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Another important aspect of opening a Cyprus company is the time spent on each procedure. It can be divided into:
4 to 5 days for the company name approval;
1 to 2 days for preparing the company’s statutory documents;
An additional five working days will be required to file and review the company’s incorporation documents with the Trade Register.
The registration for taxation takes about two working days.
Social security registration takes about 1 week.
Public Limited Company
Partnership
Sole Proprietorship
Branches of Foreign Companies
Choose the company type and business name, draft the company documents, and submit them to the Cypriot Trade Register. Once registered, the business owner can apply for permits, licenses, and VAT registration.
Banks in Cyprus will generally require the company to present its incorporation documents. A bank account can be opened at any bank in Cyprus.
No, Cyprus does not require a local director or shareholder. Foreign individuals or entities can fully own and manage a Cyprus company, although appointing a local director may be beneficial for tax residency purposes.
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