Europe Emirates Group can help you start your business in Cyprus
Cyprus company formation is a popular option and overseen by a Cyprus Law Office. The first step is name approval, followed by an application which is made to the Central Bank for Exchange Control.
Corporate structure is similar to an LLC and the director or other representatives are not required to be present during formation. However, a secretary must be appointed and a registered local office must be opened.
Relevant information required includes:
- Submission of the company name, director and shareholder names
- A statement of the company’s business activities and amount of capital within the business
- The number of shares owned by each shareholder must also be disclosed
- Photographic ID and a three-month-old or less utility bill or bank statement
Once agency approval is received, the Memorandum and Articles of Association have to be prepared in Greek and English, and 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.
Cyprus company formation requires only one director and shareholder and there are no nationality restrictions. Shareholders may be persons or corporations. Nominee shareholders are allowed in Cyprus. Names of shareholders and any changes in shareholders have to be noted in the first company statutes. Ready-made companies are also available.
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 percent. There are no withholding taxes assessed against dividends and Cyprus also has more than 40 different double taxation treaties with other countries.