If you are considering opening a company in Cyprus, well, it will be quite simple comparatively. The first should always be choosing a legal entity under which your business will happen to operate. Due to this, the Cypriot Company Law offers tons of different choices to foreign investors that are interested in setting up retail functions here.
Below, we have managed to provide you the detailed information on different types of companies that can easily be incorporated in Cyprus. Not only this but we have also listed down some significant requirements that are concerned with the registration process.
Below, we have listed down the types of Cypriot companies that are available for registration:
- Sole proprietorship
- Companies with limited liability
- The limited partnership business forms
- Branch and representative offices and subsidiaries of foreign companies.
- People who have an interest in asset protection and tax minimization tools can consider setting up their businesses in Cyprus.
The following are some of the most significant company formation steps you need to follow in Cyprus:
In order to start any sort of Cypriot Company needs its enrollment with the Trade Register. Once you do that, you need to make sure that the investor has ensured that they have met all the conditions of the Company Law. Take a look at the steps below to complete the process:
- The trade name reservation is quite significant to have every legal entity excluding sole traders.
- Memorandum and Articles of Association need to be prepared prior to restricted liability business firms.
- A bank account is necessary with your local institution.
- The given position of company secretary and directors.
- Dropping in all the needed documents and other application documents with the Company House.
Once you successfully complete all the steps mentioned above, your Cypriot company then needs to go for a VAT with the Cyprus Tax Office in order to apply for the firm’s license for it to operate legally and without any legal future trouble whatsoever.
As far as the VAT enrollment is concerned, it is generally completed at the same time as the tax registration. You can do so when you want to obtain the VAT number without having reached the necessary turnover for enrollment. In addition, it is recommended for trading companies delay/avoid the operations started.
Another aspect in the lean is quite important too. As far as settling up a Cypriot Company is concerned, required documents need to be filed with the Trade Register. However, you need to take care of the fact that there are various kinds of application documents for limited liability business firms as majorly corresponded to the sole proprietorship.
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