Since 1st October 2004, administrative procedures have been simplified; hence, foreign investors address directly to the Registrar of Companies for establishing a company, without prior approval by the Central Bank of Cyprus.
The procedure for a company’s formation is:
- Initially, an application for the approval of the name of the company is submitted.
- After securing the company’s name, the relevant documents for the company’s registration (Memorandum of Understanding, Articles of Association, etc.) are to be submitted through a lawyer. In the case of partnership registration, the involvement of a lawyer is not mandatory.
- Registration is completed within one month under the normal procedure, and within one week under the accelerated procedure at the additional fee of CY£30.
Shares or participation must be registered under the investor’s name at the Registrar of Companies according to the respective Company or Partnership Law.
Stages to follow for investing in Cyprus