Cyprus

Starting a Business in

Cyprus

Listed below is a detailed summary of the bureaucratic and legal hurdles an entrepreneur must overcome in order to incorporate and register a new firm, along with their associated time and set-up costs.  It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income (GNI).

The information appearing on this page was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 183 economies. The most recent round of data collection for the project was completed in June 2011.

  • Standardized Company

  • Legal Form: Private Limited Liability Company
  • City: Nicosia

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No. Procedure Time to Complete Associated Costs
1 Reserve the company name and get initial approval from the Registrar of Companies


1-2 days EUR 26
2 Prepare the Memorandum and Articles of association by a 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.
1-2 days EUR 1000
3 Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver

A representative of the Companies Section of the Registrar of Companies is available at the one-stop shop at the Ministry of Commerce. However, most of the company registrations are done at the Registry itself.
In addition to a registration form, the following documents are submitted to the Companies Section of the Department of Registrar of Companies and Official Receiver:
i) A form setting out the secretaries and directors
ii) A form setting out the registered office
iii) Declaration by the lawyer: sworn afidavit that the registration process and articles of association are in compliance with the law (this is legally required).
iv) Memorandum and Articles of Association

At the end of the process, the applicant obtain in addition to a certified copy of Memorandum of Association the following 4 certificates: Certificate of Incorporation, Certificate of Shareholders, Certificate of Directors and Secretary and Certificate of Registered Office Address
2-3 days EUR 188 registration fees +0.6% on the authorized capital + EUR 187.98 for the Certificates
4 Register at the Ministry of Commerce for tax


1 day no charge
5 Register at the Ministry of Commerce for VAT


1 day no charge
6 Register for Social Contribution at the Ministry of Labor


1 day no charge
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