Chambers & Co offer complete Cyprus company formation services.
The formation of a Cyprus company is a fairly straight forward and quick process, with registration of the company complete in about 8 days. Furthermore, the company registration process can be completed online, saving you the trip to Cyprus.
Once registered, the Cyprus company can start business operations and benefit from the many advantages Cyprus has to offer.
Taking into consideration and acknowledging the competition targeting Cyprus from other low tax or no tax jurisdictions, Cyprus continues to provide a complete value proposition for foreign investors as a financial and business centre. Numerous incentives and tax reasons for registering a company in Cyprus include:
The Cyprus Companies Law, CAP.113.
No, it is not required to visit Cyprus in order to register a company. Everything can be arranged online and we handle the whole procedure.
Desirable names are submitted to the Registrar of Companies for approval. It can take between 2-5 working days to obtain name approval. Name applications can be rejected due to similarity with Company names already registered. Company names must end with the suffix LTD or LIMITED.
After name approval, it usually takes 5-10 working days, depending on the workload of the Cyprus Registrar of Companies.
Yes, we do offer pre-registered Cyprus companies. These can be modified in accordance to a clients preferences.
It is a requirement of a Cyprus Company to maintain a registered office in Cyprus. A physical address is needed and not a P.O. Box.
It is a requirement for the Cyprus Company to appoint a Secretary. This can either be a natural person or a legal entity, preferably a Cyprus resident, but can be of any nationality.
It is a requirement for the Cyprus Company to appoint at least one director. This can either be a natural person or a legal entity. The director must be a resident of Cyprus in order to meet residency criteria for tax purposes.
There is a minimum requirement of 1 Shareholder and a maximum of 50. The same person or legal entity can act as Shareholder, Director and Secretary.
There is no minimum share capital requirement to register a Cyprus company. The usual share capital for practical purposes is 1000 shares of €1 each.
Yes, as Cyprus is a member of the EU it has harmonised its legislation with the EU. On 18 February 2021, the Cypriot Parliament approved the Prevention and Suppression of Money Laundering (Amendment) Law 2021 bringing the Cypriot AML regime in line with its EU obligations by implementing the requirements of the EU’s Fifth Money Laundering Directive 2018/843.
The Memorandum & Articles of Association, Shareholder, Director, Secretary and Registered Office. The identity of the Beneficial Owner can be protected through the use of Nominees. However, it is now a requirement for companies to submit the UBO details to the Beneficial Owners Register of Companies.
Even though there is no requirement for a Cyprus company to maintain a bank account in Cyprus, in cases where the company does have physical presence and the UBO is located in Cyprus, we do provide bank account opening services with local Cyprus banks. In all other instances we open accounts with Electronic Money Institutions (EMI’s).
Depending on the type of bank account it can take between 7 – 28 working days for the account to be opened.
Limassol Municipality imposes an annual professional tax on Cyprus companies with registered offices in Limassol or those managed by law firms, accounting or auditing firms, and administrative service providers. The tax rates are structured as follows:
These fees are aimed at supporting municipal services and are applicable to companies that meet these criteria.
An annual return (HE32) must be prepared once every year, within 12 months from the previous annual return.
Annual reports and audited financial statements have to be submitted online to the Cyprus Company Registrar Department 28 days after the end of the fiscal year.
A Cyprus Company must register with the Tax department and obtain a Tax Identification Code (TIC) within 60 days after the registration date of the Company.
The Company’s annual tax return must be submitted within 15 months of the year end.
The yearly corporate tax is paid in 3 instalments on the 31st of July, the 31st of December and on the 30th of June of the following year.
Every Cyprus registered company must keep accounting records and prepare audited financial statements.
Currently the tax rate of a Cyprus company is a uniform 12.5% on profits.
Yes, please contact us for a full list of countries with which Cyprus has entered into Agreements for the avoidance of Double-Taxation.
Our aim is to be as transparent as possible in relation to the costs for the registration of a Cyprus company. As such, we do provide a complete breakdown of our registration fees and related services.
| INCORPORATION COSTS | Euro(€) |
|---|---|
| Company Name Application | €30 |
| Express Incorporation Fee | €100 |
| Cyprus Company Registration | €2320 |
| Fee includes: | |
| – Cyprus Registrar of Companies Fees | |
| – Preparation and filing of all necessary paperwork to Registrar of Companies | |
| – Certificate of incorporation | |
| – Certificate of directors and secretary | |
| – Certificate of registered office | |
| – Memorandum and Articles of Association | |
| – Share certificates | |
| – Rubber company seal | |
| – Appointment of first directors | |
| – Register of Directors and Members | |
| – First Company Minutes | |
| Tax Identification Code (TIC) | €150 |
| CORPORATE PACKAGE TOTAL | €2600 |
| ANNUAL COST | |
| Secretary (required) | €500 |
| Registered office (required) | €500 |
| Nominee shareholder (optional) | €500 |
| Nominee director - Natural Person (optional) | €1500 |
| ADDITIONAL SERVICES (if required) | |
| VAT registration | €350 |
| Tax residence certificate with apostille | €250 |
| AML compliance fee | €300 |
| Apostille of company certificates | €300 |
| Apostilling of other documents (per document) | €150 |
| Power of attorney | €150 |
| Certificate of good standing | €150 |
| Certificate of incumbency | €100 |
| Amendment of company documents (per document) | €200 |
| Change of name | €200 |
| Preparation and submission of HE32 | €350 |
| Transfer Out Fees | Variable |
| Courier (at cost) | --- |
*All fees are subject to 19% VAT.
Registering your Cyprus Company is fast and simple with us. We offer competitive fees with no hidden costs. In addition, our law firm offers nominee services for full confidentiality.
We can complete your Cyprus company registration in about 8 days. A Cyprus company can open a bank account in any jurisdiction and we provide assistance if needed.
