January 06, 2025
INCORPORATION OF LLC IN CYPRUS
INTRODUCTION
The Republic of Cyprus is a small nation in the Mediterranean. Its devoted foreign investment strategy and well-established tourism industry enable us to assess the nation as a tax haven. Cyprus is a favored location for companies setting up operations in Europe. Cyprus is a breath of fresh air on a continent where bureaucratic and financial pressures are overwhelming. It is easy to start and operate a business. Financial licenses in Cyprus are respectable, provide investors with piece of mind, and have pass porting privileges for anyone looking to launch a financial business. It has become a popular choice for entrepreneurs and investors looking to establish a limited liability company (“LLC”).
WHY CYPRUS FOR INCORPORATION
- Cost of living is among the lowest in the European Union.
- Cyprus boasts one of the EU’s lowest company tax rates, at just 12.5%.
- An effective legal framework is one that is founded on English common law and guarantees predictability and clarity.
- A vast system of agreements to reduce tax obligations.
- EU membership grants access to EU laws and markets.
A GUIDE TO CYPRUS LLC INCORPORATION
- Check for availability of company name – select a unique name for your company and send it to the Cyprus Registrar of companies for acceptance. Make sure the name is not like any other company’s name.
- Prepare the Required Document – Memorandum of Association (“MOA”) and Article of Association (“AOA”)
- Memorandum Of Association
The goal, objectives of company and operations are described in the Memorandum of Association. - Article Of Association
Internal affairs, rules and regulation of the company is governed by Article of association. To adhere to local rules, all documents must be prepared or approved by a Cyprus-licensed attorney.
3. Select a Secretary, Directors, and Shareholders
There should be one director, whether a resident or a non-resident, corporate or individual, is necessary.
One shareholder, whether corporate or person, is required.
A company secretary, who may be an individual or a business body, must be appointed.
For official correspondence, the LLC needs a physical address in Cyprus.
4. Find the address of the registered office
Official notices and correspondence must be sent from the company’s physical registered office in Cyprus.
5. Designate Stockholders
It is necessary to have at least one shareholder, who may be a person or a business.
Both Cyprus residents and non-residents may be shareholders.
6. Register with the Companies Registrar
Send the Registrar of Companies the necessary paperwork:
The authorized name of the business
Articles of Association and Memorandum
7. Get TIN (tax identification number).
To acquire a TIN for corporate tax purposes, register with the Tax Department.
If the company’s turnover surpasses the specified threshold or if it participates in specific activities, VAT registration is necessary.
8. Create a Business Bank Account
Create a bank account in Cyprus to handle the business’s money.
Documents like the Certificate of Incorporation, Memorandum and Articles of Association, and director and shareholder identity are required by most banks.
COMPLIANCES AFTER INCORPORATION
- Annual Returns – Send yearly reports, including financial accounts examined by a Cyprus-licensed auditor, to the Registrar of Companies.
- Tax Filings– Pay any yearly taxes owed and file company tax filings.
- Preserve Records -Preserve precise records of business papers and financial activities.
- Fulfill Regulatory Requirements – Additional licenses or approvals may be needed, depending on the industry.
HOW WE CAN HELP?
- We can assist you in understanding and adhering to all applicable laws and regulations. Our team of specialists offers competent legal and tax guidance.
- We specialize in providing comprehensive support for Cyprus LLC registration. We provide ongoing guidance and support to ensure the business maintains compliance with all applicable laws and regulations.
- Throughout the process of starting a business in Cyprus, our professionals will help to make sure that all the necessary paperwork is completed, including registration, licensing, and tax duties for the LLC incorporation in Cyprus.
For more information or queries, please email us at
[email protected]
Key Contact
Surendra Singh Chandrawat
Managing Partner
