Register Company in Cyprus

“Fionza Consultants offers comprehensive support to help international clients successfully register their companies in Cyprus. Our service package encompasses Cyprus company registration, opening a Cyprus business bank account, applying for financial licenses, and providing accounting and tax services. Fionza Consultants is your ultimate one-stop solution to legally establish and operate your business in Cyprus.”

Cyprus

Company Registration – 5 Week
Local Director? – No
Bank Account Opening – 4 Weeks
Travel Required – No

Register company in Cyprus

“Registering a company in Cyprus can be a hassle-free process when you have the right guidance. With Fionza Consultants, you can focus your time and energy on more critical aspects of your global business.

Our efficient approach means you can trust our team of experts to guide you seamlessly through the Cyprus company registration process. Our ultimate objective is to ensure your Cyprus company is operationally ready within the specified timeframe.

Cyprus, located in the Eastern Mediterranean, is one of the most populous islands in the region. With a steadily growing economy, it’s known for its high-income environment and offers foreign investors a business-friendly atmosphere with a low corporate tax rate.

Our comprehensive service package covers all your needs for Cyprus offshore company formation:

Cyprus company registration with the Department of Registrar of Companies and Official Receiver.
Local company secretary and registered address services.
Opening a Cyprus business bank account.
Financial license application (if necessary).
Annual accounting and tax services.”

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Is Cyprus an offshore haven?

“While Cyprus offers numerous incentives and advantages for offshore companies, such as its favorable tax rates, it is important to note that it does not qualify as a traditional tax haven or offshore haven like the British Virgin Islands or Cayman Islands. Unlike these jurisdictions, Cyprus offshore companies are obligated to conduct annual shareholder meetings, adhere to financial reporting requirements, and follow a registration process with more substantial requirements.

However, this distinction also contributes to Cyprus’ positive international reputation. Unlike some more renowned offshore jurisdictions that face blacklisting due to their associations with tax evasion and fraud, Cyprus is regarded more favorably. Consequently, Cyprus remains a strong choice for establishing an offshore business.”

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When can I expect to start business?

“Fionza Consultants offers a streamlined process to register your company in Cyprus, completing it within just 2 weeks. Upon receiving the necessary due diligence documents from directors and shareholders, our expert team will promptly check the availability of your preferred company name and prepare all the required incorporation documents.

The best part is, you won’t need to travel overseas during any phase of the Cyprus company registration process. Once Fionza Consultants successfully registers your Cyprus company, you can anticipate receiving essential documents such as the certificate of formation, Memorandum and Articles of Association, as well as the register of directors and shareholders.

Within 4 weeks of Cyprus company formation, we will proceed to facilitate the opening of a Cyprus business bank account. If your business requires it, Fionza Consultants can also assist you in opening an international offshore bank account to meet your specific needs.

This comprehensive approach ensures that your company will be fully operational and ready for business within just 6 weeks of engaging Fionza Consultants. To learn more about the process, Fionza Consultants has prepared a step-by-step explanation of all the necessary steps required to register your company in Cyprus.”

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What types of companies are there?

“When considering the optimal business structure in Cyprus, it’s crucial to weigh various factors, including personal liability protection, tax implications, ownership and management flexibility, as well as compliance requirements. Fionza Consultants takes all these aspects into account before recommending the most suitable business entity for your specific needs.

Our considerations encompass the nature of your business activities, tax obligations, and the nationalities of shareholders and directors. Our consultants also provide detailed information on the requirements associated with establishing these entities.

Cyprus Limited Company: For those looking to register a company in Cyprus, we typically recommend a Cyprus Limited Company, also known as a limited liability company. This entity provides separation between the company and its owners, ensuring that in the event of winding-up, you won’t be personally liable for the company’s debts and obligations. To establish a Cyprus Limited Company, you need a local agent and a registered office for official communications. There are no restrictions on the nationality of members, but at least one director and a secretary are required. Cyprus law does not impose a minimum paid-up share capital.

General Partnership: General Partnerships involve shared responsibility between partners, with the business and partners considered as one entity under the law. General partners can be personally liable for business debts in the event of winding-up, and there is no minimum capital requirement. Foreigners are allowed to participate in General Partnerships, which are generally exempt from audit requirements. Profits are taxed as income received.

Limited Partnership: Limited Partnerships combine characteristics of both limited liability companies and general partnerships, with general partners responsible for managing the company and bearing unlimited liability. Limited partners have liability limited to their investment. These partnerships must be registered with the Registrar of Partnerships and are often used in conjunction with offshore companies for tax benefits.

International Trusts: Cyprus International Trusts are primarily used for international tax structuring, allowing complete foreign ownership. They typically incur no income or estate taxes and require at least one permanent resident trustee. Beneficiaries can be foreigners or Cyprus residents.

Branch Office: A branch office is an extension of its parent company and provides opportunities to enter Cyprus’ market. Debts and obligations of the branch office are the responsibility of the parent company. Setting up a branch office involves providing documentation about the parent company and proof of a registered address in Cyprus.

Sole Proprietorship: Sole Proprietorship is the simplest business structure, with no legal separation between the owner and the business entity. The owner is personally liable for all debts and obligations, and there is no business continuity. Business income is reported under personal income for Sole Proprietorships, with no statutory audit requirement for those with turnovers below €70,000. Sole Proprietorships are typically owned by residents of Cyprus.

If you’re considering starting a small business in Cyprus that offers an easy startup process and complete control, Sole Proprietorship may be the right choice for you.”

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How to register a company in Cyprus?

Step 1: Optimal Business Structure Selection

Before initiating the company formation process, it’s crucial to select the most suitable business entity. Fionza Consultants offers expert guidance to help you make this decision. The most common choice in Cyprus is the limited company, also known as a company limited by shares.

Step 2: Company Name Reservation

Prior to registering your company in Cyprus, Fionza Consultants conducts an electronic name search to confirm the availability of your desired company name through the Business Register and Trademarks Register. Once your company name’s availability is confirmed, we proceed to register it through the e-name approval service provided by the Department of Registrar of Companies and Official Receiver. Your company’s name will be reserved for up to 6 months.

Step 3: Document Preparation and Submission

Upon approval of your company name, Fionza Consultants prepares the necessary corporate documents, including Form HE1 and the Memorandum and Articles of Association. These documents are then submitted for e-company registration with the Department of Registrar of Companies and Official Receiver. Upon successful registration, you will receive the Certificate of Incorporation, Certificate of Shareholders, Certificate of Directors and Secretary, Certificate of the Registered Office Address, and certified copies of the company’s Memorandum and Articles of Association.

Step 4: Corporate Bank Account Opening

Once your company is registered, you can proceed to open a corporate bank account. Fionza Consultants facilitates this process by assisting in document consolidation and liaising with a reputable bank of your choice. Directors and shareholders typically do not need to travel to Cyprus for this purpose. However, if required, we can arrange for a representative to accompany you to the bank meeting, or we can negotiate with the banks for a conference call or waiver. After successful account opening, we will courier the internet banking token and access codes to your preferred address.

Step 5: Tax Registration

Fionza Consultants initiates the process of obtaining a tax number from the Tax Department, which usually takes up to 60 days. We also assist your company in applying for VAT if necessary. Any company with taxable supplies of goods and services exceeding €15,600 in one year must register for VAT. Compliance is crucial, and all Cyprus entities must regularly submit financial reports, annual tax returns, and audited financial statements to the Tax Department. These financial reports need to be translated into Greek and submitted to the Registration Chamber. Additionally, a yearly report detailing key stakeholders of the business must be filed.

Cyprus offers attractive tax rates, including a corporate income tax rate of 12.5%, a VAT rate of 19%, and property transfer tax of up to 8%. There are no taxes on real property, municipal taxes, net wealth, inheritance, or income derived from securities exchanges and dividends. Fionza Consultants continues to assist your company in meeting its annual accounting and tax obligations after tax registration.

Step 6: Social Insurance Services Registration

Every employer is required to register with the Social Insurance Services. Fionza Consultants offers assistance in registering social insurance schemes for your company’s employees.”

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Cyprus due diligence and compliance measures

“In recent years, Cyprus has proactively updated its due diligence and compliance procedures in alignment with the revised anti-financial crime regulations set forth by prominent international bodies such as the OECD, EU, and other global economic organizations. Fionza Consultants is committed to aiding your company in maintaining full compliance with these regulations, both before and after incorporation.

Pre-Incorporation Compliance Requirements: Prior to registration, it is imperative to conduct thorough verification of the individuals associated with the company through comprehensive Know Your Customer (KYC) and due diligence checks. Fionza Consultants will perform these checks and maintain meticulous records. It’s important to note that these due diligence checks are legally mandated to be conducted periodically, typically on an annual basis.

Post-Incorporation Compliance Requirements: After the company’s registration, it becomes essential to adhere to specific compliance measures. Shareholder meetings must be convened at least once annually, during which shareholders cast votes to make decisions related to the company’s governance. For offshore entities, these annual meetings should be conducted outside of Cyprus, whereas resident companies are required to hold them within the country. These meetings must encompass discussions on the company’s balance sheets and annual returns. Moreover, shareholders have the authority to restrict the director’s powers through a consensus decision, if necessary or desired.

Ensuring compliance with these regulations is crucial for the smooth operation and legal standing of your Cyprus company.”

Pros and cons of incorporating in Cyprus

“Before proceeding with Cyprus company registration, it’s crucial to gain a comprehensive understanding of the jurisdiction’s business landscape to ensure the safe and legal operation of your newly established entity in pursuit of your long-term business objectives.

Political Landscape:

Cyprus ranks 41st out of 180 countries in Transparency International’s Corruption Perceptions Index, indicating relatively low levels of public sector corruption.
The economic crisis of 2012-2013 was closely linked to the intertwined relationships between bankers, businesses, and politicians.
The ongoing Cyprus dispute between Greek Cypriots and Turkish Cypriots has resulted in a divided leadership, potentially causing political instability.

Economic Environment:

Cyprus ranks 37th in the 2020 Index of Economic Freedom, reflecting its effective business framework reforms.
The World Bank’s 2019 Doing Business Survey places Cyprus favorably for resolving insolvency issues and protecting minority investors.
Cyprus has established over 45 double taxation avoidance treaties, exempting foreign investors from additional tax liabilities in their home countries.

Social Factors:

Cyprus adopts Greek and Turkish as official languages, with a strong influence of the English language due to its colonial history.
Approximately 25.2% of the population was at risk of poverty or social exclusion according to the 2017 Ministry of Finance report.
Cyprus is generally considered a safe country with lower rates of violent crime compared to other European nations.

Technological Advancements:

Cyprus actively promotes innovation and entrepreneurship through initiatives like the ARIS program, funded by the Bank of Cyprus and Deloitte.
The country participates in groundbreaking research projects such as Join-MED.
Cyprus encourages foreign tech investors through programs like the Startup VISA, facilitating the entry, residence, and work of talented entrepreneurs.

Legal Framework:

Cyprus has robust legislation to combat corruption, including its ratification of the COE Criminal Law Convention on Corruption.
The legal system in Cyprus is modeled after English Common Law principles, known for being business-friendly and effective.
Cyprus maintains compliance with various directives from the European Union and the Financial Action Task Force on Money Laundering.

Environmental Initiatives:

Cyprus has introduced environmental policies since 2004, subject to regular review, to protect the environment.
Legislation in line with the Convention on Access to Information, Public Participation in Decision-Making, and Access to Justice in Environmental Matters aims to provide environmental information to the public.
Waste management is regulated through environmental permits, ensuring proper disposal practices for businesses.”

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Looking to register company in Cyprus

“Fionza Consultants offers a comprehensive one-stop solution for Cyprus company registration. Our services encompass company formation, registered agent services, registered address services, and assistance with opening a business bank account.
Get in touch with us today to learn more about the Cyprus company registration process. Our team of experts will respond within the next 24 hours to address your inquiries and guide you through the process.”

FAQ

Can a foreigner register a company in Cyprus??

Yes. Furthermore, if you are an EU citizen, there is no minimum investment or a local Cypriot partner required, except for financial services, which are subject to stricter criteria. As with registering in other countries, you must have a local registered address. Single-member ownership is permissible.

Is Cyprus good for business?

Cyprus boasts a 12.5% corporate tax rate, which is one of the lowest in the European Union. Cyprus only taxes income that is earned locally and has Double Tax Treaties with more than 60 other countries.
In addition, the country provides 100% tax exemptions on withholding taxes, capital gains, dividends and profits from the disposal of securities.

How do I start an offshore company in Cyprus?

Most foreign investors choose to set up either a limited liability company or a branch office in Cyprus. These types of companies can be managed from overseas and are suitable for setting up holding structures or trading companies.

How much does it cost to register a company in Cyprus?

This depends on the exact services required from Fionza Consultants. Our fees are inclusive of government fees and all fees are transparently quoted prior to the start of the engagement. Contact us to find out more, our team of experts will revert within the next 24 hours.

How to register a company in Cyprus?

To register a company in Cyprus, we have simplified the process as follows: 1.) Select a Suitable Business Structure; 2.) Reservation of Your Company Name; 3.) Preparation of Supporting Documents (such as list of directors along with identification proof); 4.) Opening of Corporate Bank Account; 5.) Tax Registration; 6.) Registration with Social Insurance Services

Throughout these processes, Fionza Consultants will guide you through each step–making this arduous process hassle-free for you!

How to set up a company in Cyprus?

In order to set up a company in Cyprus, you will first need to register your company (see FAQ on How to register a company in Cyprus). Fionza Consultants will perform this process for you within 2 weeks. Thereafter we have registered your company, you will receive the legal documents of your new company (e.g. Certificate of Formation, Register of Directors, etc.).

Finally, after registering your company and receiving the legal documents, the next step is to open a Cyprus business bank account within 4 weeks of the formation of your new company. Herein, Fionza Consultants will also assist you to open an international offshore bank account, if need be.

With the abovementioned steps, you can expect your company to be fully operational within 6 weeks after engaging with Fionza Consultants.

Register Company in Cyprus