The Systematic Process of Company Registration in Cyprus After gaining familiarity with the typical documents that have to be submitted in order to begin company registration in Cyprus, you are now prepared to learn the systematic process followed by the Republic of Cyprus. Definition of Terms: The following terms are most likely to be encountered in the forms and procedure in the Cyprus registration process: Service Provider or Lawyer This refers to a licensed lawyer under the Cyprus Bar Association or a particular service provider that is in cooperation with a lawyer that will prepare the needed Memorandum and Articles of Association. He will also be the person to sign in the HE1 Declaration Form required by the Registrar of Companies. Parties This may refer to any of the following entities:
Applicant Cyprus Lawyer Registrar of Companies Cyprus Point of Single Contact (PSC)
Step One: Finding a Cyprus Lawyer Company owners should understand that is impossible to set-up a Cyprus registration without a licensed Cyprus Lawyer by your side. It is important for you to find an agency or professional that will be classified as your lawyer because there are certain documents that has is to be signed only by a licensed legal representative. Step Two: Approval of Cyprus Company Name The applicant can perform this task on his own or it can be passed to the lawyer or the service provider. It can be done online through the website of the Registrar wherein you are free to search for similar company names that may cause the rejection of your application. If you find that there is no existing company with your chosen name, then you can apply for this name online. However, payment is only possible if you have a minimum credit balance with the Registrar equivalent to EUR800, which is typical only with lawyers and service providers. Nevertheless, the Government is making the necessary changes so applicants will be given liberty to pay and process this request online without the assistance of any service provider. NOTE: For quicker registration, you can inquire about Shelf Names offered by lawyers and service providers. These are pre-approved names offered to clients who wish a speedier registration of their company in exchange for a particular price, typically more expensive than the regular approval of name process. Estimated Cost and Time Frame
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It will take approximately two to five days for the company name registration to be fulfilled if you will request for the accelerated procedure and it will cost you €25.63. On the other hand, the normal procedure may take a month before it is accomplished, but it will only cost you € 8.65. Step Three: Collection, Preparation, and Submission of Documents to the Registrar After the approval of the company name, you are to deal with a lawyer for him to handle the processing and submission of the needed forms required by the Registrar. This will include the basic requirements mentioned in the beginning of this manual and the following additional requirements: 1. Declaration Form HE1 2. Declaration Form HE2, form containing information about the company’s registered office address 3. Declaration Form HE3, form containing the names and details of the Company Directors and the Secretary 4. Signed Articles of Association and Original Copy of Memorandum signed by the subscribers Estimated Cost for Cyprus Company Registration Fees The following are the estimated Registrar Fees that has to be paid for the pursuance of your registration request: 1. Subscription Fee amounting to €102.52 with an additional 0.6% subscription tax of the nominal share capital 2. Fees for the submission of forms HE1, HE2, and HE3, which is equivalent to €51.27 3. Fees for the translation of documents that has to be submitted 4. an optional accelerated registration fee of €85.43 for a speedier processing time Step Four: The Actual Application Process and Approval Made by the Registrar of Companies The following processes are done by the Registrar before your registration is approved. 1. Data contained in the four paper forms submitted will be encoded into the electronic system. 2. The Examiner will evaluate the date and check its accuracy and completeness. Any shortcoming, errors, omissions have to be addressed before it can move to the next step. In this case, you will need your lawyer to fix these concerns so as not to bother you withy our business concerns. 3. The Certificate of Incorporation is issued, which shows the Company Name, the Registration Number, and its Date of Incorporation. This becomes the official date the company is acknowledged as a legal person by the Republic of Cyprus. 4. The Company dossier will be prepared. 5. The certificate will be given to the applicant, the lawyer, or the service provider in-charge of the registration. If there are no errors and omissions with the submitted documents, the entire application process will take two to five working days. The fees mentioned above are sufficient to
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cover the registration fees, but the lawyer may need to charge his own service fee before giving you the certificate. Therefore, it is best to secure his rate before you close any deal with him to avoid legal disputes in the future. Step Five: Cyprus Company Post Registration Issues After the service provider or lawyer has delivered the certificate to the applicant, he may wish to maintain their services including opening and maintaining of the company’s bank account and legal administration like drafting of the minutes, convening board meetings, and sending annual returns back to the registrar. This is a convenient way of maintaining the legal existence of the corporation in Cyprus without getting affected with your company’s daily transactions; but it is an option left for your choice. It is important to find a reliable service provider that will fulfill the registration procedure from beginning to end because CBA rules does not easily allow a new lawyer to take over an existing registration process unless lawyer’s fees has been settled. If this cannot be accomplished then you will have no other choice but to submit new forms to the Registrar, which is a complete waste of time, effort, and money. For more information please contact: Oxford Tax Solutions Agias Fylaxeos & Zenonos Rossidi 2 P.O. Box 59655 CY 4011 Limassol Cyprus http://www.oxfordcy.com/
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