Last updated on May 30th, 2023 at 10:22 am
Pick name
Choosing the right company name depends on a host of considerations from the nature of your business to your own tastes and style. It is also possible to use preapproved names, that we can provide you with, or even buy a shelf (ready-made) company with an already approved name.
Determine structure
Stipulate the number of directors and shareholders and decide whether to use nominees.Nominees are natural or legal persons that appear as directors or shareholders of the company in order to protect anonymity of the real owners or officers. In Cyprus the principle of publicity applies. Anyone can go to the Registrar of Companies and find out the names of the shareholders and directors of the company.Cypriot nominee directors are also used to show that management and control of the company is exercised from Cyprus. It is necessary that the majority of the Board of Directors stay and work in Cyprus in order to be considered as Cyprus tax resident and enjoy the advantages of its tax system (10% corporation tax).
Specify purpose(s)
Define the objects of the company, the share capital and, if necessary, address special concerns like what powers will be given to the Board of Directors, if there will be special rights of shareholders, majority or special majority voting, etc.
Submit due diligence documents
According to Cyprus law we have to carry out due diligence or “know your client” (KYC) procedure. Typical information that is required includes names, addresses (of work and home), utility bills, passports and references of the owners and officers of the company.
