Business Start-Up Costs in Cyprus

Updated on Wednesday 27th April 2016

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Business-Start-Up-Costs-in-CyprusSetting up a business in Cyprus is a good opportunity for foreign investors due to the country’s development policies to attract foreign investments. The incorporation process is speedy and simple and companies can be entirely owned by foreigners. The Cypriot taxation system and the skilled workforce also make the country very attractive for foreign investors.

Steps for company registration in Cyprus

First of all, investors must choose a name for the company and submit it with the Registrar of Companies for approval, according to the Cypriot Commercial Law.  After the company name has been granted, the investor must prepare the company’s Articles of Association that must be drafted by Cypriot experts in company formation matters.

After all the documents have been prepared the incorporation process continues with the submission of the registration file that must contain the Articles of Association, statements appointing the secretary, the director of the company and the respective registered office. Also, statement from the lawyer in required, stating that the Articles of Association have been drafted according to the Companies Law. The registration file must be submitted with the Department of Registrar of Companies and Official Receiver. Upon registration the owner of the company will receive a Certificate of Incorporation, a Certificate of Shareholder, a Certificate of Directors and Secretary and a Certificate of Registered Office together with a copy of the Articles of Association.

The online procedure for company registration in Cyprus

The online incorporation process requires the following steps:

  • -        an online application must be submitted with the Companies Register in order to receive an username and a password that will be released in about 4 working days. Investors will be asked to enter the details of their credit cards in order to create a payment account;
  • -        after the username and password were released the investor can access the online platform and fill in the application form for name approval;
  • -        once the name has been approved, a code for the following proceedings will be issued;
  • -        scanned copies after the Articles of Association and the lawyers’ statement must be submitted as well;
  • -        once the documents have been submitted, the registration will take about two working days.

Costs related to company registration in Cyprus

The incorporation process of a Cypriot company is quite simple and the registration file can be submitted in person with the Trade Register or following the online procedure for registration. When registering a company in Cyprus the clients must pay for:

  • -       the name reservation;
  • -       the preparation on the Articles of Association;
  • -       the registration fee and an additional tax of 0.6% of the authorized capital will be levied as well.

Additional costs may be implied depending on the type of company clients want to set up, but our Cypriot specialists in company incorporation can provide all the details related to business start-up costs. The registration process usually takes about 10 days.

If you want to start a business and need details about the registration process you can contact our consultants in company formation Cyprus.

 

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