Private Limited Company

General Information

Cyprus Legal foundation

Cyprus is a Common law country (Ex British Colony until 1960 when became Independent. Member of UN, The Council of Europe, TheNon-Aligned Movement, COMMONWEALTH, The EU (since 1 May 2004), EURO (since 1 January 2008).

Business can be conducted through:

  • Cyprus Company.
  • Re-domiciliation of a foreign company to Cyprus (where this is permitted).
  • Branch of a foreign company.
  • Partnership.
  • Trusts.
  • Sole Trader or business by registering a Business Name.

Incorporation

Registration of Private Limited companies:

  • Approval of Company Name.
  • Preparation of Memorandum and Articles of Association.
  • The following information must be included in the Memorandum of Association:
    • Objectives and intended activities of the company.
    • Amount and currency of the proposed Authorized and Issued Share Capital of the company. The capital can be in any currency.
    • The number of shares held by each shareholder.

Capitalisation and Financing

N/A

Board Structure

  • Directors and Secretary:
    • A company can have only one Director, who can also be the sole Shareholder and the Secretary (in the case of a "One Member" company).
    • A company must have one Secretary also.
  • Registered Office:
    • The company must have a Registered Office in Cyprus at which the statutory corporate records are maintained such as:
  • The Register of Members:
    • The Register of charges.
  • The Minute Book:
    • Service of Legal proceedings are effected.

Annual Costs

CYPRUS COMPANIES

(with a share Capital up to EURO  1,000.-)

The first 5 companies, we may sell at Euro 2.000.00 each plus VAT 15%,

From the 6 to 10th companies, we will sell at Euro 1.500.00 each plus VAT 15%,

From the 11th company onwards, we will sell at Euro 1.000.00 each  plus VAT 15%;

The  Company Package for Cyprus we offer you is:

Name check Included
Filing with the Registrar of Companies the Memorandum and Articles of Association and the Registration Forms Included
Payment of filing Fees Included
Certificate of Incorporation Included
Memorandum and Articles of Association Included
Certificate of Registered Office Included
Certificate of Shareholders Included
Certificate of Directors and Secretary Included
Original Share Certificates duly sealed and stamped Included
Proper Instruments of Transfer signed Included
Declaration of Trust (if needed) Included
The original First Statutory Resolution of the Company Included
Rubber Stamp of the Company Included
Power of Attorney Included
   
ANNUAL FEES Euro 1,500.- including Annual Return Filling Fees
Nominee Shareholding Included
Nominee Directorship Included
Nominee and/or Assistant Secretary Included
Registered Office Included
   
ADDITIONAL FEES  
The opening and operating of Bank Accounts Euro 250,00
Obtaining Credit Cards, Residence and Work Permits Euro 250,00


The Registering of the Company in the VAT Office in Cyprus Euro 300,00
Completion of VAT Return Euro 200,00 per quarter
The Registering of the Company in the Tax Authorities in Cyprus and issue a Tax Residence Certificate Euro 300,00
Assisting in obtaining local Loan for purchasing of immovable property in Cyprus Euro 250,00

Corporation Taxation and Financial Reporting

Annual returns and financial statements.

Every company must file its fist Audited Accounts and first Annual Returns within 18 months from its incorporation date.

Thereafter the Audited Accounts and Annual Returns are filed on an annual basis.

The reports must comply with the International Financial Reporting Standards.

Every  company must submit and Annual Return within 14 days of the day of the company's Annual General meeting which should not be later than 15 months from the date of the last Annual Return.

A company is Tax Resident in Cyprus when its "Management and Control" are carried out in the Republic of Cyprus. If the "management and control" are carried out outside Cyprus the company is a non resident of Cyprus for tax purposes (taxation consideration).

Corporate bodies may act as Directors, Secretary and Shareholders.

Shares can be held under "Nominee" structure if anonymity is desired. The Nominee issues:

  • A Declaration of Trust to the beneficial owner,
  • A blank but executed Instrument of Transfer,
  • Anonymity is safeguarded.

Employee Participation in Corporate Bodies

N/A