Formation of International Companies
Formation of International Companies
You should follow the following easy steps:
For the formation of Cyprus Company declare:
1. three possible names,
2. the main trade activities and scope,
3. the Shareholders, Directors and Secretary.
Details:
What is required to set up a Cyprus Company?
The Cyprus Company, under common circumstances can be in the form of a Limited Liability Company with shares.
For the formation of a Cyprus Private Limited Liability Company with Shares the following information is requested:
1. Name of the Company:
Before you set up a company you should get an approval for the name from the Cyprus Registrar, the name of the Company can be written with Greek or English letters and with the word Limited at the end. It is required to prepare a minimum list of three possible names for approval.
2. Preparation of memorandum and articles of association:
Includes all the details of the Company’s common trade scope and objects which cover a huge business trade activities.
The main object is usually written in the first object article of trade.
For example shipping, business consulting, building construction or Tourist company.
3. Shareholders, Directors and Secretary:
They can be any legal or physical person originated from Cyprus, Greece, Europe and Non Europe resident.
You should disclose all correct information about First and Last Name, correspondence address, occupation, nationality and date of birth. In case you prefer anonymity Cypriot Nominee Shareholders can be appointed.
4. Share Capital:
There is no minimum limit for share capital. General practice suggest that the minimum share capital will be 1.000 Euros, consisting of 1000 shares with nominal value €1 Euro each share.
5. Registered office address:
is the place where directorship and decision making process of the company is made. You should prove that management and control of the company is made in Cyprus if you want to be taxed in Cyprus.
Directors and Secretary are strongly requested to prove that they manage and control the company with a physical presence in Cyprus.
The tax bracket for Cyprus resident company is 10% corporation tax.
Dividend tax is 15% for Cyprus tax residents residing in Cyprus for more than 183 days a year. If shareholders stay in Cyprus for less than 183 days per year this proves that they are not tax residents in Cyprus and therefore pay 0% dividend tax in Cyprus.
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