Cyprus is the third largest island on the Mediterranean Sea. The economy of Cyprus is well-off and is a suitable base for offshore business due to is efficient infrastructure. The local or off-shore companies have to be registered by the government so as to perform any business transactions in the country. Company registration in Cyprus is no hard task and the prerequisites required for one to register are not exaggerated. The registration process can take a week or less. The Cypriot authorities have authorized the Cypriot nationals, European nationals as well as the non- European nationals to register Cyprus Company.
The process of registering a company in Cyprus does not require that the shareholders or beneficiaries be on the island. The shareholder can choose anonymity by appointing a nominee shareholder, nominee director, or else a nominee secretary to represent him or her. This is possible since the Cypriot authorities issued a declaration of trust by the nominee so that interests of the beneficiary shareholder are safeguarded in support of the beneficiary shareholder(s). For that reason, the public records at the registry about the ownership of the company indicate the name of the nominee and the actual owner is not disclosed. While you register Cyprus Company one has the right to request for equal treatment whether you are a non-European national or a Cyprus citizen.
Some of the expenses that are expected to be incurred in the process of registration are; the set up fee, annual fee for nominal services incase of anonymity, accounting fee/ auditing fee, annual expenses payable to the registrar of companies, document charges, taxes and incase of consultancy; consultancy charges and so forth. The registration fees (set up fee) and charges are paid once; they are the company creation charges, normally affordable. Registering a company in Cyprus could cost from 1200 euros to 3000 euros approximately, depending on who you register with. When one submits the company name for approval they are charged 8.54 euros for the search, incase the name is urgent the fee is higher, up to 25.63 euros.
The accounting and auditing fees differ from time to time, that is depending on the variety of dealings the company carries out each month or year, and it also depends on the accountant that you use that is if it is a miniature accounting firm or one of the big companies. A registered company must have annual returns each end year which includes any changes on the company ownership or directors and so forth. The stamp used on these documents costs around 100 euros.
There are two means that one could use to register Cyprus Company which are either expedited or non-expedited. It is estimated that the time taken to register is about a week or so but this period is dependant on the amount of workload the registration department of the registrar of companies has. The first step is to give the company name to the registrar for approval, then afterwards you can fill in the forms for registration.
Cyprus Company Formation for clients worldwide
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