Incorporation in Cyprus

Even though the Cyprus system for incorporating a company is not fully digitalized, there are a few steps that need to be followed to avoid delays in setting up a company. Below is a summary of the procedure that needs to be followed:

1. Decide the business status of the entity (e.g. Limited Liability Company, Partnership or Private limited company).
2. Check the availability of the name that suits. It is important that you choose a name that will be accepted by the Department of Registrar of Companies and Official Receiver. (3 optional names should be provided).
3. Memorandum and articles of association documentation should be drafted.
4. Submit the relevant documentation to the Department of the Registrar of Companies and Official Receiver) – e.g. HE1, HE2, HE3, reservation of the name, memorandum and articles of association. In addition, documentation should be provided for every shareholder (passport and address), directors (passport/ID and address) and registered office address of the entity. The procedure should be executed by a Cyprus registered lawyer.

1. Open a bank account
2. Register for Cyprus tax purposes and check your obligations for Cyprus VAT registration
3. Register for Social Insurance Contribution
4. Obtain a special license / authorization if require by the Cyprus government due to industry’s regulations