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Company in Cyprus, Business in Cyprus

The intention to open a sole trading company must be submitted in the Ministry of Labour – the permit to conduct a business activity is given automatically for five years, it also equals to the residence permit. Next step is in the Social Insurance Institution, where a sole trader receives an identification number.

Registration of the company requires application in the trade register. The application should contain the following data: name of the company, type and place of the activity, shareholders’ data, conditions and data of commencing the activity.

Most of the companies that operate in Cyprus are limited liability partnerships, for which the registration, taxation and audit are simplified.

To obtain a permit one has to turn to the Central Bank of Cyprus. To obtain it, each shareholder must present references from foreign bank. Best would be, if the references were from the home bank and if they stated that entrepreneur has good financial standing.

The application form to the bank should contain: name of the company, which must be accepted by the trade register’s manager, sum of the stock capital (not lower than 1 000 Cyprus pounds ), aim and type of the activity, name, surname, occupation, address and nationality of each shareholder, number of shares of each shareholder, extract from the National Court Register (Companies House) in case when one of the shareholders is a legal person, name, surname, occupation and address of the Board Members and the Secretary (they do not have to be residents of Cyprus), obligation of the shareholders to cover the shares.

To obtain the permit one waits two days. The document with the Articles of Association and the Statute must be presented in the Trade Register. Registration lasts about a month. For additional fee of 100 Cyprus pounds it can be done within a week. The standard fee for registration by the stock capital of 5 thousand pounds is 75 pounds.


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