The general information about the Cyprus:
Cyprus Location:
Cyprus has paved the pathway for many successful companies in the recent past. It has been a resource for these companies to be well established all over the globe. The geographic location of Cyprus also helps a company to be a developed one. It is located across the three major continents of Europe, Asia and Africa. The population is about 770, 000, in which 78% represents Greek-Cypriots, 18% Turkish-Cypriots and the remaining 4% represents the minorities.
Mode of communication:
The official languages in Cyprus are English, Greek and Turkish. The English language is most widely used and very essential in business sector.
History:
The Cyprus has become independent since 1960 and the government system is similar to the western countries democracies in which human rights, private property and political freedom are safe guarded. Presidential system of government is followed in Cyprus. His duration is of five year term and considered as the Head of the State. In 1st May 2004 it became full member of the Europe Union.
Infrastructure and Economy:
There are excellent communications in Port and Air connections. There are two airports in Larnaca and Paphos. Limasso and Larnaca are the major port facilities. Cyprus has excellent banking facilities with many onshore banks and offshore banking units. These Onshore and Offshore banks maintains International networks.
Companies:
Companies can be resident, that is control and management in Cyprus and can be non-resident if its control and management outside of Cyprus. Any company can be registered in Cyprus and the procedure is standard for all.
Agency:
Many agencies are available to do the registration of a company in Cyprus. They help the company to be assured and registered legally in Cyprus.
Registrar of Companies:
The proposal of the clients whose companies has to be established in Cyprus can be sent to Registrar Of Companies or it can be sent to the agencies and they will sent to Registrar Of Companies and will get it registered.
Procedure:
The application or the questionnaire should be filled and submitted to the agency.
The photocopy of Shareholder’s passports along with each individual’s reference for each shareholder by the bank, that is, the bank assurance letter along with it should be produced. These specified documents should be sent to the agency by courier or should be mailed.
The proposed company’s name is sent by the agency to Company registrar for approval. Usually it takes about 2 to 4 days. But this duration can be reduced by choosing the company’s name from the list.
When the company’s name is approved, then the articles and the memorandum are prepared for it and sent again to the registration.
The Other Requirements:
A short description about the company’s activities is required, for preparing the articles and memorandum of the company.
There should be at least one shareholder and one director foreign or local should be appointed.
The registered office address should be specified and a secretary is needed.
The registration of a company ends within 8 days and this can be reduced to 5 days if we select an approved company’s name.
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