The Characteristics
The basic Characteristics of a Cyprus company.
Cyprus since 1st of May 2004 has become a part of the European Union, therefore the Cypriot companies are not considered offshore.
The basic characteristics of Cyprus Companies can be described as below.
Memorandum and articles of Association: Cypriot companies must possess a memorandum and article of association that will determine the activities of the company and how the establishment will regulate its internal affairs.
- Shares Capital: There is no legal regulation restriction on the minimum or maximum share capital of the company. Capital duty of 0.6% on the nominal capital is paid to the Government by the registration of the company and in every subsequent increase on any amount of Nominal capital.
- Shareholders: In accordance with Cyprus law, limited liability companies must have at least one shareholder. If you wish to preserve the anonymity of shareholders, the shares may be held by a company which acts as a trustee of the shares of the owners, without revealing their real identity. The confidentiality of such information is kept and a decision by Cyprus court is required before disclosure.
Board of Directors
Although the appointment of local board members is not required by law, however, for tax purposes, it is considered desirable. It should be noted that, from a tax point of view, is essential that the company is managed and controlled in Cyprus, which is why it is recommended that the majority of directors are local residents.
Secretary
According to the Cyprus law, the company must have a registered secretary named.
Registered address
The law requires the company to have a registered office in Cyprus, which will be used as the commercial address of the company for conducting their operations.
