Essential Things to Know About Cyprus Companies

Last updated on October 22nd, 2016 at 12:29 pm

Company formation – The steps

  1. Choose a company name/ application and approval of the name.
  2. Decide the purpose/objects of the company.
  3. Get information about the costs.
  4. File an application to register a company.

Company Name

We usually advice clients to submit three alternative names for approval by the Registrar of Companies.

Choosing the right company name depends on a host of considerations – some as obvious as the kind of business you do, others as unique as your own tastes and style. There are, however, a few guidelines that will steer you in the right direction. A good company name should:

  • be distinctive
  • be memorable
  • be easily spelled and pronounced
  • suggest the products or services you offer, and
  • distinguish you from your competitors.

In addition the following rules apply by the Registrar of Companies when examining company names:

  • The name is already on the register.
  • it is offensive;
  • its use would be a criminal offence.
  • it is deceptive
  • it implies that there is a relationship with the government.
  • Only in special cases and upon certain conditions, names that include the following words will be approved: NATIONAL, INTERNATIONAL, DEMOCRATIC, EUROPEAN UNION, EUROPE, EURO.
  • The name should not include the words COOPERATIVE, MUNICIPAL, PRIVILAGED or RECOGNISED.
  • Names that include the following words will be approved in exceptional cases: BANK, BANKING, INVESTMENT, TRUST, INSURANCE, BROKER.

Before you apply to set up a company, or do anything to change its name, it is a good idea to contact  us to see if there are already any companies with names similar to the one you want.

Currently the Registrar of Companies needs around 2 working days to examine and approve/reject a company name.

Purpose/Objects of the Company

A company is formed for a specific object or objects.

In 2016 the Cyprus Companies Law has been amended to allow for the creation of general trading companies without the need to include specific reference in their Memorandum of Association.

The above does not apply where the newly formed company is obligated by law to have specific reference about an object in its Memorandum of Association. For example a legal company that will apply to be licensed by the Cyprus Bar Association must have in its Memorandum of Association a specific object clause stating that it is a legal company.

Get Information About the Costs.

Before forming your company you should have a good understanding of the costs involved, both set up costs and annual.

We have broken down the costs in an article.Click here to read it.

File An Application

The application is filed through our law firm.

To process your application we need you to complete your company application form.

Notes for Non-Cypriots

For non – Cypriot clients that will be shareholders or directors in a company we require the following documents:

  • Copy of passport
  • A utility bill that certifies address not older than 3 months.
  • Short CV

If the shareholder or director is an existing company we need:

  • Certified copy of the certificate of registration.
  • Copy of passport of its directors.
  • A utility bill that certifies address not older than 3 months.
  • Bank reference.

Currently examination of company applications by the Registrar of Companies takes 7 working days.

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