Cyprus company formation is a term used to describe the process of incorporation of a legal entity in the Republic of Cyprus which is commonly called the Cyprus Company. The same term is also stated as company registration or company incorporation.
Incorporating a company in Cyprus is comparatively easier and faster than in most other European countries. The process is initiated with an application for name approval and then registering a company is processed by Registrar of Companies. The company will be incorporated within 7-10 days.
Cyprus Company formation includes the procedures and undertakings before the registration of the company. The company incorporation requires the preparation of the Memorandum and Articles of association, which includes the rules of the company and duties of the directors and shareholders. If a Cyprus Company formation and registration will be made by a law firm in Cyprus due diligence regarding the beneficial owners of a Company is mandatory before the registration.
The procedure for company formation in Cyprus begins with the appointment of a licenced lawyer who will undertake to prepare all necessary incorporation documents and register the company. Under the Cyprus Companies law only licenced Cyprus lawyers can prepare and sign the company registration documents.
The existence of each company begins with the issuance by Registrar of Companies of the certificate of incorporation.
All the companies in Cyprus are registered at the Cyprus Registrar of Companies, which has the responsibility to keep the Register of Companies and which must be notified for any changes in the company.
The first step is to apply for approval of the desired company name. The company name includes at the end the abbreviation Ltd or Limited. The name must not be unreasonably similar to the name of an existing company.
Also only in special cases for valid reasons the following will be allowed:
Usually, we recommend using unique names and adding initials of the owners in the front to get easier Cyprus company name approval from the register. In addition, we have a list of already approved company names, which can be used for immediate Cyprus company registration.
The name approval procedure takes 1-3 working days.
The Documents to be prepared by the lawyer and submitted to the Registrar of Companies for registration of a Cyprus company are the following:
Each Cyprus company's articles of association must provide the following:
The Memorandum of a Cyprus company is the document that sets the rules which regulate the operations of the company. Together with the articles they bind the company and its members and are essentially an agreement of each member of the company to comply with the provisions of these two documents.
The form HE1 is an affidavit from the lawyer who confirms that he has prepared all the company documents according to the provisions of Cyprus company law.
The form HE2 provides the company’s registered office address. Every Cyprus company must maintain a registered address in Cyprus, this can be optionally offered as a service by the lawyer. In this address all notifications to the company can be officially served.
The form HE3 provides the company’s officials, director and secretary. Each company must have at least one director and a secretary. Additional directors can be appointed.
The director can be any natural person or company and is not needed to be a shareholder of the company. The same applies to the secretary. Both the above might be offered as a service by licenced lawyers.
All the above documents are submitted to the Cyprus Registrar of Companies for approval. On approval the following certificates are issued:
The Certificates of the company can be in English or Greek. For the Articles and Memorandum to be in English there is some extra charge.
The approval and registration of the company take 2-4 working days after submission.
The government fees required for a Cyprus company formation and registration are the following: