Open a company in Cyprus in 2024

West Union Group has been registering companies in Cyprus for over 30 years, has its own office in the capital and will represent your interests in the country as a licensed secretary. Our experts will help you open a company to organize business activities from scratch or buy a company in Cyprus to expand the geography and develop your business.

The Republic of Cyprus is one of the most popular jurisdictions in the EU countries. All companies registered in the country are considered European, which allows for international production, trade and investment activities with more than 50 countries.

• Registration of companies in Cyprus under a simplified procedure.
• Assistance in obtaining a license, obtaining the necessary certificates.
• Opening bank accounts, including for non-residents.
• Re-registration of companies from other jurisdictions with the preservation of assets and organizational structure (redomiciliation).
• Consulting services and resolving issues related to accounting and legal support, tax planning, private banking and audit.

• Want to keep business processes confidential (English law applies in the country).
• Looking for a way to reduce your tax burden.
• Would you like to obtain a residence permit or "economic citizenship".
• You are planning to open a subsidiary company with a Cypriot founder.

• LTD is a limited liability company. The declared authorized capital from 1000 EUR does not need to be paid, the number of shareholders can be any, from 1 to 50 people (or legal entities).
• A branch office is a local branch of the "parent" company, which is fully responsible for the activities of the subsidiary.
• Trust - the founder transfers the management of property and assets to a trustee under the terms of the contract. Trust companies are allowed to operate both in Cyprus and outside the island nation.

The Republic of Cyprus is an economically developed and politically stable country that is not included in any black list of the European Union and is not initially a "classic" offshore zone. The term "offshore Cyprus" should be understood as favorable conditions for international business, a fairly flexible and understandable taxation scheme for both Cypriot companies and foreign and subsidiaries.

VAT is set at the rate of 19% throughout the country. But even these taxes can be avoided if the company does not provide services in Cyprus and trades outside or with non-EU countries. In addition, non-resident companies are exempt from taxes on interest and dividends, capital gains and general income. At the same time, it should be borne in mind that offshore Cyprus does not give the right to enjoy all the benefits that local companies have. Moreover, businesses will have to constantly prove their actual presence outside the country.

1. The presence of a director - an individual or a legal entity.
2. At least 1 shareholder (individual or company, can also be a director) with any resident status.
3. Having a local licensed secretary (you can use the services of West Union).
4. At least 3 English variants of the company name ending in Limited or Ltd.
5. The declared (declared) authorized capital is at least 1000 Euro.
6. Registered legal address in Cyprus and the presence of a real office (as required by Substance).
7. An open account in a Cypriot bank.
8. Financial profiles of beneficiaries.
9. Description of the proposed activities of the company.

• Copies of international passports of the director and shareholders.
• Original Articles of Association and Memorandum of Association (or certified copies, preferably in English or Greek).
• Form H1 certified in Cyprus.
• Form H2 confirming the existence of a Cypriot office and address.
• Form H3 with information about officials.
• Declaration of trust - when appointing a nominee Cypriot shareholder.

The nominee service is suitable for those for whom the issue of privacy is a priority. In Cyprus, for a long time, all data was entered into the open register of the Department of Registrar of companies, where comprehensive information about the beneficiaries was stored. In 2020, the system was abolished, but can be restored at any time. If you want your name not to appear anywhere, we recommend using the services of our lawyers. All documents will be prepared properly, only the owner will be able to manage the account.

The service is included in the cost of registering a company in Cyprus and is provided for a year (under the Premium package).

All procedures are carried out remotely, your personal presence in the country is not required. To open a company in Cyprus, you need to go through several stages:

• Determine the legal form of the business.
• Get confirmation that the company name is correct.
• Prepare and submit documents in a single package to the registration authority.
• Issue a license (if the type of activity requires it).
• Register with the Cyprus tax authority.
• Translate into English, apostille and certify corporate documents at the Consulate of Cyprus.
• Create company seal
• Open a personal or corporate bank account.
• Get application approved.

Registration of a company in Cyprus after submitting documents to the registration authority will take from 7 working days (if everything has been done correctly and the documents are in order). But there are times when there is no way to wait or you want to start working as soon as possible. West Union always "keeps in stock" several Ready-made companies - these are ready-made companies with a clean history and zero reporting.

This option is also suitable for businessmen who want the company not to appear as a newly created company in all documents and registers. You can buy a ready-made company in Cyprus and re-register it in your name in about 3 days. Check with our specialists for the exact terms of re-registration and the availability of ready-made companies.

All companies registered in Cyprus, regardless of whether they operate in the country or not, are required to submit the following documents annually:

• financial statements with an opinion of a local accredited auditor;
• Annual Return in form HE32 - filed with Companies House;
• Annual Tax Return - filed with the Inland Revenue Department.

For the preparation of financial statements and audit procedures, the company provides:

1. Account statement.
2. Signed valid contracts with customers, contractors, partners and suppliers.
3. Invoices listing goods and/or services.
4. Reporting for the previous year (if available).

We offer to open a turnkey company in Cyprus. There are 2 service packages available for our clients: Standard and Premium. The cost of registering a company in Cyprus starts from 1150 EUR. If you decide to use our nominee service, it is worth considering the Premium package. Its cost is 1750 EUR.

An important component of starting a business in Cyprus is obtaining a residence permit for yourself and your family members. Recently, Cyprus has tightened the requirements for foreigners: the amount of investment in a Cypriot company, local funds or real estate must be at least 300,000 EUR. At the same time, a non-resident must be the owner of the business, but not an employee.

The Cypriot economy continues to develop, including by attracting foreign companies. With the assistance of West Union, you can easily open a company in Cyprus - for residents of other countries, remote registration is allowed.

If you want to learn in detail about the features of opening an account in a Cypriot bank and the current business conditions for foreigners entrepreneurs, our specialists will advise you.

Call the phone +852 3702 7632 or write a message to WhatsApp +4917660018815