Name of the company
First of all, the client has to suggest two or three alternative names, which will then be submitted to the Registrar of Companies for approval. If the company name that is about to be formed already belongs to a group of companies operating abroad under a similar name, then a letter of consent from those companies is required.
Alternatively, our company has a list of already approved names, one of which can be chosen. The list of available names can be provided on request.
Objects of the company
The main activities of the company must be provided so that the Memorandum and Articles of Association can be drawn up for submission. The objects of the company can be of any nature.
Share Capital
It is recommended that the authorized and issued share capital of a newly formed company is at least 10,000 shares comprising 1 euro each. (No payment needs to be made for the shares).
Some companies that have already been formed and registered may have 1000 shares though. The number of shares can be altered for a nominal fee.
Shareholders
Every company should have at least one shareholder. If the beneficial owners require complete anonymity, then our own nominee companies can be used to hold the shares in trust without the names of the beneficial shareholders being disclosed publicly.
If the beneficial shareholders do not need anonymity, then the shares may be registered in their names.
Bank Reference
A bank reference is required for each beneficial owner/shareholder/director.
Directors
In the case of international business companies, it is important, both from a tax point of view and for administrative purposes, that the management and control of the company are exercised within the jurisdiction. If this is the case, then it is advisable for not more than one director to be appointed from abroad.
Our office is able to provide local directors in addition to the ones mentioned above. These directors will be able to conduct the functions through guidance from the beneficial owners, thus ensuring the smooth and timely operation of the company.
Secretary
Company Law requires that every company has a company secretary. Our office can provide this service through a nominee secretary, provided by one of our nominee companies. Please note that this is a secretary in name only. It is merely a post held and does not involve the provision of any actual secretarial services, though we can provide secretarial services upon request, if required.
Registered office address
Another legal requirement is that a company has a registered office, without implying that this entails the opening of an administrative office. Our own office address may be used as such. The registered office and post of secretary need to be provided by a Cypriot resident for tax residency purposes so that the new company will be considered as being resident in Cyprus and will therefore benefit from the favourable tax regime in Cyprus.
Period needed to register a company
The period needed to register a company is approximately 7-10 days. A shelf company may be used more or less immediately, subject to all of the necessary documents being promptly received by us.
