Name of Company: The Company Registrar’s Office will not approve similar names already registered or the use of words such as King, Queen, Multinational, etc. In the event that the Cypriot company should have a name similar to its parent company, the Registrar requires the consent of the parent company for the use of such name.

Memorandum and Articles of Association: Every Cypriot limited liability company must have a Memorandum and Articles of Association, which specify the activities in which the company may engage (known as the object clauses) and the means by which it will conduct itself.

Share capital: There is no legal requirement as to the minimum or maximum share capital of the company. It is recommended that the authorised, issued and fully paid capital should be at least €17.100, which may conveniently be divided into 17.100 shares of €1.

Shareholders: Under Cyprus Company Law, every company must have at least one shareholder. If anonymity is required, the shares may be held by trustee companies in Cyprus, in trust for the beneficial owners, without public disclosure of their identity.

Appointment of Directors: Under Cyprus Company Law, every company must have at least one director who will manage and control the company. Although it is not a legal requirement to appoint local directors, this may be advisable for purposes of demonstrating local management and control.

Secretary: Under Cyprus Company Law, every company must a secretary and in this respect one of our secretarial companies can be provided.

Registered address: It is also a requirement of the Cyprus Company Law that a company must have a registered office in Cyprus, since all government requirements will be addressed to the registered office of the company.

Financial Statements: Under Cyprus Company Law, CAP 113, companies must prepare audited financial statements in accordance with the International Financial Reporting Standards. Therefore holding companies must prepare audited consolidated financial statements unless the Cypriot Holding Company is an intermediary holding company and holding company further up the ownership chain prepares its own audited consolidated financial statements under IFRS’s.

Annual submissions: In accordance with Cyprus Company Law, CAP 113, every company must submit to the Registrar of Companies its Annual Return together with its audited financial statements in Greek. Under the Income tax Laws, every company must submit an income tax return on an annual basis.

Period of registration: Possible to be completed within a maximum of 12 working days.

Documents to be provided to owners upon registration will be, properly legalised and translated into English comprising of:

1. Certificate of registration,
2. Memorandum and articles of association,
3. List of directors, secretary and shareholders,
4. Address of the company's registered office,
5. Share certificate(s).

Membership with the Cyprus Chamber of Commerce and Industry at an annual fee of €260, not only increases the respectability of the Cyprus offshore company, but also extends to it all services that are normally provided by the Chamber, such as legalisation of documents.

The company may open bank accounts with any bank in all of the main currencies and money transfers can be affected without foreign exchange restrictions.

With free home banking software provided by the big banks and with the help of a telephone line a personal computer and internet connection, you have at your fingertips at any time of the day or night all banking transaction you desire

Formation costs for a company with a share capital of €17.100, including lawyer's and accountant's fees and all other out-of-pocket expenses such as stamp duties etc, are in the region of €2.200, plus or minus five per cent.