FAQ

What are the benefits of incorporating a company in Cyprus? Here are some of the most Frequently Asked Questions and Answers about registering a company in Cyprus with FastCo Register:

 There are many benefits of incorporating in Cyprus

  • Simple incorporation process
  • Company requires only 1 shareholder
  • Company requires only 1 director
  • The shareholder is not required to be in Cyprus for incorporation
  • The shareholder is not required to be in Cyprus for opening of the bank account
  • 12.5% corporate tax rate
  • Privacy, confidentiality and protection of information
  • Extensive double tax treaty

 

What is the time frame for company formation in Cyprus?

Depending on the option chosen, a new company, including name application will take between 5-10 days.  A ready off the shelf company can be ready for use in 1 day including the opening of a bank account.

 

What is needed to register a company / open a bank account in Cyprus?

 Individuals

  1. Proof of ID in the form of a certified passport copy.  The certification must be done by a notary, lawyer, accountant or banker.
  2. Bank reference letter.
  3. Professional reference letter from an accountant/lawyer.
  4. Recent utility bill of the last three months which clearly shows the residential address.  Please note that mobile phone bills are not acceptable.

Corporate

  1. Proof of ID in the form of a certified passport copy for all of the beneficial owners, the directors and the shareholders. The certification must be done by a notary, lawyer, accountant or banker.
  2. A bank reference for the beneficial owners, the directors and the shareholders.
  3. Professional reference letter from an accountant/lawyer for the beneficial owners, the directors and the shareholders.
  4. A copy of all the corporate documents of the company including shareholders’ certificate, directors’ certificate, registered office certificate, incorporation certificate, Articles and Memorandum of Association.  All the above must be certified.
  5. Recent utility bill of the last three months which clearly shows the residential address for the beneficial owners, the directors and the shareholders.   Please note that mobile phone bills are not acceptable.

 

What is included in the set up fees?

Included in our fees for your company are the following: Certificate of Incorporation, Certificate of Directors and Secretary, Certificate of shareholders, Certificate of the Company’s Registered Office, Company’s Memorandum and Articles of Association, rubber stamp, first company minutes and  expenses paid to the Registrar of Companies.

Should you require the provision of nominee services, this can be arranged for an additional fee.

 

Are there any restrictions on the activities of the company?

Certain activities cannot be undertaken unless a special license has been obtained. These activities include banking, insurance and financial services.

 

What is the annual fee payable to the Government?

An annual levy of €350 is payable to the Registrar of Companies annually.

 

Must audited accounts be prepared?

The company must file an Annual Return.  The filing of audited accounts is required for tax purposes.

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