The
procedures for registering an offshore limited liability company in Cyprus are
briefly explained below. Interested parties however, are advised to seek professional
assistance prior to the commencement of any registration procedures.
Name
of company
Two or three alternative names are normally suggested for submission
to the Registrar of companies. In case you wish to register a company with a name
similar to an existing company in another country, then a letter of consent should
be sent for submission to the Registrar which should also explain the meaning
of the name, if any. Alternatively, our firm keeps a number of names approved
by the Registrar of Companies out of which you can choose one that is appropriate
for you.
Objects of company
The main activities of the proposed
company must be provided.
Share capital
It is mandatory that
the authorized and issued capital should be at least CYP 1.000. In case the company
wishes to set up its own administrative office in Cyprus then the authorized and
issued capital must be not less than CYP 10.000.
 Shareholders
Every
Cyprus company should by law have two registered shareholders. If anonymity is
desired then we can provide clients with our own trustees and nominees who can
hold the shares in trust without public disclosure of the identity of the beneficiary
shareholders. The Central Bank of Cyprus however, which is the competent authority
for granting offshore permits, requires to be informed of the names of the beneficial
owner but this information is kept confidential to the bank. The founder can only
be one as the second shareholder can be a nominee company to hold the shares registered
in its own name but in trust for the true owner.
Bankers’
references
In order to maintain the business propriety of offshore activities
the Central Bank of Cyprus requires bankers’ references for the beneficial
owners, irrespective of whether these are to be publicly known. In this respect
clients are advised to request their bankers for references in regards to their
financial standing, respectability, business integrity, credit worthiness and
responsibility for engagements.
Directors
In the case of offshore
companies it may be important from a tax point of view that the management and
control is exercised from Cyprus. In such a case, it is recommended that no more
than one director should be appointed from abroad. For the appointment of such
a director the following information is needed:
a. Full name
b. Nationality
c.
Residential address
d. Occupation We usually provide, in addition to the above,
local directors from our office who carry out their function based on instructions
from the beneficial shareholders. This facilitates the smooth and timely execution
of the operation of the company.
Secretary
The company by law
must have a secretary, Usually , our office can act as the corporate secretary.
 Registered
office
It is also a requirement of the law that the company must have a
registered office in Cyprus, which may be used as the business address of the
company. Our own office address can be used as such.
Period needed
to register a company
The formation and registration of the company including
all the formalities can be completed within ten to twelve business days.
Documents
to be provided to the owners.
On registration of the company we supply
the owners with full documentation, properly legalized and translated into English
comprising of:
a. Certificate of registration
b. Memorandum and articles
of association
c. List of director(s), secretary and shareholders
d. Address
of the company’s registered office
e. Share certificate(s)
f. Any other
information concerning the company’s activities up to the date of its establishment.
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