Thursday 20 July 2017
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Company Registration in Cyprus

A company is an incorporated organization formed to manner business or other actions in the name of the organization. Because it is integrated, it has a legal personality diverse from those of its members.

The most ordinary form of company is the private company limited by shares . The significant distinction from a public limited company is that a private company may not put forward its shares for sale to the general public.

In the Private Company limited by guarantee the members do not make any contribution to the capital during its existence as they do not obtain shares. The members' accountability is limited to the amount that they each agree to supply to the company's property if it is wound up.

Private unlimited company could have or could not have a share capital and there is no limit to the members' liability. Because there is no limitation on members’ liability, far less of the company’s affairs have to be disclosed publicly than is the case with the other types of company.

Public limited company has a share capital and, the responsibility of each member is limited to the amount unpaid on shares that a member holds. The vital disparity from a private is that a public limited company may offer its shares for sale to the general public. It may also be estimated on the stock exchange.

Companies’ legislation generally allows one or more persons to form a company for any lawful purpose by pledging to its association. A public company or an unlimited company must however have at least two subscribers.

From our portal you can communicate directly with a financial advisor through the contact form of each advisor or accountant. The advisor can on your behalf submit an application to register, list, form, create, open or set up any kind, or all kinds of companies or Shelf Company in Cyprus you desire. An advisor can also inform you about the various online, business registrations, automated business integration or restricted company registrations and company formations system for incorporating.

Don’t forget to ask for information about the procedure of a company application or a company structure as it differs from case to case.

Below you can get more details of how to incorporate, register, establish, create, start, or form a new company in Cyprus either a class - company restricted by shares, a company insufficient by assurance, an unlimited company or a no liability company.

 

The Procedure of Registration

1) Name Approval

Application must be filed with the Registrar of Companies. For approval, 10 business days are required from the date of application, and approval is focused to regulations of the Registrar regarding deceptive or already existing names.

 

2) Documents to be filed

Accordingly to implemented memorandum and articles of association in Greek, must be filed with the Registrar of Companies.

Memorandum of Association

The memorandum of association must include the follow information:

  • Name of the company with the term "Limited" affixed thereto;
  • Address of the registered office;
  • The object of the company;
  • A statement that the accountability of the members is limited by shares or by guarantee where this is the case;
  • The sum of the shares capital;
  • All names of the subscribers to the memorandum together with the number of shares for which they have subscribed;
  • Signature from all subscribers on the Memorandum.

 

Articles of Association

The articles include regulations regarding the leading of the internal management of the company and regulating the rights of the members among themselves.

The articles cope with matters such as: all kind of meetings of the company; Members voting rights; Engagement and authority of directors; Bonus; Financial records and audit.

 

3) Share Capital

There is a minimum requirement of €1,700. share capital either authorized or issued and paid up. Nevertheless, unless specific needs require otherwise, share capital of € 17,000 is suggested. In case of a planned application for duty free dispensation, a minimum of € 17,000 of share capital issued and paid up is required.

 

4) Shareholders

Full name, nationality, address, occupation and number of shares held are also required.

If anonymity should be required, the shares may be detained in trust for the beneficial owner. In such cases, the trustee is required to acquire the permission of the Central Bank in order to hold shares in trust for the non-resident beneficial owners, and such authorization is regularly granted. In the case of a trusteeship, the beneficial owner receives a duly executed instrument of trust, a blank transfer of shares and the share records.

 

5) Directors Appointment

The proposed directors’ disclosure of full name, occupation, residential address and nationality is also required. Local directors can be provided in the event that, for tax purposes, the offshore entity needs to establish that its efficient control is based in Cyprus.

 

6) Secretary Appointment

The company secretary may be either an individual or a legal entity. A service company is normally provided for this purpose.

 

7) Registered Office

The office of the secretary or the service company serving in such capability is usually elected as the registered offices of the offshore entity.

For company incorporations visit the following Financial Advisors.

 

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