The procedure for registering an International Business Company (IBC) or a local company in Cyprus is fairly simple. Initially, an application is filed with the Companies Registrar for the approval of a name. The application can also be submitted online. Once approval is received, the memorandum and articles of association are prepared, indicating inter alia the company’s activities, the names of the shareholders, the authorised share capital and the number of issued and paid-up shares that each shareholder holds. Cyprus company law is based on English Company Law of 1948 and it has been amended accordingly in order to comply with the European Law.
The memorandum and articles of association together with the relevant forms which specify the names and details of the shareholders, directors, secretary and the registered office are filed with the Registrar with a request for a certificate to be issued in Greek or in English regarding the shareholders, the directors, secretary and registered office and a certified copy of the company’s memorandum and articles of association.
A lot of clients prefer to use nominee services for the shareholders and directors, they also use registered address and a secretaries search. In the case of nominee shareholders trust deeds are created by the lawyer, according to which a member of the firm or a company is appointed as a trustee to hold the shares on trust for the beneficial shareholder (s).
The incorporation process takes between 10-12 days.
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