A Company name must necessarily end in “LIMITED” (no other suffix is allowed) and must be approved by the Registrar of
Companies. This procedure usually takes 2-4 business days.
MEMORANDUM AND ARTICLES OF ASSOCIATION
To register a Company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at
the Office of the Registrar of Companies. 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.
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.
A Cyprus Company should have a minimum authorized share capital of 1,000 Euros. The minimum issued capital is one share
of 1.00 Euro.
DIRECTORS AND SECRETARY
The minimum number of directors is one. A director can be a physical or legal person of any nationality. Details of directors
are part of public record; however our firm can provide a nominee director, if required, for a reasonable fee.
The Company must have a Cyprus resident secretary (an individual or a legal person). The same person cannot act as both the director and secretary, if the Company has only one director.
Every Company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office.
OFFICES IN CYPRUS
A Cyprus 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 a businessman wishes to establish a fully-fledged office in Cyprus.
Company meetings need not be held in Cyprus.
Normally from 2 to 3 weeks, however a priority claim can be requested.
RECURRING MAINTENANCE FEES AS FROM 2ND YEAR - $1120
ABOUT THE BANK
- Provision of registered office and registered address
- Provision of company Secretary
- Submitting of Annual Return
- Government Annual Levy
CIM Bank was founded in 1990 and provides traditional Swiss private bank 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 Swiss Bankers Association (SBA) and SIX Swiss Exchange. In 2012 CIM Bank has acquired the Croatian bank Primorska.
For the fourth consecutive year (in 2010, in 2011, in 2012 and in 2013), CIM Bank has been rewarded by the Deutsche Bank for the excellent quality of its SWIFT payments (Euros and Dollars).
WHAT CIM BANK OFFERS:
REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH CIM BANK IN SWITZERLAND
- 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, business cards)
IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
- Personal visit to the bank is not required, however the face-to-face meeting via webcam must be arranged after initial pre-approval of the account.
- Minimum balance and initial deposit requirement of USD 10,000
- Offshore jurisdictions (e.g. BVI, Bahamas, Panama, USA, RAK, Marshall Islands, Mauritius, Seychelles, Nevis, Belize, etc.) are not accepted for account opening.
- Account opening timeframe. 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.
If you conduct any activity without required license or authorization 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 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 business; 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 our assistance in licensing of your financial, Forex brokerage or gambling company.