Cyprus Company Registration Procedures You Should Know

Cyprus Company Registration Procedures You Should Know

The process for the Cyprus company registration or the incorporation of a Cyprus Legal Entity will take only two weeks enabling the legal entity to start business immediately. First, the name should be legally authorized by the registrar of companies. But, the Cyprus companies name can be rejected on the basis of being earlier registered, if considered misleading or confusing, implies links with loyalty or consists of terms like Imperial, National, corporation, commonwealth as well as co-operative. To prevent rejection that would result to wasting of time you are required to front two to three Cyprus Company names for authorization. If the subsidiary company wishes to adopt the name of the parent company the other must furnish its written consent for the use of its name.

With the approval by the Central Bank the next step is the registration of the Cyprus Company which needs a few documents to be submitted with the registrar of companies. The 1st document in Cyprus company registration is the Memorandum and Articles of Association that indicates the name of the company ending with the word limited, location of the registered office or the incorporators, the objects of the company, statement of liability to the stakeholders probably through shares or guarantee, amount of capitalization as well as shares sanctioned to be issued and the subscribers to the memorandum along with the shares they have subscribed.

The Cyprus companies must also provide the Articles of Association which is basically used to control the company's internal methods and operations. It includes the rules governing the internal management and regulates the rights of its members. This can later be altered or revised via a special resolution by majority vote of above seventy-five percent. The document generally dwells on general meetings, voting rights, share transfer, director appointment and powers, dividends, accounts and audit, and specimen of the Cyprus company memorandum and article of association as prepared by the lawyers and other business experts.

Another provision necessary for the Cyprus company registration is the list of administrators and the secretary's information. The list should contain at least one director, although there is no requirement for listing a local director it is advisable to include one to cater for the provisions of double taxation. Furthermore, for some other reasons it is advised that the secretary is of Cyprus origin; directors may act as secretaries except in sole directorship.

The declaration or affidavit confirming that all the requirements have been met should also be presented after which the certificate of incorporation is given and the Cyprus company registration is done.

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