International Business Entities
The most commonly used business entity is the limited liability company (Ltd). This means that the liability of its members is limited to the amount of share capital subscribed the company. The share capital of the company is divided to a number of shares and each share has a nominal value (usually 1 share has a nominal value of £1,-).
The following information is required for the relevant approval and establishment of a Cyprus Limited Liability Company:
(a) The proposed name of the company, which has to be approved by the Registrar of Companies. Our firm maintains available approved names for speedy cases.
(b) The amount of the authorized and issued sharecapital of the proposed company. The authorised share capital is the maximum amount of capital that a company may issue to its shareholders. Both, authorised and issued share capital may be increased in the future. Usually, and unless there is a special reason, the incorporation is done with £5.000 authorised and £1.000 issued share capital.
(c) Full name and address of the Shareholder(s). (One or more persons may form a company). If full anonymity and confidentiality is desired, nominee shareholders from our firm may be used, who will hold the shares in trust for the Beneficial Owner.
(d) From a tax planning point of view, it is important that the Company is managed and controlled in Cyprus and accordingly it is recommended that the majority of the Directors appointed are Cyprus residents. It is sometimes desirable that foreign Directors are also appointed, but it is advisable that the number of the intended Foreign Directors resident in a particular country is always below the minimum number necessary to constitute a quorum in Cyprus.
With regard to the proposed Directors the following particulars are - required:
- full name
- residential address
- copy of passport
For a proposed incorporation, “nominee” directors (persons from our firm) may be appointed, as per your wishes. Concerning the “nominee” directors please be informed that a Directors' Indemnity Agreement will be signed by the beneficial owner(s), according to which the directors appointed will only act upon their written instructions / wish, unless they are obliged by law to act accordingly (duties derived from their capacity as directors of the company).
(e) The existence of a Secretary is a requirement of the Law and for this purpose we usually appoint one of our secretarial companies.
(f) Every Company must have a Registered Office. The Registered Office is the place where writs, summonses, notices, orders and other official documents can be served upon the company. Again, we usually use our firm’s addresses. It is not necessary for the company to open an office in Cyprus for its business activities, unless the client wishes to do so. Please note that the Registered Address may be also considered as the company’s offices.
The time needed for the registration of the Cyprus Company is about 7 working days provided that you choose one of the above approved mentioned names. In case you are suggesting your own names, the time needed may be extended up to 10-15 working days, depending whether your suggestions are accepted or not by the Registrar of Companies.
For the registration procedure your presence in Cyprus is not necessary. You may send us all the above information via fax or email.
For urgent cases our office maintains a number of shelf companies, ready to be used immediately by clients.
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