10 steps to incorporating in Cyprus in 2021
Cyprus company setup is straightforward and can be completed within 2 business weeks, without our Clients’ travel to the country. Below is a step by step guide on how we assist with incorporation procedures:
- Consultation: Before starting the incorporation process we request our clients to i) sign our engagement letter ii) settle the first installment of the total engagement fees and iii) email our compliance department scans of personal and corporate due diligence documents;
- Engagement planning: We assist our client decide the i) proposed company’s name and ii) optimum corporate structure including directors and shareholders and our engagement manager drafts a detailed Cyprus engagement project plan mapping out, week by week, each step to engagement completion, optimizing transparency and settling client expectations;
- Business name reservation: We then submit and reserve the preferred company name to obtain the registration approval from the Registrar of Companies (DR-COR). On approval, the business name will be reserved for up to 6 months.
- Phase 1: Document preparation: Our resident Cyprus law firm prepares a standard memorandum and Articles of Association and emails our client for review and approval together with pre-filled company registration forms:
- Phase 2: Document submission: On receipt of signed forms, our compliance team will review and submit a complete incorporation package which includes i) certified due diligence documents and ii) affidavit form HE1 signed by our Cypriot lawyer;
Our clients’ must note that an additional fee equivalent of 0.6% of share capital will be payable to the DR-COR on incorporation and subsequent increase of any amount of the authorized capital;
- Phase 3: Registration approval: The DR-COR approves our Client’s company registration and emails the Certificate of incorporation. On our Client’s request, Healy consultants will obtain certified registration documents for further official uses.
- Bank account opening: If required, we will open a corporate bank account with one of our trusted banking partners in Cyprus and assist our clients’ obtain a certificate of share capital deposit on their behalf;
- Tax and VAT registrations: Next, we will visit the Ministry of Commerce and complete and submit Form TD2001 for obtaining company tax identification number (TIN) and register for VAT;
- Register as an Employer: Before our Client can hire staff, the Cypriot company must register with the Ministry of Labor, Welfare and Social Insurance;
- Engagement completion: Our compliance department will finally prepare and courier a full company kit, including original company registration documents, tax registration documents, unopened bank correspondence and internet banking access, and a client feedback survey. If requested, upon engagement completion, Healy Consultants’ accounting department will provide accounting and tax support to maintain the company in good standing.