Cyprus Companies

ACQUISITION/INCORPORATION OF A CYPRUS COMPANY Option 1: Set up a company from scratch Option 2: Buy a holding company ‘off the shelf’

Option 1 Takes 5-10 working days You can request a specific name (but delays are possible if the requested name is rejected from the Cyprus Companies Registry) Can have specific objects, i.e. what the company shall be doing (such objects have to be specific, but they can be very wide, i.e. going for pages and pages)

Option 2 Ready on the same day But the name will be random and the objects will be those of a general holding company If there is a requirement for a specific name and the company will not be doing something very specific which might not be included in general objects, we recommend the acquisition of a shelf company

THINGS TO NOTE ABOUT THE COMPANY AND THE CYPRUS LEGAL REGIME It needs to have share capital in any currency for example in euro or US dollars The higher the share capital the higher the stamp duty on incorporation, so we recommend a nominal share capital of euro 1.000 to avoid unnecessary costs Can have different types and classes of shares Needs to have a common seal (or stamp) which needs to be kept in Cyprus

CYPRUS LEGAL REGIME Common law jurisdiction Contract law is based mainly on common law principles and companies law is largely based on the English Companies Act of 1948 Records of a Cyprus company are publicly available (but there can be complete secrecy as to who the ultimate beneficial owners of a company are)

COMPANY ADMINISTRATION Needs to have a registered office in Cyprus and a company secretary in Cyprus (which we can provide) Needs to have at least one company director of any nationality – it is advisable that the majority of directors are resident in Cyprus for tax residency purposes (which again we can provide) Needs to have at least one shareholder of any nationality – we can provide nominee shareholders for secrecy purposes Meetings of the shareholders and the directors of a company can be held anywhere in the world – it is advisable the most important meetings are held in Cyprus for tax residency purposes (written resolutions are possible) Must note that perform an audit once a year and must file a yearly tax returns Can have bank accounts

OTHER JURISDICTIONS We are able to provide company formation and company corporate services, from Cyprus, in a great number of tax efficient jurisdictions including, but not limited to: British Virgin Islands Cayman Islands Guernsey Jersey Mauritius Panama Seychelles .... and many more

KNOW YOUR CLIENT REQUIRMENTS After joining the EU regulations have become very strict We need to know who the ultimate beneficial owners of a company are We need by law, certified copies of passports, profession, proofs of residential address, bank references of the ultimate beneficial owners – It should be noted that requirements for bank account opening may be more stringent than the above in accordance with local legislation The ultimate client does not have to come to Cyprus but may have to sign documents to satisfy relevant KYC requirements For acquiring/incorporating a company, the ultimate beneficial owner will have to executed an administration services agreement with us (which includes an indemnity) for the provision of company administration services