As a member of the Eurozone, they can benefit from the European Union’s high and transparent regulatory standards; thus, to setup company cyprus is a good idea if you want to not only capitalise on the best business environment created by these regulations. But also if you need to gain access to the European Single Market. Tetra Consultants assists overseas clients in registering a company in Cyprus to have your firm operating in 6 weeks.
Step 1 Selecting an appropriate corporate organisation:
The most crucial and initial step to setup company cyprus will be to choose a structure. Our team of devoted experts will offer the applicable corporate formation to carry out your business after analysing your business goals and activities.
Step 2 Company name reservation:
Tetra Consultants will reserve your desired company name with the Cyprus Registrar of Companies.
Step 3 Gathering supporting documentation:
In most circumstances, directors and shareholders must present vital KYC documentation. For our internal due diligence checks, these papers comprise the names of directors, certified true passport copies, proof of address, bank reference letter, and CV.
Our staff will also advise and support customers who want to incorporate in Cyprus by renting a local office and, if desired, appointing a nominating director.
Step 4 Apply for registration:
We shall next continue to register with the Registrar of Companies in Cyprus. Tetra Consultants will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other corporate documents to your desired address after gaining approval. It will provide the registration number for your firm. These materials will get translated into English for your inspection and consideration. We will secure a Value Added Tax Number from the Tax Department and complete Social Contribution registration with the Ministry of Labour, Welfare, and Social Insurance to guarantee that you comply with all Cyprus government rules.
Step 5. Company registration with the tax department and, if necessary, the formation of a bank account:
All enterprises must register with the Tax Department and Social Insurance Services for tax identification numbers. And VAT registration number.
- Employers are required to contribute to the Funds (Social Insurance, Paid Annual Leave, Redundancy, Human Resource Development, and Social Cohesion) for each of their employees whose compensation does not fall below €200 per week or €700 per month. Employers pay their payments (including the employees’ part) in arrears every month within one month of the end of each contribution month.
- Employer registration applications can be filed electronically via the Point of Single Contact (PSC) Cyprus portal (www.business in cyprus.gov.cy), in person, or by mail to a District Social Insurance Office or Citizens Service Centre.
The following certifications should get included with the application form:
- Copy of employer’s identity card, passport, or alien registration certificate
- Copy the certificate of incorporation and the director’s and secretary’s certificates.
- Copies of the partners’ certificates. And the partnership registration certificate.
- Form for Employer Declaration and Registration to hire personnel.
Step 6. Location:
Another consideration will be location. Various restrictions, fees, and availability may apply in many cities and areas. It is always essential to get advice from appropriate professionals, such as business or legal consultants, accountants, and as needed.
