Incorporating (registering) a Company in Cyprus is a process that requires skilful and knowledgeable professionals, with a thorough understanding of the entire incorporation process on a practical level, qualities that we possess at ServPRO.
Our in-depth understanding of the applicable legislative provisions and the required documentation, coupled with our established hands-on experience in matters pertaining to incorporation of companies, enables us to give our clients the best professional service possible.
In order to address frequent enquiries made by our clientele (existing and prospective), with the help of our Corporate Team we have put together a snapshot of the key steps taken during a Company’s incorporation process:
Approval of Company Name:
An application has to be submitted to the Department of Registrar of Companies and Intellectual Property (DRCIP) of the Republic of Cyprus for the approval of the Company’s name. The Registrar is unlikely to accept a name which is similar to an existing one, or is considered misleading, or too general. Names which include any of the words National, International, Corporation, European, Co-operative may be allowed only in special circumstances for sound reasons and with conditions.
Documents submitted to the Registrar of Companies about the new Company
1. Memorandum and Articles of Association
The Memorandum of Association mainly contains the objects of the Company. It also includes details of the share capital and the subscribers to the Memorandum with the number subscribed. The Companies Act (Cap. 113), as amended, allows a company that is not set up for specific objects to be set up as a commercial company of general objects.
The Articles of Association may adopt partially or in full the Table A of the Companies Act and contain the regulations under which the Company operates, including provisions for the rights of the shareholders, procedure for the transfer of shares, voting rights, powers of the Directors and appointment and removal of thereof, dividends, general meetings of the Company, accounts and audits.
Our Corporate team has extensive knowledge and practice in drafting tailor-made Articles of Associations in line with each respective client’s intentions and wishes.
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2. Directors and Secretary
The details of the first appointed Director(s) and the Secretary of the Company should be submitted. For taxation purposes and for taking advantage of the existing Double Tax Treaties (DTT) it is advisable to show that the management and control of the company is exercised in Cyprus by appointing local Director(s).
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3. Registered Office Address
The details of the Registered Office address of the company in Cyprus.
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Once the company registration process is complete the Registrar of Companies issues the incorporation certificates relating to the newly-incorporated Cypriot Company, consisting of the following: