Cyprus Company Formation
As the Cyprus market becomes more attractive to investment due to the low corporate tax PHS has developed the corporate structure on Cyprus Company Formation.
Establishment of the Company
A Cyprus International Company shall be established in Cyprus which will be able to carry out the desired services worldwide.
- Company’s name application
This phase consists of applying for the company’s name approval. Hence, the name should be unique and in line with the Registrar of Companies policies. After confirming from the Registrar’s website that the proposed name does not already exist, then we should proceed with the name reservation at the Registrar’s office. The registered name of a company may change at any time.
Time required: with the accelerated procedure, the company name registration at the Registrar takes approximately 2-4 working days. With the normal procedure, possible only through the Registrar, the duration is approximately 1 month.
- Incorporation of the Cyprus Company (through a registered licensed lawyer of your choice)
This phase consists of collecting and drafting the official documents that are required for the incorporation of the Cyprus Company and in undertaking the registration procedure:
- Drafting of the Memorandum and Articles of Association in Greek/English
2. Affidavit before the Registrar of the Court confirming that all the provisions of Law were fulfilled in connection with the establishment of the Cyprus Company.
3. Preparation of the relevant Forms with the personal details of the Shareholders, the Directors and the Secretary of the Cyprus Company.
4. Preparation of the Relevant Form with the Registered Office Address of the Cyprus Company.
5. Filing of the Memorandum and Articles of Association along with the other Forms and documents with the Registrar of Companies for the registration of the Cyprus Company.
6. Filing application and payment of acceleration fees to the Registrar of Companies for the acceleration of the registration of the Cyprus Company.
7. Issuance and collection from the Registrar of Companies of the following documents:
- Memorandum and Articles of Association in Greek certified by the Registrar of Companies.
- Memorandum and Articles of Association in English certified by a lawyer.
- Registration Certificate.
- Certificate of the Registered Office of the Cyprus Company.
- Certificate of the Shareholders of the Cyprus Company.
- Certificate of the Directors and the Secretary of the Cyprus Company.
8. Conduct of the First General Assembly of the Cyprus Company. Drafting of the minutes of the First General Assembly of the Cyprus Company.
9. Preparation of the Shares Register of the Cyprus Company (maximum 1000 ordinary shares at €1 each. No need to be paid by the shareholder/UBO).
10. Preparation of the Officers Register of the Cyprus Company.
11. Round Rubber stamp
12. Drafting of the following documents, as applicable:
- Declaration of Trust signed by the nominee(s) shareholder(s).
- Letter of Indemnity of the beneficial owner confirming to the nominee(s) shareholder(s) and director(s) that he will not violate the Law or use the Company in any wrong or illegal way.
13. Payment of all fees, stamp duties and other out of pocket expenses for the establishment of the Cyprus Company, including the acceleration fees, and all other expenses related to the above documents and services.
Time required: this refers to the duration of the process from the point where we request the client to provide us all the documents necessary, to the point where the application package is complete and ready for submission. This can be varying considerably, depending entirely on the time it will take you to provide us all information & documentation needed. Once everything is received, it needs 10 to 12 working days to complete the process.
PHS can help you with Cyprus Company Formation, advice on what corporate structures suits you best and minimise your corporate tax. If you need more information you can contact us for free consultation.
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