Cyprus Company Formation
Cyprus company formation is a popular option and overseen by a law office in Cyprus. The first step is name approval, followed by an application made to the Central Bank for Exchange Control.
The corporate structure is similar to an LLC, and the director or other representatives are not required to be present during formation. However, you must appoint a secretary and open a local registered office.
Cyprus company formation requires only one director and shareholder, and there are no nationality restrictions. Shareholders may be persons or corporations and nominee shareholders are allowed in Cyprus.
The names of shareholders and any changes in shareholders must be noted in the first company statutes. Ready-made companies are also available.
The documents required at formation include:
Submission of the company name, director and shareholder names
A statement of the company’s business activities and amount of capital within the business
Disclosure of the number of shares owned by each shareholder
Photo ID and a utility bill or bank statement no more than three months old
Once you receive agency approval, you must prepare the Memorandum and Articles of Association in Greek and English. The Registrar of Companies will then issue the Certificate of Registration with two copies (Greek and English) provided.
The office will also supply survey copies of the list of shareholders, the registered office, the directors, the secretary and other necessary information.
Any assets or capital gains outside of Cyprus are not taxed. Where taxes do apply, Cyprus has the lowest tax rate in the European Union with a corporate tax rate set at 10 per cent. There are no withholding taxes assessed against dividends and Cyprus also has more than 40 different double taxation treaties with other countries.