Name of the company
First of all, the client has to suggest a company name, 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.
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.
A bank reference is required for each beneficial owner/shareholder/director. This is basically a letter from the bank stating that they have been a client of theirs since a certain time and that they are of good standing. We can send you a standard bank letter in English for you to use a template, if you wish.
We will need an apostilled copy of the passports of the beneficial owners/shareholders/directors.
We will need a recent original utility bill (ie. electricity, water, telephone, gas bill, council tax bill, telephone bill (landline only), etc.) as proof of the address of the beneficial owners / directors / shareholders. This should be no more than 3 months old.
Every company should have at least one shareholder. If the beneficial owners require complete anonymity, then one of our nominee companies can be used to hold the shares on trust without the names of the beneficial shareholders being disclosed publicly.
If the beneficial shareholders do not require anonymity, then the shares may be registered in their names.
In the case of international business companies, it is important, both from a tax point of view and for administrative purposes, for the management and control of the company to be exercised within the jurisdiction.
Our office is able to provide our clients with Cyprus resident nominee corporate directors. However, since the requirements have been increasingly stringent recently, in order to act as a nominee director, we will require very close collaboration with the ultimate beneficial owner of the company, who will have to provide us with details of the company's activities, copies of any agreements and contracts, information concerning any bank transactions, up-to-date bank statements, etc. The company will also have to duly comply with its obligations to file tax returns regularly and to provide the Registrar of Companies with financial statements.
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.
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.
It is recommended that the authorized and issued share capital of a newly formed company is at least 1000 shares comprising 1 euro each (no payment needs to be made for the shares). The number of shares can be altered for a nominal fee.
Period needed to register a company
The period needed to register a company once we have received all of the signed documentation that we need back from the client is approximately 7 days. However, it is possible to register a company within 3 days (subject to the payment of an urgency fee)