Cyprus Company Formation: Step-by-Step Guide for Entrepreneurs 

• Cyprus Company Formation offers an attractive prospect for businesses requiring a strategic platform in the European Union. The jurisdiction enjoys a benign tax environment, a simple regulatory structure, and entry to a wide variety of markets. With its corporate tax rate at only 12.5%, which is far lower than that of much of the rest of Europe, Cyprus provides a competitive edge for firms wishing to minimize their tax exposure. In addition, Cyprus has a very wide network of double taxation agreements, which makes it even more attractive as an international investors’ hub. 

• The process to register company in Cyprus is made to be simple and fast, usually within a few days, to avoid bureaucratic procedures. Tetra Consultants provides full support during the entire process of forming a company, from consultation and document preparation to following legal requirements and ensuring compliance. We can assist in choosing the right company structure, providing nominee director services, and opening corporate bank accounts, ensuring a seamless and efficient setup for your business in Cyprus. 

Steps for Cyprus company formation 

Step 1: Selecting an optimal business structure 

• Before proceeding for Cyprus company formation, it is necessary to select the right type of company. Tetra Consultants will guide you as to what the most suitable business entity to select for your needs would be. In general, the most popular form of company in Cyprus is the limited company, also referred to as a company limited by shares. 

Step 2: Reservation of company name 

• Prior to registering company in Cyprus, Tetra Consultants will perform an electronic search to verify that your proposed company name is available via the Department of Registrar of Companies and Official Receiver of the Republic of Cyprus (D.R.C.O.R.), respectively. 

• After confirming the availability of your business name, Tetra Consultants will reserve your company name using the e-name approval service offered by the Department of Registrar of Companies and Official Receiver. 

• Our staff will hold your business name for a period of 6 months. 

Step 3: Submission and preparation of necessary documents 

• Once your company name has been approved, Tetra Consultants will go ahead and draft the applicable corporate documents like the Form HE1 and the Memorandum and Articles of Association. 

• Once the concerned documents have been drafted, Tetra Consultants will go for e-company registration with the Department of Registrar of Companies and Official Receiver, 

• On successful incorporation of your company, you will be issued with the Certificate of Incorporation, Certificate of Shareholders, Certificate of Directors and Secretary, Certificate of the Registered Office Address and certified copies of the company’s Memorandum and Articles of Association. 

Step 4: Corporate bank account opening 

• Once you have registered your business, you can go ahead and create a corporate bank account. 

• Tetra Consultants will help with the consolidation of documents and the corporate bank account opening in a reputable bank of your preference. 

• Generally, the directors and shareholders are not needed to visit Cyprus in order to open the corporate bank account. If there is a need to travel, we will arrange for someone to accompany you to the bank meeting. Or our staff will negotiate with the banks to make a conference call instead or ask for a waiver. 

• After the bank account has been successfully opened, Tetra Consultants will send the internet banking token and access codes to your desired address by courier. 

Step 5: Tax obligations 

• Tetra Consultants will go ahead and get a tax number from the Tax Department in 60 days. Tetra Consultants will help your business to apply for VAT if required. Any business which has made, or will make, taxable supplies of goods and services of more than €15,600 within a year must register for VAT. 

• All entities in Cyprus have to remain compliant through ongoing financial reporting. Financial reports, tax returns and audited financial statements have to be submitted to the Tax Department, with the financial report being translated into Greek and to be forwarded to the Registration Chamber. There has to be a yearly report containing information about major stakeholders of the business to be submitted as well. 

• The tax rate for corporate income is fairly low at 12.5%. VAT is 19% and transfer tax on property is up to 8%. Real property is not taxed, nor are municipal taxes, net wealth, inheritance, or income from securities exchanges and dividends. 

• After your business has been registered for tax, Tetra Consultants will continue to assist your business in fulfilling its yearly accounting and tax requirements. 

Step 6: Registration with Social Insurance Services 

• All employers shall be mandated to register with the Social Insurance Services. Tetra Consultants will provide assistance with social insurance scheme registration for your business’s employees. 

Conclusion 

• Cyprus company registration with Tetra Consultants offers a smooth and effective route to setting up your business in a beneficial European jurisdiction. We have a full-service package that entails Cyprus company registration with the Department of Registrar of Companies and Official Receiver, local company secretary and registered address, and Cyprus corporate bank account opening assistance. 

• If necessary, we also assist with offshore financial license applications. Through Tetra Consultants, we offer a range of business services, such as nominee director and shareholder services to ensure anonymity, and offshore banking services to handle international transactions. Our experienced team assists you in every step of the way, from consultation and document preparation to Cypriot regulation compliance. By joining forces with us, your business can be up and running in 6 weeks. With Tetra Consultants, you have a reliable partner committed to your success in Cyprus. 

• Contact us to know more about Cyprus company formation and our team will revert back in 24 hours.