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The generally freedom to start, operate, and close a business is comparatively well protected by the national regulatory environment. Establishing a business is relatively easy. Regulations have been smooth, administrative procedures have been simplified, and regulations affecting business are clear and consistently applied. Cyprus has been
following policies designed to support a favorable business environment and private initiative.
Cyprus’s trade policy is European Unions policy, where non non-tariff barriers reflected contains agricultural and manufacturing financial support, market access restrictions in some service sectors, import boundaries for some goods and services, non-transparent and restrictive regulations and standards, and inconsistent customs administration across EU members.
An International Business Company can either be resident in Cyprus which presumes that its management and control is in Cyprus or it can be non-resident which means that its management and control is outside Cyprus.
Further an IBC can either operate from a fully-featured office with permission to occupy expatriate personnel or it can have its registered office at the office of a local accountant or lawyer.
Whatever the type of an International Business Company is, the application process is mainly the same.
The basic steps and information required for the formation of an International Business Company are summarized below:
Firstly, you have to present the proposed company names to the Registrar of Companies for approval. This generally takes 2-4 days. Once you get hold of approval for the company name, you have to prepare the memorandum and articles of association of the company and put them forward for registration to the Registrar of Companies.
The memorandum must contain a brief description of the main activities of the company. There must be a minimum of one shareholder. If anonymity is required, the shares may be held by a nominee or trustee. There must be at least one director who may be foreign or local. It is also required to appoint a company secretary and a registered office address in Cyprus. If everything goes as planned the registration procedure for an International Business Company can usually be completed within a period of eight working days.
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