Cyprus Company Formation

It takes 8 working days to have your company registered in Cyprus. The process Involves;

Day 1: Application for approval of the company name is submitted to the Registrar of Companies.

Day 3: The lawyers approve the name and the completion of the memorandum and online submission for approval by the Registrar of Companies.

Day 7: Official company paperwork is released. (Certificates of registration, Board of Directors and Secretary certificates, Shareholders address certificates, Authentication of Company Memorandum, and Articles of Association certificates)

It takes approximately 3 to 5 working days after the company’s registration to open a bank account.

Yes, in order to start up a corporation in Cyprus, you need a registered address. Without you having to search around, our company will assist you in finding a workspace.

No, you don’t have to visit Cyprus to register your business. We can take care of it, and everything may be organized from your country. Our experts will consult with you over email or a Skype conference before sending you the necessary documentation to sign.

There is no minimum requirement of shares capital to start your Cyprus company.

The documentation needed to register your company are:

• A certified copy of Passport or ID
• A certified copy or an original utility bill, as a proof of address.
• A reference letter from a bank institution, lawyer or accountant for the good standing of the beneficial owners.
• A questionnaire provided from KTC Business Consultants.
• A recent CV
• Last year’s tax return

A 350 Euro annual charge is required to keep a company active and can be paid to the Cyprus company registrar online or through your services provider.

Within 28 days following the conclusion of the fiscal year, annual reports and audited financial statements must be electronically filed to the Cyprus firm Registrar department.Cyprus corporations are required to hold at least one annual directors meeting. This gathering is required. 18 months following the company’s registration date is when the first annual directors meeting must be held.

Within 60 days of the registration date, a Cyprus firm must register with the tax department and receive a tax identification number.Forms for annual tax returns must be submitted 15 months after the year’s conclusion.

The annual tax is payable in three installments on July 31st, December 31st, and January 31st. The final one will occur on June 30th, 2019. Within the tax year, each Cyprus company is required to determine and submit its own tax payments.Each and every firm with a Cyprus registration is required to maintain accounting records and produce audited financial statements.

The corporate tax rate is 12.5%.

No, there are no extra taxes.

This depends on the pay you’ll get from your employer. If your income is less than €19.500, you are not required to pay taxes.

• A director and employee of the company who is a tax resident of Cyprus.
• Global income taxed if it exceeds €19.500.
• A non-resident taxpayer who is a firm director and employee.
• Only Cyprus income that exceeds €19.500 is subject to tax.
• A shareholder, director, and resident of Cyprus who pays taxes.
• Dividends are exempt from income tax and C.Y. withholding tax, however starting on March 1, 2020, they must pay 2.65% into the National Health Insurance Scheme.
• A director and shareholder who is a non-tax resident of Cyprus.

Only Cyprus income that exceeds €19.500 is subject to tax Cyprus completely exempts dividends from taxation.

It takes between 3 and 5 working days starting on the day that the bank receives the signed documentation from the beneficial owners.

• Company certificates (Shareholders certificate, registered office, Incorporation certificate, Directors and secretary certificate)
• Memorandum and Articles of association
• Identification documents of the beneficiary person (Id, Passport and proof of permanent address)

The overall cost of the insurance is 20.3%. The company is responsible for paying 12% of the fee, while the employee is responsible for the remaining 8.3%. The Social Insurance Fee (8.3%), Redundancy Fund (1.2%), HR Development Authority Fund (0.5%), and Social Cohesion Fund (2%), are all employer contributions. Please be aware that these figures could change annually, according to the Social Insurance Department.

Yes, connected to the company’s bank account.

Yes, but it depends on the card type. ie Mastercard, Visa

Yes, but it depends on the card type. ie Mastercard, Visa

Depends from the bank fee’s policy.

Depends from the bank fee’s policy.

Fees are determined by bank policy. Typically, banks charge between €500 and €800 annually. A business is required to give the bank any information that is requested about its operations, owners.

At least one director has to be a tax resident and annual meetings have to be held in Cyprus.

Yes.

Anyone.

Any person from Cyprus or abroad that has no criminal record.

Yes. An EU person must travel to Cyprus to receive the yellow slip permit in this scenario. According to the Cyprus Department of Labour, if the person is a national of a third country (not in the EU or Cyprus), a visa application is necessary, and there are various employment requirements.

The minimum salary in Cyprus is 870 Euros gross, and it increases to 924 Euros after one year of continuous employment with the same employer. Depending on the job type, the hourly salary starts at $4.55.