Cyprus has been a center for international trade for over three decades. Currently, the nation is rapidly becoming a top competitor in the thoughts of multinational corporation decision-makers as the ideal site for worldwide and regional headquarters, back offices, service centers, and development centers. Cyprus is strategically placed. Hence, setting up your business in the country provides your company easy access to 500 million EU customers and a huge, competent multi-lingual workforce.
The laws of Cyprus are remarkably similar to those of the United Kingdom, and the country’s regulatory architecture is modeled after the European Union’s. There are numerous benefits to relocating or setting up your company in Cyprus. Firstly, Cyprus’s corporate and individual tax rates, operating costs, and expenses are relatively low. Therefore, your company’s overall expenditures will be minimal. Furthermore, the Cyprus environment is an ideal society as it has low crime rates. Also, you get to enjoy what it feels like the ability to work and live in a lovely nation with a magnificent environment.
The Cyprus government has continually made the country a haven for businesses. To encourage more businesses, there have been recent legislative developments have allowed several international firms to easily and quickly establish themselves in Cyprus without having to lay off any people.
The Cyprus Council of Ministers adopted the “Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus” on October 15, 2021.
The Strategy is a plan for making Cyprus a hub for worldwide high-growth businesses. It’s a boon for overseas company owners who want to grow their operations or break into the European market. It establishes Cyprus as one of the jurisdictions offering substantial benefits for transferring an international company to the island.
Fast-Track Business Activation was changed to the Business Facilitation Unit (BFU) on January 1, 2022. The goal of the BFU is to expeditiously handle requests from foreign firms looking to expand in Cyprus or expand their operations there.
If you decide to set up your company in Cyprus, you can either set up a new company or transfer an existing one to the country.
Registration of Cypriot Company
The Companies Law (Cap.113) governs the operations of any company in Cyprus. Companies can choose between limited liability, public limited, and limited by guarantee statuses when registering under this law. Two different types of partnerships can be formed in Cyprus – general and limited.
Follow the steps below to register a company in Cyprus:
• Pick a distinct business name. Provide two or three alternatives if your preferred company name is already in use;
• Once the name has been approved, the next step is to create and submit the company’s governing documents, i.e., Memorandum and Articles of Association;
• Open a bank account in any Cyprus bank and deposit the company’s share capital;
• Appoint a qualified board of directors and a secretary;
• Complete the necessary paperwork and submit it to the Registrar of Companies;
• Initiate the company’s tax, VAT, social insurance, and pension registrations. After completing this, you will be issued a unique tax identification number by Inland Revenue.
You will be issued the company’s license to operate when all the above steps have been completed successfully.
Here at ITS Cyprus, we help you set up and ease your entry into the Cyprus market. We also help you navigate the market once your company begins operations. In addition, we offer services to companies and startups, including Crypto Asset Service Providers (CASP).
You can reach us at our physical office at Athienitis Centennial Building Themistokli Dervi Avenue 48, 8th Floor, Office 803, 1066 Nicosia, Cyprus.
Or reach us on our official office line at +357 2237 4232
Alternatively, you can email us at info@its-trust.com.