The procedure for the formation of a Cyprus company is very simple. First we need a name for the company. Our office has a list with approved names which is at your disposal upon your request. Of course the client can choose his own name but the application for the approval of the name can take up to 6 working days. The most important paper we need it’s a copy of the two first pages of the passport of the intended foreign participant in a Cyprus Company. If the participant will be a legal entity (company) then we need proof of existence, like certificate of incorporation. Those documents must be certified by a notary or lawyer or accountant. The clients must send it first by fax to our office and then the original by post or courier service. Together with the copy of passport we need also our firm’s questionnaire duly completed.
After the approval of the name we draft the following agreements between our firm and the client:
- Trust agreement in case of nominee shareholder, which indicates that the shares are owned in trust
- Deed of indemnity for the nominee director and secretary
- Agreement for the fees
All the above agreements are send to the client by email or fax and in order to proceed with the incorporation we need those agreements signed first by fax or scanned electronic copy and after the original agreements.
After that we proceed with the incorporation of the company (about 6 working days). For the whole procedure we need about 10 working days (if the client choose a name from our list).
For practical and tax reasons usually the non-resident shareholders hold there shares through nominees. Our office provides that service. Of course the share certificates are kept by the beneficiaries and trust declaration agreements are signed.
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