Forming a Cyprus company is faster than most people expect and can be completed remotely. The process involves a small number of clear steps, and getting each one right from the start avoids delays and compliance issues down the line.
How the Formation Process Works
The standard process starts with name approval from the Cyprus Registrar of Companies. Once the name is cleared, constitutional documents are drafted and filed. The company is registered, a Certificate of Incorporation is issued, and tax registration follows. After that, a Cyprus bank account is opened.
Each step requires correctly certified identity and address documents. If you are not physically in Cyprus, documents are certified by a notary or apostilled remotely. Your formation agent handles all filings on your behalf.
Tax Registration
The company must be registered with the Cyprus Tax Department and assigned a Tax Identification Number. VAT registration is required once turnover exceeds the threshold set by Cyprus law. A licensed company secretary must be appointed, as required under Cyprus company law.
Bank Account Opening
This is typically the longest step. Cyprus banks carry out thorough due diligence on new corporate accounts. You will need to provide passport copies, proof of address, source of funds documentation, and a description of business activities. Fintech providers are available as an alternative or supplement for day-to-day transactions.
Annual Compliance
Cyprus companies must prepare audited annual accounts, file an annual return with the Registrar, and file a corporate tax return with the Tax Department each year. A local accountant is required to manage this. Failing to file results in fines and potential strike-off.
Cyprus corporate tax is 15%. For non-dom shareholders, dividends paid from post-tax profits are subject to 0% Special Defence Contribution. Combined with 0% capital gains on share disposals, the structure is one of the most tax-efficient in the EU.
Start Your Cyprus Company
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