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.
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