Last updated on June 3rd, 2023 at 09:44 am
Cyprus is well established international business centre.
One of the reasons is that the structure of a Cyprus company is very simple and straightforward.
Cyprus company formation can take place from outside the country making the process extremely convenient and manageable.
Cyprus companies are structured as follows:
Director — At least one director is required. Directors serve as officers of a company. They decide a company’s structural and organizational changes, and manage daily operations. Nominee directors are also allowed, and can be of any nationality. However, to take advantage of Cyprus’s tax treaties, and its 12.5 percent corporate tax rate, a company must appoint a Cypriot nominee director.
Shareholder — Like a director, only one shareholder — who can be of any nationality — is necessary. The shareholder can be a corporation, and nominee shareholders are allowed. Shareholders needn’t be Cyprus residents.
Secretary — Appointed by and responsible to company directors, a secretary is recognized by law as an “officer” of a company. The secretary’s duties often differ from one company to the next, but the general role is to maintain the statutory and minute books. A company’s secretary does not need to be a resident of Cyprus; however, if you want to establish tax residency for your company, appoint a Cypriot secretary.
Registered Office — A Cypriot company must have a registered office. Either it needs a physical business address in Cyprus, or a lawyer will incorporate the company with registered office under its own address. Cyprus companies registered by Christophi & Associates LLC are given the physical address of its Nicosia office.
In closing, note that company directors, shareholders and secretaries may be either persons or legal entities.
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