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Ease of Doing Business in

Cyprus

Cyprus Download Profile (1731.3KB, pdf)
Region Europe & Central Asia
Income Category High income
Population 1,165,300
GNI Per Capita (US$) 25,930
City covered Nicosia

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 45 41 down
4
72.65 72.48 down
0.17
Starting a Business 53 60 up
7
91.21 89.19 up
2.02
Dealing with Construction Permits 125 122 down
3
64.01 63.95 up
0.06
Getting Electricity 63 68 up
5
78.33 75.18 up
3.15
Registering Property 91 89 down
2
63.43 63.39 up
0.04
Getting Credit 62 42 down
20
60.00 65.00 down
5.00
Protecting Minority Investors 27 25 down
2
66.67 66.67
-
Paying Taxes 34 36 up
2
84.45 83.74 up
0.71
Trading across Borders 45 45
-
88.44 88.44
-
Enforcing Contracts 139 139
-
48.59 48.59
-
Resolving Insolvency 16 16
-
81.38 80.60 up
0.78

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 53

DB 2016 Rank: 60

Change in Rank: up7

DB 2017 DTF (% points): 91.21

DB 2016 DTF (% points): 89.19

Change in DTF (% points): up2.02

Standardized Company
Legal form: Private Limited Liability Company
Paid-in minimum capital requirement: EUR 0
City: Nicosia
Indicator Cyprus Europe & Central Asia OECD high income
Procedure – Men (number) info_outline 5.0 4.9 4.8
Time – Men (days) info_outline 6.0 10.2 8.3
Cost – Men (% of income per capita) info_outline 12.2 4.7 3.1
Procedure – Women (number) info_outline 5.0 4.9 4.8
Time – Women (days) info_outline 6.0 10.2 8.3
Cost – Women (% of income per capita) info_outline 12.2 4.7 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 4.0 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Reserve the company name and get initial approval from the Registrar of Companies

    Agency: Registrar of Companies

    A standard form application for approval of name is submitted in person or by mail to the One Stop Shop Cyprus. It can also be submitted electronically to the Registrar of Companies and Official Receiver, through the E-filing website (https://efiling.drcor.mcit.gov.cy).

    The cost is EUR 30- which is EUR 10 compulsory and additional EUR 20 for expediting the procedure, which is optional.
    1 day EUR 30
    2

    Prepare the Memorandum and Articles of association by a Lawyer

    Agency: Lawyer

    The Registrar of Companies has no standard form for the Memorandum and Articles of association. The Companies Law provides a general template applicable for any kind of activities. It is a statutory requirement to have lawyers prepare the Memorandum and Articles of Association, who must also sign the relevant declaration.
    1 day EUR 1,000
    3

    Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver

    Agency: Companies Section of the Department of Registrar of Companies and Official Receiver

    The following documents can be submitted either by hand or online, certified by a registered advocate/lawyer in the Republic of Cyprus:
    i) Declaration form (ΗΕ1, a affidavit (sworn) statement of the lawyer and signature from the Registrar of the District Court);
    ii) Form concerning the registered office address (HE2);
    iii) Details regarding the directors and secretary (HE3);
    iv) List of persons who consent to act as directors of the public company (HE5, in case of a public company);
    v) Original Memorandum and Articles of Association (by law must be written by a approved/registered lawyer);
    vi) One Stop Shop Application Cover for Legal Entities Registration (applicable for submission to One Stop Shop);
    vii) Fee of €105,00, plus 0,6% subscription tax on nominal capital, plus €60,00 for filling the accompanied documents, plus an optional €100,00 for accelerated procedure (payable in cash, cheque or bank transfer). Please note that One Stop Shop accepts only applications with acceleration fees and the One Stop Shop Application Cover for Legal Entities Registration is to accompany the above-mentioned application.

    Upon completion of the registration the "Certificate of Incorporation" is issued. Upon request, and payment of the amount of €220,00, the following certificates and/or certified copies can be issued:
    (1) A certificate of the Shareholders;
    (2) A certificate of the Directors and Secretaries;
    (3) A certificate of the Registered Office;
    (4) A certified true copy of the Memorandum and Articles of Association;
    (5) A certified copy of the Certificate of Incorporation.
    2 days EUR 205 registration fees + 0.6% on the authorized capital + EUR 60 for filling accompanied documents + EUR 220 for the Certificates (optional)
    4

    Register at the Tax Department for Tax and VAT and obtain a Tax Identification Number

    Agency: Tax Department

    Starting July 1, 2014, the Tax Department was formed which integrated the Inland Revenue Department and the VAT Services.

    The registration at the Tax Department can be done in person and online. Online registration would require an e-signature.

    In both cases they must introduce:
    - Form 162 to register as a tax payer and obtain a Tax Identification number TIN.
    - Form 101 to register (and activate the TIN) for VAT. This registration is done once reaching the VAT threshold or by voluntarily registering for the tax.

    Companies can register online for taxes at the following: http://www.businessincyprus.gov.cy/mcit/psc/psc.nsf/All/749FC411823BDD31C225785600375018?OpenDocument.
    2 days no charge
    * 5

    Register for Social Contribution at the Ministry of Labor, Welfare and Social Insurance

    Agency: Ministry of Labor, Welfare and Social Insurance

    Registering for Social Contribution at the Ministry of Labor can be done online at: https://www.pay.sid.mlsi.gov.cy/sisweb3/index.jsp.
    1 day (simultaneous with previous procedure) no charge

    * Takes place simultaneously with previous procedure.