Company Registrar Cyprus

Registering a company in Cyprus appeals to entrepreneurs because it's easy, straightforward, and affordable. Here, learn more about how to get your business listed on the Cyprus Companies Register.

Benefits of Registering a Company in Cyprus

Cyprus is a popular choice for investors because of the following:

• Double tax treaties and low corporate taxes
• Strategic location amid Europe, Asia, and Africa
• Familiar legal frameworks and strong government support
• Access to the European market

Because of these, budding businesses and those ready for international expansion are seeking to establish themselves in Cyprus as well.

Requirements and Process

If you believe that registering your company in Cyprus is the right move, make sure to do things right. Proper document preparation and knowledge of key requirements will help speed up the process and avoid mistakes that can cause delays.

Choose the Type of Company

The first thing you need to do is choose the type of company. We've prepared the table below to help you decide:

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Select a Company Name

Once you have established the type of company, you will need to apply to the Companies Registrar. But before you do so, make sure to:

• Look up your preferred name in the registrar to make sure it’s not taken.
• As part of your search, make sure that it's not too similar to existing names or appears to mislead or suggest illegal activities.
• If necessary, obtain consent from the existing business to use a similar name.

After submitting your application, the Registrar of Companies will start a search locally and internationally.

Prepare Required Documents

Regardless of the type of company that you want to establish, be prepared with the following documents for e-filing:

• Form HE1
• Form HE5, if it’s a public company
• Memorandum and articles of association
• A declaration of witness with signatures
• A certified translation of a non-Greek memorandum and articles of association by a sworn Cypriot translator

However, if you want to send the documents to the Companies Registrar by hand or post, you will also need to prepare forms HE2 and HE3.

Appoint Directors and Shareholders

The director is responsible for managing the business's day-to-day operations and is bound by Cypriot laws to act in the best interest of the company and its shareholders. Meanwhile, shareholders (called members in guarantee companies) are the owners who help make key decisions during general meetings.

The minimum number of directors and shareholders will depend on the company type. Here’s a quick summary:

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Except for VCIC, the director can also stand as a shareholder. 

Register with the Cyprus Registrar of Companies 

The process is pretty simple. Once you have all the documents that we listed in a previous subsection, you need to pay €165 or €235 (for a company type without a share capital) using a credit card. If you want to establish a public company, you will also need to pay €20.

If your submissions include translated documents, an additional €160 is needed. Finally, to accelerate the process, there is an associated €100 fee.

Obtain Necessary Licenses and Permits

For general business activities, there is no specific license required. However, you may need municipal permits for your physical location, fire safety, signage, and other activities.

If the company falls under any of the following categories, you’ll need to obtain special licensing from the respective authorities:

• Insurance company. Insurance business license from the Insurance Companies Control Service (ICCS)
• Tourism and travel agencies. Tour operator or travel agency license from the Department of Tourism
• Food and beverage establishments. Health and safety permits from the Ministry of Health

This isn’t a complete list. Please make sure to verify what is needed for your specific area of business. 

Receive Certificate of Incorporation

If the Companies Registrar is satisfied with all submissions, it will issue the certificate of incorporation. This marks the beginning of the company's existence as a legal entity under the country's laws.

However, if you have created a public company, you first need to submit the HE9 form. This should be accompanied by a bank confirmation of a €2020 payment (plus €20 for the expedited process), plus either the form HE8 or the invitation to subscribe.

Tax Registration and Compliance

To register the company with the Cypriot tax authorities, you need to:

1. Create an account using the TFA portal.
2. Submit the online application on behalf of the company.
3. Provide all the required information and documentation.

This process can take up to 10 days. After that, the company will gain a tax ID number that’s linked to the created TFA account. You may also need to complete VAT registration if the company’s taxable yearly income or the total value of acquisitions exceeds €15,600 or €10,251.61, respectively.

Annual Returns and Financial Reporting in Cyprus

After incorporation with the Companies Registrar, the company must submit financial statements that meet the International Financial Reporting Standards within 18 months. After that, it must be provided annually, within 28 days of the previous submission. All companies are also subject to a mandatory audit by an independent certified auditor, except for micro-entities.

You also need to file the form HE32 with the Cyprus Companies Registrar yearly, within 14 days after the Annual General Meeting. Filing late can mean penalties up to €500m, legal action, or even deregistration.

Conclusion

Having your business listed in the Cypriot Registrar of Companies comes with clear advantages like low taxes and access to the European market. However, these are only possible with your full compliance and adherence to the registration process. Comply with all legal requirements to be able to start right away and limit hurdles to your business success.