Company formation is the act of making an official application to create a company, which is called the process of incorporation. Full company name, shareholder, the officers of the company and the principal address of the company that are entered in the records held at the Department of the Registrar of Companies and Official Receiver are required to formalize the formation of a company.
Cyprus company formation allows 100% foreign ownership. A minimum of one shareholder and one director is required, corporate shareholders and directors are permitted. It is generally advisable to appoint local directors if one wishes to have effective management and control in Cyprus rendering the company resident in Cyprus for tax purposes. These directors will be able to conduct the functions through guidance from the beneficial owners, thus ensuring the smooth and timely operation of the company.
All companies must appoint a company secretary, who may be an individual or a company, and have its registered address in Cyprus. Although the nationality of the secretary is immaterial, it is recommended for the secretary of the company to be a resident in Cyprus.
The client has to suggest two or three alternative names, which will be submitted to the Registrar of Companies for approval. If the company name that is about to be formed already belongs to a group of companies operating abroad under a similar name, then a letter of consent from those companies is required. Alternatively, our company has a list of already approved names, one of which can be chosen. The list of available names can be provided on request.
PENAP Group of Companies offers a wide range of incorporation services, including ready-made Cyprus companies, as well as registration of companies in other jurisdictions, opening of a branch in Cyprus, virtual offices etc. Please contact us and let us know your requirements to propose a specific solution.
Once your new company is incorporated, we will be pleased to offer you a complete range of business services to help you in your day-to-day operations.