Officially, it is called the Republic of Cyprus and others just call it Cyprus. It is the third largest island in the Mediterranean Sea and a very popular tourist destination and a good area to tackle business. Cyprus is a republic run by a president. How do you incorporate a company in this country? Let us conduct a step-by-step analysis on how to do so now that you know the basics of the country.
What we recommend clients to do is first obtain some details to kick-start the process. These include photocopy of the passport or the corporate legal documents if any. There would be need for a bank reference for each beneficiary. A signed company Formation Instruction form would also be needed. At this point, the new company’s name should be represented in all the documents that one fills.
After the above details are all in order what is needed is for you or a lawyer to calculate your assets and some up with details like the value of the assets, the annual profits, and sales revenue in Euros. For the Holding companies, you should put together the number of subsidiaries and for the real estate companies the items of real estate must be made clear. in the case of companies which were already in existence outside of Cyprus, details like the number of invoices, number of purchase/ expense invoices and the number of bank transactions must be laid out clearly. In the invoices, the currency must be indicated for auditing purposes.
In the outline of the business, the description of the activities that are handled by the company must be indicated, the geographic split of the business and sensitive information related to the business. Once the papers are all in order, the post-incorporation structuring comes next which includes the defining and selecting of one corporate bank account, tax and VAT registration and the full set of the corporate documents put together,
Once the company is up and running there are some few items that need to be followed up to be on the right side of the law. These include accounting and auditing as required by the laws of the country; the company should make sure that income tax laws are complied by and the submission of tax returns done in time. Preparation of the annual financial statements and legal presentation to be there if need be. The legal representation should focus on the directors, company secretary, registered office and nominee shareholders.
This is the technical bit of the incorporation of the company in Cyprus and might apply differently depending on the type of company you want to start or the industry you are working in. At the end of the day, it would be better to let someone handle the work for you, as most of it is legally inclined. For those who are well conversant with the law the above outline will sail you through to incorporation as easy as saying the word “Cyprus”.