Setting up a Cypriot Company
Approval of Company Name
Firstly an application must be filed with the Registrar of Companies for approval of company name. It usually takes 5 – 6 working days for the application to be officially processed. Any name that is identical or similar to an existing company name or that implies illegal activity shall not be accepted by the Registrar of Companies.
If the proposed name contains words such as “insurance”, “banking”, “brokerage”, “trustees” etc, the consent of the Central Bank of Cyprus will be required.
Preparation of Memorandum and Articles of Association
The following information is required:
• The objects and intended activities of the company. (For the incorporation of certain types of companies such as trustee, insurance, securities, banking and brokerage the Cypriot laws and regulations have specific requirements).
• The amount and currency of the proposed authorized and issued share capital of the company;
• The number of shares held by each shareholder;
• References for each shareholder (from a bank, accountant or lawyer)
Directors and Secretary
The company may have only one director who can also be the shareholder and the secretary. The following information needs to be provided for each director and secretary:
• Name and surname
• Previous names (if any)
• Passport Number
• Date of Birth or date of incorporation in the case of a company
• Occupation/Business
• If this person is a director of another company in Cyprus
• Address
• Reference (from a bank, accountant or lawyer)
Registered Address / Office
The company must have a registered address in Cyprus at which the statutory corporate records are maintained. Our firm can provide this service.
Period needed for registering a company
The formation and registration procedures (including the various administrative requirements) usually take 8 – 10 working days to be completed.
Annual Returns and Financial Statements
Every company must file its first audited accounts and first annual return within 18 months from its incorporation date to the Registrar of Companies in the Greek language. The audited accounts are also filed with the Income Tax Department.
The accounts must meet the International Financial Reporting Standards. Thereafter, accounts are prepared annually. Every company must submit an annual return within 14 days from the day of the company’s annual general meeting which should never be later than 15 months from the date of the last annual return.
L.Pelekanos & Associates is a boutique law firm based in Nicosia, Cyprus. At L.Pelekanos & Associates, we are committed to providing tailored solutions in a cost effective manner to achieve measurable outcomes for our clients.
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