At an incredibly low rate of just 12.5%, paying your corporate tax in Cyprus is more lucrative than in most other countries. So it comes as no surprise that many savvy investors are choosing to form companies on the island. If this sounds appealing to you, it could well be something you’d like to look into, so let’s take a brief look at the process and requirements for Cyprus company formation…

The first steps – starting with a name

Your corporate structure will depend on your own particular business strategy and requirements, but there are some aspects of Cyprus company formation that are common to all. The first step is to apply for company name approval. This is the initial step that starts the incorporation process. The name has to be unique, and it has to adhere to the requirements of the Registrar of Companies. The company formation experts at Savva Cyprus are well versed in these specifics and so will be able to advise you in order to submit a company name that will accepted without delay.

Complying with all rules and regulations

It’s important to be sure of all the rules to avoid any set backs and to ensure that your business will be run legally. So it’s wise to familiarise yourself with your legal obligations such as the requirement to hold an Annual General Meeting every year.  If you are putting the formation of your Cyprus company into the hands of Savva Cyprus, then they will endeavour to keep you fully up to date with everything you need to know, both with regards to the formation of your Cyprus company and the ongoing management of your business affairs. You’ll be required to submit an annual financial statement, and again, Savva Cyprus can help you with this. Failure to submit your financial statement or late submission can result in fines so it’s something you must be aware of. There is also an annual levy to be paid annually to the Registrar of Companies, currently a sum of €350. Again, late payment penalties apply.

Drafting and submitting all the relevant documentation

The next step is to submit a range of official documents that are required by the Registrar of Companies in order to create your company. These documents include, but are not limited to, forms with the details of the company director and secretary, the registered office of the business, and the Memorandum and Articles of Association.

Receiving your official certification

Once approved, the Registrar of Companies will issue you with various certificates that confirm your legal Cyprus company status.

Start your journey to Cyprus Company Formation today

Get in touch with Savva Cyprus today to find out how we can help you with our professional services. We can advise you on all aspects of company formation and answer any questions you may have. From tax and finances, to Investor Immigration via the Cyprus residency schemes, Savva Cyprus have the answers you’re looking for. For more information, call us today or visit our website for further details.