1. Name for The Company
Cyprus Company Formation Requirements: The requirements for the formation of a Cyprus company are simple and few. It is however necessary to employ a lawyer to do it for your as many technicalities may crop up. At the stage of the Cyprus Company Formation a name for the company is required. It can be any name but there are a few rules however. For your Cyprus Company Formation you can’t chose to register a company with the name of a country, or a city, or a royalty and it cannot be too similar to an existing name already registered in the records of the company registrar. Cyprus Company Formation Requirements: The name of a company at the time of its registration cannot also be indecent or suggest illegality. After the registration of a company the Registrar of Companies can ask a company to change its name within 6 months of its formation if a justified complaint is made to him. As the name of your company, you can choose a name from our list of pre-approved company names or suggest your own name for approval by the registrar of companies. It usually takes 4 days for it to be checked. If there are any complications however it could drag on for 10 or even 15 days. If you choose a name from our list you save the time required for the checking of the name. As soon as the name has been approved the process takes only 4-6 days to completion of the Cyprus company registration. For more information on the general subject of company formation go to Cyprus Company Formation.
2. One of the Cyprus Company Formation Requirements is for the Real Owners to Appoint the Directors
Cyprus Company Formation Requirements: One of the requirements of the process is that the Real persons or legal entities can be the shareholders or the ultimate beneficial owners of the company at the stage of a Cyprus Company Formation. Also nominee directors and /or nominee shareholders can be used and appointed in the memorandum and articles of association of the company for confidentiality purposes. Their names of the real owners of a company do not appear in the public records, so their confidentiality is secured. The nominee shareholders usually execute documents such as a deed of trust and a share transfer agreement by which they declare that they hold the shares of the company to the benefit of the ultimate beneficial owners.The nominee directors also sign an agreement that they will not execute any act on behalf of the company unless instructed in writing by the real owners of the company. The real owners or beneficiaries or ultimate beneficial owners are the persons who eventually benefit the dividends i.e. the profits of the company. The directors sign and execute a power of attorney in favor of the U.B.O, by which he can act on behalf of the company. A U.B.O as the real owner of the company, by special resolution can remove the director at any time and appoint another one in his place any time.
3. Requirement of Client Identification
Cyprus Company Formation Requirements: Before a company set up is processed by the law office retained to do the job a copy of the picture page of the passport of the persons who are going to be the shareholders or directors of the company or of the real owners must be supplied for compliance reasons. A good quality copy of the picture page of the passport is enough. Also the residential address of the U.B.Os must be evidenced by the supplying of a utility bill. The presence of the U.B.O at the time of the Cyprus Company Formation is not necessary. Everything is done by fax, email and courier. When the procedure is complete the company kit containing all the company papers is couriered to the the U.B.O.
4. A Know Your Client Statement by The Real Owners
Cyprus Company Formation Requirements: Usually a K.Y.C (know your client) form is also filled in by the businessman with his address, telephone number, e-mail address and his preferences for a Cyprus or other international bank account and some other very basic information. A utility bill is also required. It must be less than 3 months old and it must be that of water, or electricity or gas, or telephone. If that is not possible it can be a bank statement showing his address. It must be in English or roughly translated in English, by anyone who knows good English. These details are needed so that the nominee agreements and other documents can be correctly drafted and executed.
5. Your Presence is Not Necessary
Cyprus Company Formation Requirements: A company can be set up without your personal presence on the island. All the procedures can be done by email and courier thus saving you precious time and money. Everything is done by fax email and courier. All you have to do is get in touch with us, tell us the name you like for your company and our firm will do the rest. We have been offering corporate services since 1979. If you want to visit the island however, apart from the fact that we will be happy to see you in the flesh, you will have the chance to see the island, get acquainted with its banking system, meet your bankers and of course taste the exquisite local dishes.