Cyprus is considered to be one of the most attractive jurisdictions in Europe to form a limited liability company due to the tax incentives it offers, which include one of the lowest corporate tax regimes in the EU, a sophisticated double tax treaty network and no capital gains imposition on sale of shares and securities.
Pagecorp Group assists diligently on the setting up of Cyprus companies and handles all necessary tasks throughout the incorporation process with the utmost efficiency. The people of Pagecorp Group with their experience, knowledge and expertise are ready and willing to offer any required support and assistance.
The procedure to register a Cyprus company consists of several stages and normally takes less than 10 working days to complete, provided that no difficulties arise.
The first step is obtaining the approval for the company’s name from the Cyprus Registrar of Companies. Then, the memorandum and articles of association must be drawn up and filed with the Registrar. These instruments define the company’s objects and powers, the names of the shareholders, the authorised share capital and the number of issued and paid-up shares that each shareholder holds, as well as the regulations in relation to the internal affairs of the company.
Every company is required to have a company secretary and a registered office address in Cyprus, which may also be used as the business address of the company. In addition, a Cyprus private company must have at least one director (natural or legal person). Shareholders of a Cyprus limited liability company can be any individual or legal entity. Under Cyprus law, every company limited by shares may have only one sole shareholder.
Management and control of a company determines the tax residence thereof, under Cyprus tax legislation. The criteria to determine the tax residence of the Company include the residence of the majority of the directors, the place where the board of directors meets and where the important management decisions are taken. Substance has also currently become a buzzword in relation to management and control matters. This is why the input of the experienced professionals of Pagecorp Group is essential; to ensure that a proper corporate and tax efficient structure is established.
The recent amendments made to the Cyprus Companies Law facilitate not only the development of a more streamline process of company registration with the Cyprus Registrar of Companies, but at the same time the modernisation of the Registrar’s online system. This also resulted in strengthening the procedures further and ensuring the ability to maintain adequate and updated records and information electronically, and act efficiently in situations where, the de-registration of non-compliant companies is required.