Every company needs to have a unique name. An application requesting the approval of the name of the company is submitted to the Registrar of Companies. It is advisable that at least three options are given to the Registrar of Companies to prevent rejection by the Registrar, in the event that the requested name has already been approved/registered previously by the Registrar of Companies. This procedure usually takes from two (2) to three (3) working days.
In case you wish to avoid the above procedure and speed up the registration process, we have a list of approved company names that can be used.
Every company must have a Memorandum of Association and Articles of Association. The nature of the activities of the company is stated in the Memorandum of Association and the Articles of Association contain the rules governing the internal management of the company.
There are no legal restrictions as to the amount of the share capital of a company may be. However, this determines the cost of registration. Usually, the companies are registered with €1,000.‐ share capital, consisting of 1,000 shares of €1.00 each. This is what we also recommend.
A private company must have at least one (1) shareholder and a maximum number of fifty (50). A non‐Cypriot national or resident may hold shares in the Company without needing any permission. A nominee may be appointed to hold the shares of a shareholder in trust. Our firm can offer the aforementioned trustee service, in order to secure the anonymity of the beneficial shareholder. There is no need to reveal the identity of the beneficial shareholder to the Registrar of Companies. Each beneficial or registered shareholder must provide a bank reference from their bankers abroad as well as copy of the data pages of their passport, contact details which will be disclosed with utmost confidentiality to the competent authority of Cyprus (where required).
There is no legal restriction as to the number of Directors a company may have, but must have at least one. The Director may be a local or foreign person or corporation and a nominee director may be appointed. Such appointments and/or removal of directors are exercised by the Shareholders of the company.
Every company must have a secretary, which can be an employee of our firm or a Secretarial
Company, if requested. The Company has the option to appoint an Assistant Secretary if so required. The secretary of the company is obliged amongst others to submit the Annual Report to the Registrar of companies. Such report is to contain the summary of the aforesaid information relating to the company’s shareholders, share capital and expenses.
Every company must have a registered office in Cyprus, which can be the address of our firm.
Every company must keep accounting records and be audited. The first audit has to take place no later than eighteen months after the Registration and any subsequent audited results should be done on an annual basis.