Cyprus location is on the northeastern part of the Mediterranean at a cross of Africa and Asia that is a great area to kill two birds with one stone. This is the perfect area to have a business. To ensure that business runs on all days of the year it is a relief that the climate is composed of dry hot summers and mild winters which are enjoyed all through the year round with 300 days of sunshine.
This country has a population of over 700,000 that offers the perfect environment to do business. With regards to the political atmosphere, the country has a presidential election every five years. At a closer look, you would note that the country’s political structure is western based and thus incorporating a company in the country is very easy and most laws are on the international level and thus one might not necessarily need a lot of help with its setting up as British law is used.
To enhance both the incorporation and running of a company the telecommunication system is up to standard and flight to neighboring countries and around the world is very frequent and convenient.
When incorporating a company is Cyprus, the main law used is the Cyprus Companies Law, Cap.113 that takes its roots from the English 1948 Companies Act. When a company is fully owned by foreigner, a private company is referred to as an international business company. If limited by shares a company can further be categorized as a Public or a Private company. Using the Partnerships Law, it provides for two general types of Partnerships.
The procedure for incorporation has been simplified over time and one starts with the submission of the Memorandum and Articles of Association to the registrar of Companies as well as an affidavit to a court of law accompanied by the appropriate registration fee. What the company is going to do is drafted in the Memorandum & Articles of Association and are usually very specific and to the point; this is mostly done by lawyers who are able to put everything in perspective.
Even after you have registered the company, there are some few rules that act as restrictions and protect you as well as the citizens and government. Some of these rules are that the company cannot undertake the business of banking, insurance or giving of financial services. This sounds very reasonable and straight to the point. Such is an example of the rules stated. All the documents and corporate documents are meant to be written in English or Greek. The registered office must also be in Cyprus. The whole process might take 5 days but this is subject to name approval. In a nutshell, that is how the companies are incorporated in Cyprus and the few rules that govern it. This now gives you a chance to jump in the next flight to Cyprus and start your business; as stated above, it is as easy and self-coordinated as flying a kite.
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