Step-by-Step Guide to Registering Your Company in Cyprus
Cyprus is an attractive location for company registration due to its strategic location, favorable tax system, and ease of doing business. In this step-by-step guide, we will provide you with all the information you need to register your company in Cyprus.
Step 1: Choose a Business Structure
The first step in register company in cyprus is to choose the type of business structure you want to set up. There are several types of business structures available in Cyprus, including:
- Limited Liability Company (LLC)
- Public Limited Company (PLC)
- General Partnership
- Limited Partnership
- Sole Proprietorship
The most common type of business structure in Cyprus is the Limited Liability Company (LLC). This is because it provides the most benefits to entrepreneurs, including limited liability protection and a flexible tax system.
Step 2: Choose a Company Name
Once you have decided on the business structure, the next step is to choose a company name. The company name should be unique and not similar to any other registered companies in Cyprus. You can check the availability of the company name through the Cyprus Registrar of Companies.
Step 3: Prepare the Memorandum and Articles of Association
The Memorandum and Articles of Association is a legal document that outlines the objectives, activities, and rules of your company. It is a requirement for company registration in Cyprus. You can either prepare the document yourself or seek the assistance of a legal professional.
Step 4: Register Your Company
To register your company in Cyprus, you need to submit the following documents to the Registrar of Companies:
- The Memorandum and Articles of Association
- A completed Form HE1 – Application for Registration of a Company
- A declaration of the registered office address
- A declaration of the directors and secretary of the company
- A declaration of the shareholders and their shares
Once the Registrar of Companies approves your application, you will receive a Certificate of Incorporation. This document confirms that your company is registered and legally recognized in Cyprus.
Step 5: Obtain a Tax Identification Number (TIN)
All companies registered in Cyprus are required to obtain a Tax Identification Number (TIN). You can apply for a TIN through the Cyprus Tax Department. The TIN is necessary for opening a bank account, submitting tax returns, and carrying out other financial transactions.
Step 6: Open a Bank Account
To operate your business in Cyprus, you need to open a bank account. You can choose from a variety of local and international banks in Cyprus. You need to provide the bank with your company’s Certificate of Incorporation, TIN, and identification documents of the directors and shareholders.
Step 7: Register for VAT
If your company’s turnover exceeds €15,600 in a 12-month period, you are required to register for Value Added Tax (VAT) in Cyprus. You can apply for VAT registration through the Cyprus Tax Department.
Step 8: Obtain Business Licenses
Certain types of businesses in Cyprus require specific licenses and permits to operate. These include businesses in the healthcare, construction, and hospitality industries. You can obtain information on the necessary licenses and permits from the relevant government departments.
Registering your company in Cyprus is a straightforward process that requires careful planning and attention to detail. By following these eight steps, you can successfully register your company in Cyprus and start operating your business in this attractive location.