Our Firm in its long road since 1979 in offering Cyprus Company Registration services to thousands of international clients has realized that they have some questions which must be solved before the can decide if they will proceed with a Cyprus Company Registration. We will try to answer some of those questions for you:
- Who can be the owner of a Cyprus company? Any physical person of 18 years or over and who is not in bankruptcy can own a company in Cyprus. His nationality or gender, or wealth or profession are not relevant. A legal entity also such as another company registered in any other country can be the owner of a Cyprus company. The owner of the company is the shareholder. A Cyprus company can have a maximum of 50 shareholders.
- Who can be the Director of a Cyprus company? Any person who is over 18 years, not a bankrupt, regardless of nationality can be a Director of a Cyprus company. A legal entity can also be a Director , such as a company registered in Cyprus or any other country. There is a crucial issue though regarding the Director. If the Director is not a local person or if the foreign client does not live in Cyprus then the company will not be Tax Resident in Cyprus as the management and control of the company has to be in Cyprus. Get in touch with with us regarding this issue.
- Regarding other questions about the Capital, the Secretary, Registered Office, Taxes , Vat etc our article on Cyprus Company Incorporation will give you many answers. Just follow the link.
Why Must I Choose A Cyprus Company
Due to rising taxes in many countries, due to the fact that the EU, Russia, the US and many other countries are now disapproving of Tax Haven jurisdictions and many big corporations and banks do not accept money from them the search for a low tax country has led many international businesses to consider Cyprus as their choice of offshore destination. Taxes are very low, the legal system is the English legal system, setting up costs are very reasonable and for many other reasons make Cyprus an EU financial hub offering tax benefits such as no other country does. Cyprus Company Registration: Choosing a jurisdiction for the registration of your company is a difficult choice. A Cyprus Company Registration may give you the perfect solution. Cyprus Company Registration offers all the considerations involved in your decision to secure for yourself all the benefits that you need for your international operations. The procedure is in fact very simple and fast if you entrust it to our office. Companies can be registered without your presence. In order to Register a company in Cyprus, we will submit to the registrar the necessary documents for the registration of your company. When you register a company in Cyprus these documents include the memorandum, the names and contacts of the directors, the shareholders, the secretary and the registered office. In about 4 days your Cyprus company registration is complete and the Registrar will deliver to us the memorandum, the certificate of registration, the certificate of directors and secretary and the certificate of registered office.
After the Cyprus Company Registration is over we will take care to see that all the above certificates are apostilled, we will prepare your company`s seal and of course if there are nominee directors and shareholders he will prepare the nominee agreements i.e. the deed of trust and the open date share transfer agreement. by the trust deed the nominee shareholder of your company will sign a deed to the effect that you are the Real Owner of the shares of the company. We will then prepare the company kit, in which he will insert all these documents and certificates and dispatch it to you via the courier service.
Cyprus Company Registration Procedure
As already indicated above the procedure for the Cyprus Company Registration is fast, fuss free and comparatively low priced compared to jurisdictions like Hong Kong, Singapore or many European states. It is also fast and can be done without your physical presence here. Our firm will do everything by email, fax and courier and when the Cyprus Company Registration kit is ready he will courier it for you at your doorstep. The procedure is as follows:
1. Choose a name for your company. It has to be unique. It must not be the same as some other one in the records of the Registrar and it must not appear on the internet as the name of any other company in any country. It must not also contain any indecent or illegal.words. The name must be approved by the Cyprus Registrar of Companies. That usually takes about 4-5 days. There is a fee for each name approved. Our Firm has a list of pre-approved company names to save you time. Ask for it when you begin your Cyprus Company Registration procedure.
2. Declare how much capital you want to issue when registering your Cyprus Company. The minimum is one Euro and there is no maximum. There is a capital tax of 0.6% on the capital paid once. Shares and a share Certificate are issued to you when the Cyprus Company Registration procedure is over.
3. State who the Director is.You can be Director yourself or any other person or you may use a Nominee Director from our office so that your company is Tax Resident in Cyprus and can benefit the low tax rate. Please ask for more information on this as this is a most crucial matter for you.
4. State the Secretary of your Cyprus Company. By the Cyprus Company Law, Cap 113, every company has to have at least one secretary. There is no provision for any maximum. His duties are administrative. He has no decision making powers.
5. The Shareholder also must be declared in a Cyprus Company Registration process. The Shareholder is the Real Owner of the company. There can be up to 50 shareholders in a Cyprus private company. They have all the powers of the company , to appoint or remove the Directors , the Secretary, to increase or decrease the capital, to sign agreements and so on.
6. Finally state the address of the Registered Office your your company. This is it, simple, fast and fuss free Cyprus Company Registration. Of course by law it has to be done by a Cyprus Lawyer. For your new Cyprus Company Registration we will offer your full nominee services, such as nominee director or nominee shareholder and of course nominee secretary. For their fees and terms apply to our incorporation department.
Cyprus Company Registration: Registration with Tax and Vat
Thus the Cyprus company registration process is over and the company is ready to begin trading. Your company must then be registered with the tax authority to secure the TIC number. Companies going to carry out any trading in the EU region must also be registered with the vat authority too. Immediately the Cyprus company registration is complete it must be assigned to a good professional firm of accountants who will take care of all the accounting, bookkeeping , auditing, vat and vies needs, which again our firm provides to all our clients. Cyprus companies have many tax incentives to offer to the international entrepreneur. However these companies have to be a tax resident in Cyprus. To be tax resident after a Cyprus company registration, a company must have as directors persons who are themselves tax resident in the country. This is where the nominee director`s role gets into the picture. By appointing as a director a person who is tax resident in Cyprus, the company itself becomes automatically tax resident.
We Offer Full Nominee Services
Cyprus Company Registration: Our firm offers full nominee services for your company. For the Cyprus Company incorporation procedures, fees, formalities and benefits our article on company incorporation is very concise and enlightening: Cyprus Company Incorporation. Cyprus companies by being tax resident offer to the foreign businessman all the benefits that a tax resident company has to offer, such as very low corporate tax at only 12.5%, 0% tax on dividends, 2% tax on revenues from intellectual property rights, 0% tax on revenues from trading in securities and so on. Besides a busy businessman cannot be everywhere. He needs to assign some jobs to other people. A good businessman is the one who will use assignment of labor effectively i.e. by using the right person for the right job. In Cyprus company registration a nominee person is the right person to represent a businessman in the formal execution of the chores in running the company. He can assign to them as many or as few jobs and authorities as he needs to, or as he feels safe to.
Bank Account for Your Company
When the Cyprus Company Registration procedures are fully completed, our Firm will open a Bank Account for your company. Such bank account can be in Cyprus or in many other countries. We have been offering banking services to our clients for decades now with a rate of success of over 98%. Your bank account will offer you internet banking, visa card, multi-currency account at no extra cost, no minimum deposit terms, no restrictions on transfers, minimum documentation, opening in your absence and more. If you want to read more about a Cyprus Bank Account please follow this link.