Archive for August, 2009
Cyprus provides opportunities for people to register companies they are interested in for both offline and online businesses. Established companies may also wish to expand by opening a company in Cyprus that will be operating online too. You only have to register the company before you can be allowed to operate. The benefit with forming a company in Cyprus is that it allows full ownership to foreigners apart from the fact that corporate tax rates are considerably low at 10% and this has attracted many individuals and corporations who wish to register Cyprus Company.
All companies in Cyprus require registration so do the online businesses. You can decide to make your application online but the information needed is more or less the same. You will be required to provide contact and company details as well as a summary of the activities the company is intended to perform. When it comes to the director details, specify whether it’s an individual, corporate or nominee and the title to be used. You will also give the names and address information as well as the country of residence.
Other information needed to register Cyprus Company is the secretary, beneficial owner details and all shareholders’ details. For the shareholders, the number of shares to be issued will have to be specified. After you provide all the information and make the required payments, you can wait for the application to be accessed for approval which only takes a few days. The whole process can be facilitated by an online solicitor especially if you don’t want to go all the way to Cyprus to take care of it or when you are not sure how the system functions.
Since it is an online business, you should have a ready website from where you will be operating or where your clients can get you. The website will have the company name and address as well as the terms and conditions to be applied if sales are to take place over the internet. You will need a Cyprus business bank account too which will enable you carry out financial activities through the internet for your online business. The banking system in Cyprus is well established and this is probably because the area is popular with investors who will need banking.
Your online Cyprus Company must comply with all the rules for online companies in terms of security for client details especially when payments will be made using credit card online. You must guarantee that the credit card details for all your clients will be secured and state the security measures you have in place to make the business a trusted website.
Your business must also operate within the limits in which the company was registered for. If you intend to register Cyprus company that the authorities consider belongs to a business field already saturated, your application may be rejected hence you may consider doing some research on the kind of businesses that are best to form at the moment.
(C) 2009 – CCLOGIC.COM – Cyprus Company Formation by the professionals
Many stable companies that are in operation in their home countries will further prefer to have a company in Cyprus. The process of setting up a business in another country can really put you off due to the tough conditions set in place but not in Cyprus. In Cyprus, you will be equipped with professional advice in the fields of law, accounts, banking, merchandize and insurance. Hence you will not be a lost sheep looking for direction as all the services you require will be at your doorstep.
The first thing you need during your Cyprus Company Formation process is to register your company. Though it is a simple process that takes 7-10 days, a lot of factors need to be thought of wisely. The minimum amount of capital required in setting up a Cyprus Company is CYP 1000, without which it becomes impossible to register the company. Another important aspect in the registration process is a company secretary. A director is another important person who needs to have been identified if you are to register your Cyprus Company. It is not a necessity that these people be citizens of Cyprus but should be related to the company or the owner in a certain way. Stakeholders are another important feature to be put into consideration. The minimum number of required stakeholders is one but there is no limiting number set as the maximum. The shareholders do not have to be citizens of Cyprus as well as don’t have to be related to the company or the owner.
Also, while registering your Cyprus Company during the Cyprus Company Formation process, it’s a requirement that you have three alternative names. The names are handed in to the registrar of Companies for approval or otherwise. In case any of the names that you submit is used by another company, a letter of consent should be obtained from that company. For you to have the Memorandum and Articles of Association drawn up during the registration process, outline the objectives of your Cyprus Company.
A lot of established companies, already operating in their native country will look at setting up a business or company in Cyprus. The first step to take is to register a Cyprus company. This is generally an extremely simple process, which will usually take 7-10 days. If business owners are unsure, then they should always seek professional help. Professional help could be in the form of advisory services, legal systems, accountancy, banking and insurance services and merchant services. Whilst up front costs can be an initial dent in even a healthy bank balance, the time and hassle saved by using professional services, is worth its weight in gold.
There are certain issues that need to be brought to business owners’ attention. For a start, when choosing to register a Cyprus company, owners must ensure they have the minimum starting capital which is CYP 1,000. Without the minimum amount of share capital, business owners will be unable to register a Cyprus company. Alongside the share capital requirement, all companies must ensure that they have a company Secretary. The great thing is that if business owners are using a company providing a Cyprus company formation service will often provide a company with a registered Company Secretary. These requirements give the companies some sort of formality and structure in an offshore country.
Of course, they are not the only requirements. It is a legal requirement that each individual looking to register a Cyprus Company to make sure they have a director. Of course, they do not need to be residents of Cyprus, but they should be related to the owner or company in some way. Finally, the last major requirement is shareholders. A Cyprus company needs to have a minimum of one shareholder, but can have as many as they like. Shareholders can be from any country and do not have to be related to the business or business owner in any way.
Forming a company in another country is never easy. Rules and regulations sometimes can hinder or even halt the progress of a company that is looking to trade overseas. By using professional service providers, it is likely that the proposer can have the business up and running quickly, cost effectively and with minimum hassle. Making the decision to register a Cyprus company isn’t an easy decision, but always ensure that when you have made that decision, that you seek out professional help.