Starting a Business in Cyprus

This table summarizes the procedures and costs associated with setting up a business in Cyprus.

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Legal Form: Limited Liability Company
City: Nicosia

	Procedure	Time to complete:	Cost to complete:
1	Reserve the company name and get initial approval from the Registrar of Companies	2-3 days	EUR 26
2	Prepare the Memorandum and Articles of association by a Lawyer	1-2 days	EUR 1000
3	Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver	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 at the Ministry of Commerce for Social Contribution	1 day	no charge

Procedure 1.: Reserve the company name and get initial approval from the Registrar of Companies
Time to complete:: 2-3 days
Cost to complete:: EUR 26
Name of Agency:
Comment:

Procedure 2.: Prepare the Memorandum and Articles of association by a Lawyer
Time to complete:: 1-2 days
Cost to complete:: EUR 1000
Name of Agency:
Comment:: The Registrar of Companies has no standard form for the Memorandum and Articles of association. The Company Law provides a general template applicable for any kind of activities. It is legally required to use lawyers to prepare the Memorandum and Articles of Association

Procedure 3.: Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver
Time to complete:: 2-3 days
Cost to complete:: EUR 188 registration fees +0.6% on the authorized capital + EUR 187.98 for the Certificates
Name of Agency:
Comment:: 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 secretariats and directors
ii) A form setting out the registered office
iii) Declaration by the lawyer: sworn of fidelity 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