How to Register a Company in Cyprus
The European Union is the second-biggest economy in the world with a GDP of more than $17 trillion. The union has a population of more than 500 million people, who have higher wages than in most parts of the world. For decades, many companies have been seeking to be incorporated in the region because of its fast growth. However, it significant overregulation have made it almost impossible to achieve this. In this article, I will explain how you can start and run a company in Cyprus, which is a member of the EU.
Benefits of Registering a Company in Cyprus
There are several benefits you gain by registering a company in Cyprus. First, the country is known for its youthful population, who are well-educated. This young population will provide you with the much-needed human resources as you run your organization. Second, the country is very friendly for businesses. This is evidenced by the friendly regulations and lower taxes. On the latter point, Cyprus is well-known for its role as a safe haven country. Its corporate taxes are the lowest in Cyprus. Therefore, many companies often register their companies there. Third, the country has advanced infrastructure, which will save you a lot of money in transport costs.
A Company Name
The first step you need to take when registering a company in Cyprus is to have a name. A name should be in English or in Greek. It should be simple and unique. This means that you should not register a company name that is owned by another company. If you are a firm that has been incorporated in another country, you should consult with a lawyer to see whether the name is available in Cyprus.
Memorandum of Association
After coming up with a name, you need to sign documents known as memorandum of association. This memorandum is very important because it provides details of your business, the industry you are in, your address, your team members, and your address. Ideally, it is recommended that you use services of a lawyer and business consulting firm like PageCorp Group. There are several benefits of using such a firm.
First, these companies have been in the business for a long time. They know the bolts and nuts of the industry and will help you have your business registered faster. They know the procedures and the documents that are needed. Second, these lawyers will help you register your intellectual property like trademarks and patents. They will also defend the property in a court of law. Third, these companies will help you if you are registering a foreign entity.
After you have completed the previous stage, you can now submit your documents to the company registry. This can be done in person or online. After you have submitted the documents, you need to open a bank account and make a payment to the government.
Another simple option of registering a company in Cyprus is to buy a shell company. This is a company that has already been registered and one that has not done any business. Companies like PageCorp have a lot of shell companies that they can sell you. The benefit of doing this is that the process is simple and faster. It often takes less than 24 hours to complete.