Company Formation Cyprus
Why Register a Company in Cyprus
There are a number of reasons why you might consider registering a company in Cyprus. These are some of the reasons why many companies from other companies are setting business in the country. In fact, this is the reason why the Cypriot economy has seen economic growth that is faster than that of the European Union’s average. Here are the reasons for registering a company in Cyprus.
- Strategic location – Cyprus is strategically located at the intersection of Africa, Europe, and Asia. This makes it an ideal location for any type of business.
- Part of the European Union – Cyprus is a member of the European Union. This makes it possible to freely access the second-biggest economy in the world.
- Young and educated population – The Cypriot economy is made up of a well-educated young population. This makes it ideal for any type of business.
- Economic Enabling Environment – The Cypriot government understands that the country does not have a lot of resources. As such, it has created a good environment for global and global companies.
- Incentives – The country has put in place incentives like the investment
- passport that helps attract international businesses.
- Quality Infrastructure – The country has quality roads, ports, and airports that make it possible to transport goods in the country and internationally.
- Weather – Cyprus has one of the best weather in the world. The country experiences sun throughout the year.
- Safe country – Cyprus has been ranked as one of the safest countries in the world.
How to Register a Company in Cyprus
One of the incentives the government has put in place is to make company registration to be a simple process. The process can be registered fully online. The following are the steps of registering a company in Cyprus.
- Company name search – Here, you search the name of the company and whether it is available.
- Submit forms to the Department of Registrar of Companies – You should download, fill, and submit HE1, HE2, and HE3 forms to the department.
- Other documents you should submit are a memorandum of association,passport or ID of directors, and address of the company.
- Obtain the Value Added Tax (VAT) number. You do this by registering with the tax department.
- Obtain and fill social contributions.
Types of Businesses to Register in Cyprus
- Sole proprietorship – This is ideal for a very small company such as a shop.
- Partnership – This is a company that is made up of a number of people who are in partnership.
- Limited Liability Company – This is the most type of company in Cyprus. It removes any liability from the founders to the company.
- Branch of a overseas company – This is when an international company wants to set a branch in Cyprus.
- Trusts – These are companies that seek to manage wealth of a person or a company.
FAQs on Company Registration in Cyprus
Do I need a lawyer to register a company in Cyprus?
It is not necessary but it is highly recommended. An experienced lawyer will help you solve all the legal requirements of the company.
How long does it take to register a company in Cyprus?
It depends. A sole proprietorship takes less time. In fact, it is possible to have a sole proprietorship register within a few days. Others like large companies require more time.
Do I need to be physically present?
In some instances, it is required that you be present when registering the business.However, it is recommended that you use a lawyer or a Cyprus company registration specialist to work for you. At GFSC, we are the leading company registration company in Cyprus.
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