The first step in incorporating a Cyprus company is the reservation and approval of the company name with the Registrar of Companies.

When selecting the company name, kindly provide two or three alternative names to increase the likelihood of approval. The name approval process usually takes approximately 3–5 working days, depending on the workload of the Registrar of Companies.

Once the company name is approved, we proceed with the submission of the incorporation application to the Registrar of Companies. Following submission, the company is typically incorporated within an estimated period of 15 working days.

Incorporation Application Requirements

The incorporation application includes the following:

• Memorandum and Articles of Association:
  A standard all-purpose Memorandum and Articles will be drafted for you.
• Authorised Share Capital:
  For example, €1,000 divided into 1,000 ordinary shares of €1 each (please confirm or advise otherwise).
• Issued Share Capital:
  For example, €1,000 divided into 1,000 issued ordinary shares of €1 each (please confirm or advise otherwise).
• Registered Office Address:
  Any address in Cyprus is acceptable. Our firm may provide a registered office address at an annual fee (please refer to the relevant attached document).
• Company Officers and Beneficial Owners:
  Details of the director(s), secretary, shareholder(s), and ultimate beneficial owner(s).

Incorporation fees include name approval, issuance by ROC of all certified copies needed for the company i.e.  Memorandum and articles of Association both in Greek and English, Incorporation Certificate, Registered Address Certificate, Directors and Secretary Certificate, Shareholders certificate and preparation of all required relevant documents for the Company’s own registry:

(Director resolution, Shareholders resolution, Corporate Register, Trust Deeds, Share Certificates)

FEES: €1300+ VAT+ out of pocket expenses

Time frame: 3 weeks (NOT during August or December!)

Nominee Services (Optional)

For convenience and to expedite the incorporation process, our office may provide nominee services, enabling registration of the company in your absence. The applicable annual fees are as follows:

• Nominee Director: EUR 1,500 + VAT
• Nominee Secretary: EUR 300 + VAT
• Registered Office Address in Cyprus: EUR 300 + VAT
• Nominee Shareholder: EUR 350 + VAT

You may retain these services on an annual basis. Alternatively, once you visit Cyprus, the nominee positions can be transferred to your own names. The transfer fee is EUR 300 + 19% VAT, plus any applicable out-of-pocket expenses.

Required Documentation (KYC)

To proceed with incorporation, the following documents are required for each Beneficial Owner / Shareholder / Director / Signatory:

a. Copy of passport
b. Proof of residential address (utility bill or similar, not older than three months)
c. Curriculum Vitae (in English)
d. Bank Reference Letter
e. Latest tax return

Post-Incorporation Compliance Obligations

Following incorporation, a CY Login profile must first be created for the authorised person of the company (director, secretary, or authorised representative). Upon creation of the CY Login profile, an automated confirmation email is issued by the system. This email must be presented in order to book an appointment at the Citizens Service Centre (KEP) for identity verification.

Following the KEP appointment and physical identification of the authorised person, the CY Login profile is activated. The authorised user may then proceed with the creation and activation of an account on the Ariadni Government Portal, which enables access to the official electronic services of the Republic of Cyprus, including those of the Registrar of Companies.

Once the Ariadni account has been activated, the company is required to submit an application to the Registrar of Companies for the registration of its Ultimate Beneficial Owner(s) (UBO), in accordance with the applicable anti-money laundering legislation.

Failure to comply with the UBO registration requirements within the prescribed timeframe may result in the imposition of administrative fines, namely:

• €100 for the first day of non-compliance, and
• €50 for each subsequent day,
  up to a maximum total fine of €5,000 per company, payable by the company and/or its officers.

Our fees to undertake this procedure on your behalf are EUR 650 + VAT.

Control and Management in Cyprus

Please note that for the company to be considered tax resident in Cyprus, its management and control must be exercised in Cyprus, in accordance with Cyprus tax law and established practice.

In practical terms, this requires that key strategic decisions of the company are taken in Cyprus and that the company is effectively managed from Cyprus. Indicatively, the following elements may be required to be demonstrated to the Cypriot tax authorities:

Failure to properly establish management and control in Cyprus may result in the company not being considered tax resident in Cyprus, with potential adverse tax consequences.

A summary of the key substance indicators and best practices to be maintained, when incorporating a company in Cyprus.

1. Management and Control in Cyprus
   • The majority of directors should be Cyprus tax residents.
   • Board meetings should be held physically in Cyprus, with minutes signed and kept locally.
   • Strategic and day-to-day decisions should be taken from Cyprus.
   • The registered office address should be in Cyprus, and all statutory records should be maintained there.

    

   2. Physical Presence
   • Maintain a dedicated office space in Cyprus (not just a registered address).
   • The office should be equipped and functional (desk, computer, phone line, signage, etc.)

    

   We can provide this service at EUR 350 + VAT

    

   • Local employees or officers should be engaged, where possible, reflecting the company’s activities.

   We can provide a part time employee at a monthly agreed fee

    

   3. Banking and Financial Substance
   • A Cyprus bank account should be opened and used for all major transactions.
   • Accounting records and financial statements should be prepared and kept in Cyprus.
   • The company should have adequate capitalisation in relation to its business activities.

    

   4. Tax Compliance
   • The company should be registered with the Cyprus Tax Department and pay taxes locally.
   • Annual income tax returns and audited financial statements must be submitted to the authorities.
   • The company should be able to demonstrate economic rationale for its operations in Cyprus.

    

   5. Other Operational Elements
   • Maintain an active business telephone number and email domain linked to Cyprus operations.
   • Use local service providers (lawyers, accountants, auditors) for corporate governance and reporting.
   • Keep evidence of substance expenses (rent, utilities, employee costs, etc.) that reflect real operations.

BANK ACCOUNT OPENING for the Company

(Your presence is not required- a skype meeting will be scheduled by us for the Bank)

Requirements:

• Corporate documents
• Copy of passport of bank signatory, apostilled, unless you will be physically present
• Recent utility bill showing name and residential address, translated in English
• Employers name, if any
• Tax ID Number
• Bank Statement of personal account in English and source of funds into this account – most important
• Tax Declaration Forms of recent years, translated in English- most important
• Salary for last three months, translated in English
• Short Curriculum Vitae, in English
• Occupation, telephone number and email address

FEES €700+19%VAT+any out-of-pocket expenses

Time frame :7 working days (from the minute we receive all the documents requested above)

Notes:

• VAT is charged at the prevailing rate.
• Out-of-pocket expenses are charged separately.
• Certain “optional” services may become necessary in practice depending on banking, tax residency, or substance requirements.