Cyprus Ltd Company Starter Pack

FACTS & INFO

• Corporate Information

  COMPANY NAME

  The company name must end in “Limited” or "Ltd." (no other suffix is allowed) and must be approved by the Department of Registrar of Companies and Official Receiver. This procedure usually takes 2 to 4 business days.

  MEMORANDUM AND ARTICLES OF ASSOCIATION

  To register a company, a memorandum and articles of association must be prepared by a licensed law practitioner and filed at the registrar. The memorandum specifies the activities in which the company may engage and the articles of association specify the rules governing the internal management of the company.

  SHAREHOLDERS

  The number of shareholders in a company may be from 1 to 50. A shareholder can be a physical or legal person of any nationality. Details of shareholders such as their name, address and nationality, are part of the public record; however, they may avail themselves of a nominee service by appointing a nominee shareholder, which we can provide by virtue of an agreement or a deed of trust for a reasonable fee.

  SHARE CAPITAL

  There are no minimum legal requirements as to the minimum or maximum share capital of a Cyprus private limited liability company. However, for practical purposes, it is recommended that companies be incorporated with a minimum share capital of €1,000 divided into 1,000 shares of €1 each.

  DIRECTORS AND SECRETARY

  Cypriot companies are managed and controlled by a board of directors. A company must have at least one director. There is no restriction as to the nationality of the directors and both physical and legal persons can be directors of a Cypriot company.

  Management and control of the company will determine the tax status of the company. It is therefore customary for the majority of the directors to be Cypriot residents. In this case, the company is regarded as resident in Cyprus for tax purposes.

  Details of directors are part of public record; however, our firm can provide a nominee director, if required, for a reasonable fee.

  The company secretary can be either an individual or a legal person and is responsible for administrative matters concerning the company.

  REGISTERED OFFICE

  Every company is required to have a registered office and address in Cyprus which should be registered and updated at the registrar's office.

  OFFICES IN CYPRUS

  A Cyprus limited company may operate from abroad or may have a fully-fledged office in Cyprus. There are certain regulations and procedures that must be fulfilled in case the company wishes to establish a fully-fledged office in Cyprus.

  MEETINGS

  Company meetings need not be held in Cyprus.

  INCORPORATION TIME

  The process normally takes between 2 and 3 weeks; however, a priority claim can be requested.

  RECURRING MAINTENANCE FEES AS FROM 2ND YEAR

  • Provision of registered office and registered address
  • Provision of company secretary

  Note: As from June 2011, all companies registered in Cyprus have to pay an annual government levy by 30th June of every year (irrespective of the date of incorporation). This levy of €350 is to be considered in good standing, and for the company name to be retained on the register maintained by the registrar.

  CIM Bank was founded in 1990 and provides traditional Swiss private banking services for private and corporate clients. The bank is located in Geneva, Lugano and Wollerau. CIM Bank is regulated by the Swiss Financial Market Authority (FINMA) and is a member of the Swiss Bankers Association (SBA) and SIX Swiss Exchange. In 2012, CIM Bank acquired the Croatian bank Primorska.

  CIM Bank has been repeatedly recognised by Deutsche Bank for the excellent quality of its SWIFT payments (Euros and Dollars).

  WHAT CIM BANK OFFERS:

  • Corporate and personal multi-currency accounts
  • International transfers
  • Commercial bank accounts for performing business activities of any type and size
  • Advisory and mandate portfolio management
  • E-banking with facilities of international online transfers and payments
  • Lombard loans
  • Online trading (futures, options and stock trading, Forex)
  • Credit and prepaid Visa and MasterCards (Swissbankers TravelCash, Gold, Silver, Visa Platinum, American Express, and business cards)

  The approximate timeframe for account allocation is 7 to 10 business days (upon receipt of the original documents by the bank).

  BANK TARIFFS AND CHARGES

  CIM Bank can be considered a medium-cost bank with respect to account maintenance and bank transfer fees. The fee for incoming funds depends on the amount of transaction and varies from CHF15 up to CHF550. The commission for incoming payments greater than CHF1.5m is 0.035% of the transaction amount. The bank fees for outgoing payments sent via e-banking range from CHF3.50 and CHF450. For outgoing payments greater than CHF1m, the bank will charge 0.025% of the transaction amount.

  The personal account maintenance fee is CHF120 per quarter.

  PLEASE NOTE: Bank tariffs may be changed anytime at the sole discretion of the bank. Therefore, we suggest that you contact us or visit the bank’s website for updated details on specific fees and charges.

  The Starting Business professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit, or minimum balance.

  IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES

  If you conduct any activity without the required license or authorisation granted by a relevant authority in any jurisdiction, Starting Business will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.

  Licensable activities include, but are not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.

  Please contact us if you need assistance in the licensing of your financial, Forex brokerage or gambling company.

  SHIPPING COSTS

  Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to your order during checkout. Shipping costs for international courier services are set automatically depending on geographic zones.

• TAXATION

  BASIC TAX PRINCIPLES

  According to Cypriot tax laws, companies are considered to be tax resident in Cyprus if the management and control of the company are in Cyprus and are taxed at 12.5% on profit. However, non-resident companies are not subject to Cypriot tax provided that the company management and control are exercised outside Cyprus, and the company does not derive any income in Cyprus. It should be noted that in such cases, the company may not take advantage of the Cyprus double tax treaties network.

  FIXED ANNUAL LEVY

  As from June 2011 all companies registered in Cyprus must pay by 30 June of every year an annual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the registrar.

  DOUBLE TAXATION AGREEMENTS

  Cyprus has concluded double tax treaties with over 60 countries worldwide.

  FINANCIAL STATEMENTS AND AUDIT

  A Cyprus limited company must submit audited financial statements to local tax authorities and the Department of Registrar of Companies and Official Receiver. Company law requires that a company maintain proper accounting records in accordance with International Accounting Standards (IAS). The first reporting period can be up to 18 months from the date of incorporation and thereafter financial statements must be prepared annually. A Cypriot auditor is required to be appointed.

• OUR SERVICES & REQUIREMENTS

  OUR SERVICES FOR COMPANY FORMATION IN CYPRUS INCLUDE:

  • Name check and approval
  • Filling incorporation documents with the registrar of companies
  • Registration forms
  • Payment of government subscription tax on the authorised capital up to €1,000
  • Provision of registered office and registered address for one year
  • Provision of company secretary for one year
  • Registration with Cyprus tax department and obtaining of Cypriot tax number
  • Rubber stamp

  Please note: If applying for a corporate bank account outside of Cyprus, you will need to order a full set of apostilled company documents.

  DOCUMENTS REQUIRED:

  Please provide the following documents for all directors, shareholders, beneficial owners, and authorised signatories:

  • Notarized copy of valid passport.
  • Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within three months).
  • Original or certified copy of Banker’s reference letter (dated within three months).
  • In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and certificate of good standing (for companies registered more than one year).

  REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH CIM BANK IN SWITZERLAND

  • Personal visit to the bank is not required; however, a face-to-face meeting via webcam must be arranged after initial pre-approval of the account.
  • The minimum initial deposit required is US$10,000 and the minimum remaining account balance is US$1,000.
  • Offshore jurisdictions (eg BVI, Bahamas, Panama, USA, RAK, Marshall Islands, Mauritius, Seychelles, Nevis, Belize, etc.) are not accepted for account opening.
  • The bank will not accept companies with the following business activities: precious metal trading, pharmaceutical products or dietary supplement trading, casino or poker, insurance, financial intermediary (bank, broker, Forex trader, virtual currency), terrorism finance, weapon trading, or diamond trading, and can refuse any other activity which is not in accordance to the law.
  • The account will be activated within 7-10 business days, upon receipt by the bank of all duly completed forms, relevant information, initial deposit and face-to-face meeting or webcam interview.

  DOCUMENTS REQUIRED

  For the Company:

  A set of legalised company documents consisting of:

  • Certificate of incorporation
  • Memorandum and articles of association
  • Documents confirming the appointment of company directors and secretary (if any)
  • Document confirming the location of the registered office
  • Share certificate(s)
  • Certificate of good standing if the company is more than 12 months old
  • Copy of the corporate structure, identifying the ultimate beneficial owner(s)
  • Valid license (if applicable)

  For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:

  • Notarized copy of a valid passport. The passport must be signed and the signature must match the signature in the application form. The photograph must be clear and of good quality.
  • Original or notarized copy of a utility bill / bank statement dated within 3 months as verification of residential address.
  • Original or notarized copy of a bank reference letter, dated within 3 months.
  • Power of attorney (where applicable).
  • Personal CV.

  For each corporate officer (where the company directors or shareholders are legal entities), please provide:

  A set of legalised company documents consisting of:

  • Copies of constitutional documents (certificate of incorporation, articles, etc.).
  • Copy of the corporate register (which shall include register of shareholders, directors and secretary).
  • Copy of the corporate structure.
  • Certificate of good standing.

  PLEASE NOTE:Documents that are not in English must be accompanied by a certified translation.

  Once all documentation is available please email electronic copies to our representative for review; incomplete or unexecuted forms can create delays in the account opening process.