business or from the fourteenth day after its incorporation, whichever is earlier. The registered office is the place where writs, summonses, notices, orders and other official documents can be served upon the company.
Our firm can provide you with such an address.
Period needed for registering a company
The formation and registration procedures, usually takes a period of two weeks.
Bankers, currency and signatories
The company may open bank accounts with any bank in most of the main currencies and money transfers can be effected without foreign exchange restrictions.