Since 1st of October 2004, administrative procedures have been simplified;
hence, foreign investors address directly to the Registrar of Companies for
establishing a company, without prior approval by the Central Bank of
Cyprus.
The procedure for a company’s formation is:
- Initially, an application for the approval of the name of the company is
submitted.
- After securing the company’s name, the relevant documents for the company’s
registration (Memorandum of Understanding, Articles of Association, etc.) are to
be submitted through a lawyer. In case of a partnership registration, the
involvement of a lawyer is not mandatory.
- Registration is completed within one month under the normal procedure, and
within one week under the accelerated procedure at the additional fee of CY £30.
Shares or participation must be registered under the investor’s name at the
Registrar of Companies according to the respective Company or Partnership
Law.
The figure below outlines the procedures to be followed by an investor,
resident or non-resident.
Figure: Stages to follow for investing in Cyprus
