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How to form a company in Cyprus
In order to form a Cyprus company then the following steps should be followed:
Step 1: Know Your Client questionnaire (KYC)
At our first contact with our new clients we ask them to fill in our KYC questionnaire and submit certified copies of passport, utility bills, tax clearance certificates and bank references. These are asked to in order to gain a first knowledge about our new clients.
Step 2: Application Form
Once all the above are return and we are satisfied with the outcome, then an application for the formation of the company is sent by our company and filled in by the Applicant in order to start with the procedures of Forming a Company.
Step 3: Approval of Company name and registration of the company
An application is made to the Registrar of Companies for approval of a company name.
After the approval of the name, the Memorandum is signed by the initial shareholder(s) and filed together with an application to the Registrar specifying:
- The authorized share capital of the company.
- The share capital to be allotted upon registration.
- The initial shareholders and their respective share allotments (subscribers to the Memorandum).
- The Memorandum of the Company.
- The Director(s) and the Secretary of the Company.
- The address of the Registered Office.
Step 4: Issue of certificates
On incorporation, a number is allocated to the Company and the following certificates are issued by the Registrar:
- Incorporation (specifying company name and date and number of incorporation).
- Registered Office
All the certificates are sent to the applicant.
Step 5: Registration of company to Tax Authorities
This is the last stage, where the newly formed company has to be registered to Inland Revenue Department within 45 days of incorporation.