Setting up a Cyprus private company limited by shares
A Cyprus private company limited by shares (LTD) is the most popular type of company in the Republic of Cyprus.
The procedure to establish a new Cyprus company is quite simple.
The proposed name must be submitted to the Registrar of Companies for approval prior we apply for the company formation. When choosing a company name the entrepreneur must make sure that the name is unique and if any initials are used, to have the definition of such initials to present to the registry. The name may be rejected for various reasons such as, if it is too general or if there is similarity with an existing registered company.
Memorandum & Articles of Association (M&A)
Every company must have a Memorandum of Association which outlines the objects of the company as well as Articles of Association being the company’s internal regulations and procedures. The M&A is signed by the subscribers being the first shareholders of the company. GLOBALSERVE CONSULTANTS LTD can draft the M&A of your new company based on your individual requirements.
There is no minimum share capital requirements for the establishment of a private limited company in Cyprus. The share capital can be of any currency although the EURO is used in the majority of companies.
The Cyprus private limited liability company cannot have more than fifty shareholders. The minimum number required by law is one. Corporate shareholders are permitted.
The directors have the responsibility over the operations and day to day management of the company. Again the minimum number required by law is one director. Corporate directors are permitted. Although the director can be of any nationality, it must be noted that quite often the residency of the directors is an important factor when considering the residency of the company itself. Our dedicated team at GLOBALSERVE CONSULTANTS LTD can give you further guidance with respect to this matter.
The Cyprus company can be established within 5-6 working days provided that all the necessary documents are provided to us.
If you do not have a company name preference or you require a ready-made company with nominee services, we also have shelf companies available for immediate acquisition.
The Republic of Cyprus has established a great infrastructure for the operation of international business companies. As a result, the Cyprus companies can be used in various different business structures thus they continue to gain popularity amongst foreign investors. GLOBALSERVE CONSULTANTS LTD can provide you with tailored advice for the establishment of your own company. Contact us today.