Fast and reliable company formation in Cyprus
We help investors, entrepreneurs and international businesses form a company in Cyprus in the shortest time possible
Why you need us
Are you looking for a prime location for your offshore business that has the lowest corporate tax rates in the European Union? Then our Cyprus offshore company formation service is what you need.
Cyprus, with an advantageous tax structure and a shipping hub, is a preferable gateway to the European market for many non-EU businesses. Formationwise has been helping businesses with company formation in Cyprus for many years.
Our skilled team of company formation professionals is always delighted to help you make the process of incorporation of Cyprus company as easy as possible. With our help, you’ll be able to enjoy the advantages of a Cyprus company formation with bank account in no time.
At Formationwise, we understand the enormous costs that a foreign company or a new startup must incur when establishing operations in a new jurisdiction. As a result, we provide the most competitive Cyprus company formation fees on the market. When you engage Formationwise for company formation in Cyprus, we will make sure you don’t have to travel to Cyprus for this specific purpose. Our experts will manage the whole company formation process remotely.
What we do
As Cyprus offshore company formation experts, we offer a comprehensive range of company formation services including offshore company registration in Cyprus, accounting and tax operations, as well as legal and bank account opening assistance, to help foreign businesses in meeting their objectives and successfully responding to business challenges in Cyprus.
Forget you worries
Offshore company formation in Cyprus is simpler than you might think and Formationwise specializes in helping you through the process.
Send us an inquiry today!
Placing an order is simple
Select your desired package
Simply choose the right Cyprus offshore company formation package for your needs by filling out our form, by call or by placing an order on our website
Make a payment
After finalizing the correct package make the payment for your selected services and send us your documents
Send your documents
Forward us all the necessary documents through an email with the documents attached or by phone
Once we receive the payment and the required documents, we will start the process of company formation in Cyprus
Open a bank account
We will help you open a corporate or personal account with a reputable bank in Cyprus
Types of companies that can be registered in Cyprus
Here are the types of companies that can be incorporated in Cyprus:
Limited liability private or public company
The vast majority of companies formed in Cyprus are limited liability companies. The members’ liability is limited either by stocks or by a guarantee.
Private limited company
The following are the key characteristics of a Private limited company:
- A minimum of one shareholder and a maximum of fifty shareholders
- One company director
- The ability to transfer shares is restricted
- There will be no public stock offering
- A minimum of two equity shares are required
- It is mandatory to appoint a company secretary
Public limited company (PLC)
A public limited company or PLC is any company that has no limits on the transfer of shares and may therefore issue shares or stocks. Cyprus PLCs must additionally adhere to the following requirements:
- At least 7 stockholders are required
- A minimum of 25,630 Euros in issued share capital is required
Limited or general partnerships
In a general partnership, each partner is jointly accountable for the partnership’s debts and liabilities in an unlimited amount. In the case of a limited partnership, at least one of the partners is personally liable for the partnership’s debts and obligations, but the other partners have limited responsibility.
Branch of overseas companies
Foreign businesses can set up a branch in Cyprus to strengthen their legal presence and economic significance in the country.
Minimum share capital for a Cyprus company
The owner of a private limited company in Cyprus is not needed to pay a minimum share capital upon incorporation, however, it is desirable to do so. When forming a company, the suggested minimum share capital is 1,000 euros, with each share having a nominal value of 1 euro.
Unlike a private limited company, a public limited company in Cyprus is obliged to have a minimum share capital of about 25,650 euros.
Time frame for the incorporation
For the approval of the name, the department of Registrar of Companies usually needs 4 to 5 working days. Then for the company to be registered, it usually takes 7 to 10 working days.
Why form a company in Cyprus?
Why choose Formationwise to set up your offshore company in Cyprus?
Formationwise offers professional company formation services to set up your business in Cyprus. Here are some of the reasons why you should choose to work with Formationwise to incorporate your offshore company in Cyprus:
A wide array of services
We provide a broad range of services including tax preparation, bank account opening, accounting, auditing, and more, so you can manage your company activities in Cyprus without any trouble.
Our professionals have years of experience helping Cyprus business owners and companies of all sizes with company formation, tax planning, trademark registration, and other services.
Free preliminary consultation
For any corporate concern, we offer a free introductory consultation on business strategies or the provision of services for analyzing and incorporating a legal company in Cyprus.
Your documents, data and personal information will be 100% protected when you register a company in Cyprus through Formationwise.
Fast and reliable
We will get your business up and going in conformity with Cyprus laws and regulations in the minimum time possible.
Services we offer
Formationwise provides a comprehensive variety of services to help international business owners, entrepreneurs and large corporations register a company in Cyprus. Listed below are a few of the services we provide to overseas companies that want to operate or register their businesses in Cyprus:
Legal requirements for company formation in Cyprus
Company formation in Cyprus is generally linked with certain legal requirements. Any company operating in Cyprus must abide by the following requirements:
What is the taxation like in Cyprus?
Regardless of their domicile status, all tax residents in Cyprus are subject to the same set of taxes and income taxation on their global income. However, Cyprus citizens and non-tax residents are given several exemptions and concessions by the tax authorities.
Non-residents' eligibility for the Cyprus tax
According to Cyprus’s income tax legislation, tax residency is determined based on a person’s place of residence. As a general rule, anybody who stays in the country for more than 183 days in a calendar year is considered to be a resident of Cyprus and a tax resident.
Those who meet the requirements of the “60-day rule” may also be regarded as Cyprus tax residents, with the modification taking effect as of January of that year.
As of that same tax year, the person would no longer be regarded as a Cyprus tax resident if their job, business or holding of an office was terminated.
Tax on inheritance
You don’t have to pay any tax related to inheritance or succession in Cyprus. Your possessions may be distributed to your heirs free of any local taxes.
Tax exemptions on dividend and interest income
Non-domiciled individuals, regardless of their tax residency status in Cyprus, are exempt from paying the Cyprus dividend income tax on profits arising out of dividends and interests.
Documents required to incorporate a company in Cyprus
You will need to submit several documents to the Registrar of Cyprus Companies at the time of company registration in Cyprus.
Cyprus company formation cost
The Registrar of Companies in Cyprus will receive a one-time payment of the registration or setup fee. A company with a nominal share capital of €1,000 must pay roughly €1300 + VAT to register the Cyprus Company.
Additional fees of approximately €300 plus VAT are payable in case the client wishes that the corporate documents be translated into English.
The annual company maintenance fee
Every registered company that has created a place of business in Cyprus must submit a yearly fee of €350 by the 30th of June for each year of operation.
- The yearly fee for nominees is €250
- The yearly fee for directors is €400
- The yearly fee for secretaries is €250
Accounting & auditing fees
The accounting & auditing fees differ according to the size and complexity of your business.
The fee payment of €10 must be paid for every proposed name made by the business.
Cyprus boasts a reliable and welcoming business environment. Although the English language is often used in business, one of Cyprus’ greatest benefits is its legal system, which is founded on English law and is thus extremely efficient and suited for businesses. Cyprus serves as a critical center for regional economic operations because of its location at the intersection of Europe, Asia and Africa.
It is also near the busiest air and sea routes connecting Europe with the Arab world and the Far East. Businesspeople profit from the nation’s straightforward tax laws, competitive tax rates, compliance with EU laws and extensive network of double taxation agreements with other nations.
This mostly relies on the type of business the Cyprus company is conducting and where it is resident for taxation reasons. Such clauses are not included in the Cyprus Companies Law by themselves. A Cyprus company just has to have a registered location and a resident secretary in Cyprus. However, a robust presence could be required for banking and tax reasons. The majority of a Cyprus company’s directors must live in Cyprus and the board meetings must be held there, according to a common minimum norm for tax residency.
Every Cyprus limited liability company is required by law to designate a secretary. The Secretary may reside in or not live in Cyprus. Since the secretary is in charge of a wide range of administrative tasks involving the company, it is advised that a Cyprus citizen be chosen for the position. Although the Cyprus law does not specifically address the responsibilities and overall function of the secretary in a business, the secretary is often in charge of all administrative issues pertaining to the company. In general, it is the Secretary’s responsibility to keep accurate records such as statutory registers and official company minute books.
A board of directors oversees and manages Cyprus companies. At least one director is required for a private company whereas you need two directors for a public company in Cyprus. The citizenship of the directors of a Cyprus company is not subject to any limitations and both natural persons, and legal organizations are eligible to serve as directors. General shareholder rights are determined by the rights attached to the shares they own, as specified by the relevant company’s charter. The company’s charter establishes the process for choosing directors. Typically, the Memorandum of Association signatories or a majority of them designates the initial directors of the firm in writing.
No. Although certain forms and other documentation must be sent in paper form by mail, all pre-incorporation and post-incorporation processes can be completed without the beneficial owner’s physical presence. Whether you want to start a new Cyprus business or purchase an existing firm off-the-shelf, Formationwise can help you accomplish all the company formation tasks online or over the phone, so you can sit back and relax in your home country while we do all the work on your behalf. Regardless of whether you need nominee services or not, once we get your instructions, we will finish the company formation process in the minimum time possible.
Opening a corporate bank account is mandatory for company formation in Cyprus. If you incorporate an offshore business in Cyprus, you may quicken the process of creating a company bank account in Cyprus by using our services to get the job done efficiently on time. Cyprus’ banks have enough capital and provide a broad variety of useful services to companies such as internet banking, business debit cards, and multi-currency accounts that make it simple to send and receive money in other currencies.
Prior to beginning their business endeavors, Cyprus companies must establish a business or trade name. The names and partnership law department of Cyprus governs the registration of business names in Cyprus. Cyprus allows both businesses and private persons to register trade names. A request for registering the trade name must first be submitted to the Registrar Companies Office for approval by a person or legal body. Additionally, the Trade Register will hold onto the company name until the Cyprus company is dissolved and a removal request is made.
Yes, you can get your company registered online in Cyprus. Formationwise will guide you through the entire process of getting your company incorporated through our online services. We will start by reserving your company name and then collect the documents from you that are needed for the registration of your company in Cyprus. After the company has been formed, we will open a corporate bank account for you and deposit the minimum share capital if required. In the end, we will submit the required documents to the Cyprus trade register.
You will require a bank account to work as a businessperson or entrepreneur in Cyprus for whatever reason you decide to do so. And opening a bank account in Cyprus is not too difficult as long as you have the appropriate papers. Please be aware that, depending on the nature of your company, banks may always need more documentation or require further deposits. You can also open a bank account as a non-resident, but you probably need a solid justification, such as an investment, a job offer and a ton of references.
The process of creating a bank account in Cyprus is now quick and easy. This is due to the significant transformation in the Cyprus financial sector. It takes minimal time and is simple for both individuals and businesses to open a bank account in Cyprus. More details on the conditions for creating different kinds of bank accounts in this nation are available from our Cyprus attorneys. Additionally, because opening a business bank account with a local institution is a need for establishing a company in Cyprus, we can help with that process as well. There are several types of bank accounts accessible including current accounts and accounts for foreign currencies.