The Department of Registrar of Companies and Official Receiver (ROC) is the authorized department of the Ministry of Energy, Commerce, Industry and Tourism of the Republic of Cyprus (Cyprus) in respect of the incorporation of a Cypriot company and other entities.

Any person, irrespective of their nationality may incorporate a company in Cyprus. The cost for such incorporation will mainly depend on the amount of authorized share capital. For example incorporation of a Cypriot company with an authorized share capital of EUR 5,000 divided into 5,000 shares of a nominal value of EUR 1 each, will give rise to the following government disbursements:

Before proceeding with the incorporation of a company thought should be given to whether such company is meant to be a company taxed under the Cypriot tax laws. (Cyprus has a corporate tax rate of 12,5% and has signed numerous Double Tax Treaties). If so, such company will need to have its management & control in Cyprus. In order for the company to be tax resident in Cyprus, the (majority) of the board of directors of the company should be Cyprus-based and the meetings of the board should be held in Cyprus. Moreover, no comprehensive powers of attorney should be given to any directors or other persons based abroad.

As a result of the above and in line with laws and regulations, regulated service providers are allowed to offer the following nominee services:

1. A registered office;
2. Nominee shareholders (physical or legal persons);
3. Nominee directors (physical or legal persons);
4. Nominee secretary (physical or legal person).

In addition to the above, we can assist with the subsequent requirements needed for a company to comply with the laws and regulations:

• Keeping books and records;
• Acquiring of a  company stamp;
• Opening of a bank account (not mandatory but preferable);
• Obtaining a Tax Identification Code;
• Payment of Annual Levy;
• Registration with the VAT authorities;
• Filling of annual financial statements (subject to a fine) and compliance with other accounting and tax requirements, such as engaging an accounting firm, etc.

For more information on our Company Law services, please contact us.