In the previous article, we discussed what preliminary steps you need to take before company incorporation and what information to prepare.
Now let’s move on to the registration process. Basically, incorporation stage is the formal process of registering the company and obtaining the necessary legal documents to establish the business.
Here is a simple list of the typical documents required during this stage:
- A company name reservation application.
- Memorandum and Articles of Association
- Statement of initial beneficial owners.
- Directors’ and shareholders’ details
- Proof of identity and address for each director and shareholder.
This checklist may be different for some companies, but it is the minimum requirement for most applicants. Similarly, the process may vary but will largely follow these steps:
- Company name approval from Registrar of Companies,
- Submit the required documents (Memorandum and Articles of Association, total share capital, and the statement of initial beneficial owners).
- Pay the relevant fees for company registration and any additional services the Registrar of Companies provides.
- Wait for verification and approval by the Registrar of Companies.
- Complete tax registration with the Tax Department.
Post incorporation procedures
According to the Cyprus Companies Law, every company registered in Cyprus must have a company secretary. The company secretary must be a natural person and can be a resident or non-resident of Cyprus. If the company only has one director, they cannot act as the secretary.
If your company still needs a secretary, it must appoint one within 14 days of the incorporation. To do this, you need the companies’ tax details and to register the secretary through the government’s Ariadni portal.
An easier option is to appoint your corporate provider as the company secretary. If you are going to set up with YouReg, don’t forget to talk to the manager also about that.
Checklist in short:
- Choose the best method to set up your business
- Prepare to register your business by choosing a company name, drafting a business plan, structuring your business, securing funding, and preparing your documents.
- Study the tax rates in Cyprus that would apply to your business
- Get company name approval from the Registrar of Companies
- Submit the required documents
- Pay the relevant fees for company registration and any additional services the Registrar of Companies provides
- Wait for verification and approval by the Registrar of Companies
- Complete tax registration with the Tax Department
- Appoint a secretary within 14 days of your incorporation
OR delegate all the procedures to YouReg – just create a personal account and fill a short form, upload some document and wait few days for your new company.
