Company Registration in Cyprus

Cyprus is a popular location for setting up offshore firms due to its favorable tax climate and plenty of favorable incentives and privileges. However, unlike the British Virgin Islands and the Cayman Islands, Cyprus is not a tax haven or offshore haven, as offshore companies in Cyprus must still hold annual shareholder meetings and submit financial reports, and the registration process in Cyprus does not have the same minimal requirements as in the BVI and the Cayman Islands.

When it comes to assisting clients in establishing substance, reaching their goals, and successfully responding to business challenges, company formation consultants in Cyprus https://www.fintecharbor.com/company-registration-in-cyprus/ include everything from company registration and incorporation to the management of international companies and the provision of financial, tax, legal, and banking support.

Should you set up a business in Cyprus?

The finest businesspeople are those who can anticipate challenges, anticipate opportunities, and make the best decisions based on a combination of data, experience, and gut instinct. Cyprus has emerged as a major financial hub in Europe, attracting a wave of new investment and business startup activity in recent years.

The best place to put your money

Cyprus is an attractive option for a number of reasons. The fact that English is widely spoken and utilized inside legal paperwork is a major plus for foreigners from English-speaking nations considering forming a corporation in Cyprus. In addition to the business world, the retail sector, the financial world, and the tourism industry, English is widely spoken.  

Aside from the incredibly low rate of corporation tax—the most generous level of corporation tax in all the European Union at just 12.5% - Cyprus also offers tax exemptions to capital gains and dividends received, both of which can be very helpful to entrepreneurs.  In addition, Cyprus participates in a number of double tax treaties, which provides further financial advantages to companies. In addition to the aforementioned benefits, 

Cyprus also boasts a highly developed legal system based on the UK's Common Law System and a highly developed and efficient commercial banking sector.

Where do you start when forming a corporation in Cyprus?

A corporation may be registered in Cyprus in a matter of days because of the country's streamlined registration process. An application for a Cypriot company must be filed with the Registrar of Companies.

Before a business may be registered, a number of tasks must be completed, such as creating the company's Memorandum and Articles, which spell out the rights and responsibilities of the shareholders. The Business Facilitation Unit (BFU), a legal firm, or a licensed service provider in Cyprus may incorporate and register a company, and the process must include due diligence and compliance with respect to the beneficial owners of the company.

1. Obtaining legal counsel

The Memorandum, Articles of Association, and HE1 form must all be prepared and signed by fintech lawyers, such as the lawyers of Fintech Harbor Consulting, who are members in good standing of the Cyprus Bar Association.

2. Submit an application to the RCOR for a business name.

The Registrar of Companies and Official Receiver is where businesses may apply to have their chosen company name officially recognized. The candidates may do this work themselves, or they may hire a lawyer or other third party to do it for them.

3. Submit the necessary paperwork to the RCOR

A lawyer or service provider must have a part in preparing the documents and creating a bank account based on the applicant's provided information.

4. RCOR's incorporation of the business

After submitting the necessary paperwork to the Registrar and paying the required fees, the company will be formally incorporated and a certificate of incorporation and a certified copy of the company's Memorandum and Articles of Association will be issued.

5. Formalizing the existence of the company by registering it with the tax authorities and, if applicable, creating a bank account

All businesses need to sign up for tax IDs and VAT registration numbers with the Tax Department, as well as with the Social Insurance Services.

If you have Fintech Harbor Consulting on your side, forming a new business in Cyprus might be much less of a hassle than you had originally anticipated. Fintech Harbor Consulting offers a staff of highly qualified individuals who are experts in Cypriot law, investments, and all elements of company registration, and who can help you get your business in Cyprus off the ground and operating.