The relevant Law relating to the incorporation of companies in Cyprus is the Company
Law, CAP 113, the provisions of which are very similar to the UK Companies Act.
A Private company requires:
- At least one shareholder (maximum 50)
- At least one director
- A secretary
- A registered office address in Cyprus
It is important to specify that the shareholder/s, director/s and secretary may either
be physical persons or legal entities whose names and contact details are filed with the
records of the Registrar of Companies which are publicly available for inspection.
When it comes to the appointment of nominee/trustee shareholders though, the identity of
the Beneficial Owner remains anonymous to the public and confidential between the
trustee and the beneficiary.
Before the registration of a Cyprus company, an application for the approval of the
company’s name shall be filed in the Registrar of Companies. The company’s name must be
unique and not already registered and it has to end with the word “LIMITED” or
For the incorporation of a Cyprus company it is necessary that a Memorandum and Articles of Association are drafted and submitted to the Registrar of Companies.
A Memorandum of Association includes:
- The Company’s name
- Names of its shareholders
- The Company’s address
- A list of the activities the Cyprus Company intends to undertake.
The Articles of Association will provide the way the company will be operating by specifying the Board of Directors’ decision making process, voting rights, dividend policies, how shares may be transferred etc. Basically the Articles of Association form the shareholders’ agreement of how the company will be governed in their best interest and security.
The Board of Directors is consisted of persons who will be managing the company on its day-to-day business. It is important that the Board of Directors meets and take its management decisions in Cyprus, ensuring that the company remains Cyprus tax resident, in order to take advantage of the Cyprus low corporate tax.
Considering the above, the formation of a Cyprus company depends on the Registrar of Companies but generally it takes 10 to 15 business days, after a name is approved and provided that all the necessary documents and information are filed to the Registrar of Companies.