Cyprus which is categorized third among the largest islands in the world is known for its stability in company formation. Formation of a Cyprus company entails all procedures that are followed to establish a company in the Cyprian territory. The many offshore companies and head offices of many international corporations established in Cyprus makes it to be one of the leading tourist attraction destinations in the world. Cyprus government has worked hard to ensure that company formation in this jurisdiction has been made simple and easy. Technological development has made it easy to form a company in Cyprus online. In order to attract many business personnel, Cyprus has formulated its rules and regulations pertaining to company formation. Many business corporations therefore have found Cyprus more accessible and a cheap jurisdiction to start or form offshore companies.
In Cyprus, there is an improved tax regulation for company formation making many international corporations see it as the best jurisdiction for investment and business activities. The corporations with an aim of evading high taxation in their native country will often see such a place as good haven for an offshore investment. High taxation is always one of the major reasons why many financiers choose to invest in other jurisdictions away from their original nationalities. The legal system employed in Cyprus which is English based allows many nations prefer the jurisdiction for offshore company formation. It has thus remained one of the strongest and most preferred offshore jurisdictions in Europe and entire world. Thanks to the Cyprian government that has worked hard to make the whole process of forming a company in Cyprus easy and reliable. The whole process can take only 15 days after which the company formed will be operational. The double-tax agreement by the Cyprian government has enabled it tap from other worlds’ powerful and major high-tax Western and European states.
The Central Bank of Cyprus is the only body approved by the Exchange Control Law to carry out the process of company formation. The following are the important steps and guidelines the acts as a prerequisite for the formation of Cyprus Company:
- The name of the company must first be approved in the company’s registry office. This is done by giving three names to choose from. The names must not be the same with the names of already registered companies.
- Memorandum of understanding and Articles of partnership must be provided. This will act as a proof for the legality and the activities that the company is intending to carry out.
- The stakeholders of the company must be clearly identified. The nominees may be appointed incase the foreigner or the shareholders doesn’t want to be identified.
- The procedures followed to appoint and remove directors must be indicated in regard to the Articles of Corporation given by the specified company.
- The Cap 113 of the Companies legal laws requires that companies have secretaries who must be the native of Cyprus.
- Lastly, the Cyprus formed companies must have registered offices in Cyprus. The Cyprus government provides addresses to the offshore companies that want to use their official address
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