Cyprus International Business Companies (offshore) may have the following legal forms:
- Limited company
The Cyprus Laws, governing the aforementioned legal forms are identical to the Laws of the United Kingdom. Most of the IBCs are limited companies and only a small percentage is in the form of branches or partnerships mainly because their legal status and financial liabilities are ultimately the same as their beneficial owners.
The procedure of registration is simple and quick and can be completed within a period of one to maximum three weeks as outlined below. However, “off-the shelf” companies are always available. If it is considered necessary, the name of the company can be changed at a later date. In such cases, the time scale to incorporate a company will not be more than three days.
What should one do to register an international business company (offshore) in Cyprus
Name of the company: A company name must be chosen and approved by the Registrar of Companies. This procedure usually takes 2-4 days; Our firm has a list of approved names to choose from, if you so wish and so to avoid this procedure and speed up the registration of the company.
Memorandum and Articles of Association: To register a limited company Memorandum and Articles of Association must be prepared and filed at the Office of the Registrar of Companies; the former specifies the activities in which the company may engage and the latter specify the rules governing the internal management of the company.
Authorised and issued share capital: There is no minimum capital requirement by law but if the company is going to employ non-European including its director then there are certain criteria to be met (see employing Non-Eu nationals).
Shareholders: The names of the shareholders (at least one) address and nationality must be submitted to the Registrar together with copy of passport. If anonymity is required, the shares may be held by one of the trustees companies provided by our firm.
Directors of the company: The minimum number of directors is one. The full name, nationality, residential address and occupation together with copy of the passport are required. Local directors are recommended.
Company secretary: A Cyprus company must have a secretary by law who can be a legal or natural entity, resident or non-resident. Our firm can provide you with a company secretary at a reasonable fee.
Registered office: Every company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office.
Other important information concerning the operation of the I.B.C. (offshore enterprise)
Offices in Cyprus: It is the company’s decision whether or not to maintain offices in Cyprus. In the case they decide not to establish an office in Cyprus, our firm can provide full day-to-day running and operation support of the company including accounting, payroll and international trade facilitating services.
Meetings: Company meetings need not be held in Cyprus