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How To Set Up A Company In Cyprus
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Reserve your company name
To form a company in the Cayman Islands, you must first reserve a name that is available for registration and meets requirements for appropriateness and uniqueness.
You’ll need to fill out a name reservation form and pay the required fee. Once the name has been reserved, you can proceed with the company registration process.
Prepare required document
There are a few documents required for the incorporation of your company, including
- A Memorandum of Association that details your company’s reserved name, registered office, share capital, and so on;
- Articles of Association that outlines your company’s purposes and internal conduct;
- Identity documents and residency proof of company directors, shareholders, and other key personnel.
Submit application and pay incorporation fees
You must submit the necessary documents and pay the registration fee to the Cayman Islands Registrar of Companies, either online or in person.
Once your application is approved, you will be given a certificate of incorporation, which will serve as proof that your company is officially registered.
Open a business bank account
Make sure you set up a separate bank account for your company to keep track of its financial situation.
You can open a bank account in various locations, including offshore jurisdictions, major financial hubs, or by opting for Fintech solutions.
Can Cyprus Company Open A Bank Account Overseas?
One initial step to start your offshore business venture is to apply for a business bank account. This allows business owners to keep their business depositing and expenditure separate from personal accounts, meaning better limited liability protection and enhanced credibility for your business. As for Cyprus company, there are common application choices to open your business account:
Applying in a local bank in Cyprus
The Republic of Cyprus, located to the south of Turkey, is a member of the European Union (EU). Its corporate income tax rate at 12.5 % is the lowest among all EU countries.
Cyprus’s banking sector is regulated under Central bank of Cyprus, and under the direct supervision of European Central Bank (ECB) within the framework of Single Supervisory Mechanism (SSM) provisions, which has come into effect since Nov 2014
Since the financial crisis in 2013, Cyprus has undergone economic reform to enhance its financial stability and improve functions of the banking sector. Until now, high bad debt (non-performing loans) still remains as a challenge facing the future of Cypriot banking system.
Banks in Cyprus are classified into two groups: domestic-oriented banks and international banks. Three key players in the banking landscape are Bank of Cyprus, Hellenic Bank and RCB bank, the remainders are occupied by over 25 branches and subsidiaries of international banks in EU and other countries.
Going for offshore bank accounts or fintech solutions
We currently don’t support opening bank accounts in Cyprus. Fortunately, we can set up your Cypriot company bank account in other jurisdictions including financial centres like Singapore, where you can find a reputable banking system with no foreign exchange control.
- Application forms
- Bank statements
- Bank reference letter
- Certified copies of passports, proofs of residence of all directors/shareholders
- Business plan
- Company business evidence (sales/purchase orders, invoices, etc.)
- Certified copies of your Cayman company incorporation documents
- Government certification of company good standing status
Please get in touch with us to know the exact essential documents for your case.
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Offshore Company Registration in Cyprus
Exempt from corporate taxation
Minimal company maintenance requirements
No minimum paid-up capital
Thriving banking and financial system
No public record of company members' identities
No exchange control on cross-border transactions
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KYC Documents Checklist
The following proofs are required for all company members including Directors, Shareholders, Ultimate Beneficial Owners (UBOs), and Contact persons.
Note: Please ensure the certified true copy (scanned version) of your identity and address proof contains sufficient details and exact wording as the sample →
Proof of Identity
Proof of Address
To establish the identity of a corporation or entity, it is necessary to provide company documents and proofs of its members.
Company Documents
Company Members
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Frequently Asked Questions
If you have any questions, feel free to contact us or schedule a free consultation with our team of experts.
What are the advantages of exempted company types?
An exempted company is not subject to any kind of corporate taxation given that the company conducts its business mainly outside of Cayman Islands. In addition, the company can request a tax exemption certificate to ensure its tax-free status for a period of up to 20 years.
Register of company shareholders is not open to the general public. Moreover, company maintenance procedures are simple and straightforward. The company doesn’t need to file its annual account to the government.
How to name an exempted company in Cayman Islands?
The name of an exempted company should not contain restricted words i.e. “royal”, “imperial”, “empire”, “municipal”, “chartered”, “co-operative”, “insurance”, “bank”, “assurance”, “gaming”, “lottery”… except with the prior consent of the Registrar. The name must also not be identical to the existing companies already registered. An exempt company does not need to include the word “Limited” or “Ltd” after its name.
- We price quote based on the info provided in the discussion.
- We guide you with any questions or notes along the way.
- We share it with you for your review and answer.
- After the review - you ESign, then we Efile.
- You receive a final copy for your records.
What are the requirements to set up an Exempt Company in Cayman Islands?
To set up an Exempt Company in the Cayman Islands, you must meet the following requirements:
- a minimum of one director (no residency requirement)
- a minimum of one shareholder
- a registered office in Cayman Islands
- no business with Cayman residents.
It is recommended that you seek the assistance of a professional services firm in company formation to ensure that all requirements are met and the process goes smoothly.
What is the current tax regime for a Cayman Exempted Company?
A Cayman Exempted Company is not subject to income, capital gains, and withholding taxes.
Furthermore, shareholders are not subject to estate or inheritance taxes on their shares or dividends received from those shares.
How long will it take to incorporate a company in Cayman Islands?
Hard copies of corporate documents are ready in around 7-10 working days from the full inception of all required documents. Express company formation in 48hrs for Cayman Islands company is also available if requested.