CYPRUS COMPANY INCORPORATION IN BRIEF
Cyprus has acquired an excellent reputation in the international corporate arena, having one of the most favourable corporate regimes with one of the lowest taxation schemes in Europe. One of the ways to expand your business into Cyprus and to take advantage of such benefits is to incorporate a Cyprus Company, the relevant law being the Cyprus Companies Law Cap 114 which is based on the Company Laws of the United Kingdom.
The Cyprus Company can take several forms, depending on the objects and clients requirements, the most common being the:
· Cyprus Trading company
· Cyprus holding company
· Cyprus investment company
· Cyprus consultancy company
Basic requirements for incorporation:
· Registered office situated within the territory of Cyprus – this may be a physical office where the client actively carries out business or this can be an administrative office where all the documentation of the company is kept.
· A minimum of one director, this can be a corporate entity or a physical person. We advise for both tax reasons and administrative reasons to have at least one director who is resident in Cyprus, to show management and control of the company is completed within Cyprus.
· A secretary, again for tax purposes we advise the appointment of a Cypriot national, this can be a corporate entity of a physical person.
·At least one shareholder, it is possible to retain the beneficial owners anonymity by using nominee services to hold the shares on trust for the beneficial owners, some clients wish to retain this anonymity for confidentiality reasons.
The registration process for a new company, for which the client chooses the company name, takes approximately 7-10 business days.
Alternatively a shelf company can be purchased which can effectively be used immediately by the client, providing no changes to the structure of the company are required.