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An international business business in Cyprus is essentially
a legal entity registered in Cyprus, whose business activities
lie outside the Republic and whose ownership belongs, directly
or indirectly exclusively to aliens. Entrepreneurs wishing
to establish their international operations from Cyprus can
choose between the following three formats of entities.
- a limited liability company.
- a general partnership where the liability of the partners
is limited or unlimited.
- a branch of an overseas company
A limited company is the most usual form of an international
business entity and can easily be registered in Cyprus. The
procedure is simple and quick and can be completed within
a maximum period of three weeks at reasonable costs.
What should one do to register a company?
- (a) A company name must be chosen and approved by the
Registrar of Companies.
- (b) The next step is to obtain the approval of the Central
Bank of Cyprus, which among others is the supervisory boby
of offshore entities in Cyprus. Given that the ultimate
shareholders can present satisfactory bank references, the
approval is easily and quickly obtained.
- (c) To register a company, the promoters should prepare
and file with the Registrar's Office the Memorandum and
Articles of Association.
- (d) Every company is required to have a registered office
and address in Cyprus which should be notified at the Registrar's
Office.
- (e) The names of shareholders (minimum one), address and
nationality must be submitted to the Registrar. If anonymity
is preferred, the shares may be held by the trustee company
provided by our firm or by nominees of any nationality who
will hold the shares in trust for others. The Central Bank
of Cyprus requires the references to be given by a bank
or a professional body for the beneficial shareholders.
- (f) As to the share capital, there is no minimum capital
requirement except in the case in which the company maintains
offices in Cyprus. In this case, the minimum issued share
capital should be CYP 10.000.
- (g) The minimum recommended number of directors is two.
The full name, nationality and occupation for each director
is required. Local directors can be recommended.
- (h) A Cyprus company by law must have a company secretary.
Kyriakides, Savvides & Associates can appoint a secretary
at a reasonable fee.
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Other important information concerning the operation of
an international business enterprise:
(a) It is the company's decision whether or not to maintain
offices in Cyprus. In the case they decide not to establish
an office in Cyprus, Kyriakides, Savvides & Associates,
can provide full day to day running and operation support
of the company including accounting, payroll and international
trade facilitating services.
(b) The company's secretary must file with the Registrar
an annual return which basically summarises all the information
already mentioned.
(c) Companies' meetings need not be held in Cyprus.
(d) The international business companies must submit to the
Central Bank of Cyprus audited financial statements once a
year.
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