Cyprus is famous for its robust and open global trade environment to promote business. Along with its enhanced living standards and infrastructure, Cyprus is also a developing economy making it a hub for foreign investors. Some of the reasons why people love to do business here are:
- European Union and positioning in Eurozone
- Easy steps to setup and operate a business
- Reliable and efficient legal framework
- Appealing tax system
- Simple and convenient incorporation process for a Cypriot company
Different Business Entities
There are different business entities to select when setting up a Cypriot company. It depends on the activities and objectives of your business.
Company
Private limited liability company by shares: A LTD can hold 50 shareholders and is liable for its debt and expenses. It cannot transfer shares to others.
Public limited liability company by shares: It can have 7 or more shareholders, but shares can be transferred.
Limited liability by guarantee: A limited liability company by guarantee enjoys a unique legal entity from the founder.
VCIC: A Variable capital investment company is a limited liability company by shares. The shares have a variable value, not a nominal value.
Partnership
A general partnership can have 2 to 20 members, and every partner is collectively liable for all the obligations and debts of the partnership.
A limited partnership can have one or more partners with unlimited liability and one or more partners with limited liabilities.
Process of Setting up a Cypriot Company
The first thing is to provide the required details for opening a business in Cyprus. It includes:
- Type of company you want to create
- The objective of the company and its scope
- The location where it has its registered office
- Number of directors and secretaries in Cyprus the company has
- Capital with which the business will start
- Memorandum and Articles of Association
Submit the Name of the Company
After the above details are submitted, a company’s name application should be filed. It should not have misleading words. Ensure it is unique and registered before.
Submit the registration documents.
After the name is approved, the registration documents should be submitted in 6 months. It includes a signed statutory declaration, a Memorandum, and the Articles of Association.
Incorporation
The first thing is to provide the required details for opening a business in Cyprus. It includes:
- Incorporation certificate
- Registered address certificate
- MMA certificate
- Shareholders certified
- Directors and Secretary certificate
To enjoy a hassle-free registration, you should contact professionals from Fine Life Group and get instant help.
Different Taxes for Business in Cyprus
Cyprus offers favorable rules in the EU on taxes. The simple and easy tax regime makes it convenient for international investors to manage tax planning efficient and comply with the tax department. It allows investors to invest and prosper. Hiring a reliable and efficient tax consulting firm will help you gain further from it.
Lastly, obligations like opening a bank account, bookkeeping and records should be considered. Once you have considered all these aspects, you can easily establish a Cypriot company with ease and gain from it. Doing business in Cyprus offers you countless rewards. Make sure you hire a consultant to reap all of them.
