Official Name: The Republic of Cyprus
Present Circumstances: The area of the Republic of Cyprus is partitioned into two parts
The area of the Republic of Cyprus
The area of the Turkish Republic of Northern Cyprus
Nicosia
Greek, Turkish
Euro (EUR)
OUR SERVICES;
- Consultation (in person, online, phone)
- Helping to prepare your documents
- Start to finish your company registration process
- Immigration services
Cyprus
Cyprus is an island nation located in the eastern Mediterranean Sea. The country has a rich history dating back to ancient times, with evidence of human settlements dating back to the Neolithic period. Throughout its history, Cyprus has been influenced by a variety of cultures, including the Greeks, Romans, Venetians, Ottomans, and British.
The island became a British colony in 1878, and it gained independence in 1960. However, the country has been divided since 1974, with the northern part of the island occupied by Turkish forces. This division has had a significant impact on the country’s politics, economy, and society.
Cyprus has a diverse culture that has been shaped by its history and geography. The country’s cuisine is influenced by Greek, Turkish, and Middle Eastern flavors, and it features dishes such as halloumi cheese, moussaka, and souvlaki. The country is also known for its traditional crafts, including pottery, weaving, and embroidery.
In terms of the economy, Cyprus has traditionally relied on agriculture and tourism. However, in recent years, the country has also become a hub for international business and finance. The country is a member of the European Union, and it has a highly educated workforce and a favorable tax system that attracts businesses from around the world.
In terms of politics, Cyprus has a presidential system of government, with the president serving as both the head of state and the head of government. The country is known for its ongoing conflict with Turkey over the northern part of the island. In recent years, there have been efforts to reunify the island, but progress has been slow.
Overall, Cyprus is a fascinating country with a rich history and culture. Its economy is diverse and growing, and its politics are complex and challenging. While the country faces many challenges, it also has a bright future and a lot to offer to visitors and investors alike.
Types of company registration
Private Limited Company (Ltd): This is the most common type of company in Cyprus. It requires at least one shareholder and one director, and its liability is limited to the company’s assets. The minimum share capital required is €1,000, and the company must be registered with the Registrar of Companies.
Public Limited Company (PLC): A PLC is a company whose shares are traded on a stock exchange. It requires at least two shareholders and two directors, and its liability is limited to the company’s assets. The minimum share capital required is €25,000, and the company must be registered with the Registrar of Companies.
Branch: A branch is an extension of a foreign company that carries out business activities in Cyprus. It requires a representative and a registered office in Cyprus, and it must be registered with the Registrar of Companies.
Limited Partnership: A limited partnership is a partnership that consists of at least one general partner and one limited partner. The general partner is liable for the company’s debts, while the limited partner’s liability is limited to their investment in the company.
General Partnership: A general partnership is a partnership in which all partners have unlimited liability for the company’s debts. Each partner is responsible for the company’s management and operation.
Sole Proprietorship: A sole proprietorship is a business owned and operated by one individual. The owner is responsible for all aspects of the business, including its debts and liabilities.
Advantages of company registration in Cyprus
Strategic Location: Cyprus is strategically located at the crossroads of Europe, Asia, and Africa, making it an ideal location for businesses that want to expand their reach.
Favorable Tax System: Cyprus has a highly favorable tax system, with one of the lowest corporate tax rates in the European Union at 12.5%. The country also has a wide range of double tax treaties with other countries, making it an attractive destination for international businesses.
Access to EU Markets: Cyprus is a member of the European Union, which provides companies registered in the country with access to the EU market and its 500 million consumers.
Skilled Workforce: Cyprus has a highly skilled and educated workforce, with a high percentage of workers holding advanced degrees.
Business-Friendly Environment: Cyprus has a business-friendly environment, with a streamlined and efficient registration process for new companies. The country also has a strong legal framework that protects the rights of investors and provides a stable business environment.
Low Operating Costs: The cost of operating a business in Cyprus is relatively low compared to other EU countries, making it an attractive destination for businesses looking to reduce their overhead costs.
Common questions:
Who can register a company in Cyprus?
Any individual or legal entity, whether a Cypriot citizen or a foreigner, can register a company in Cyprus.
What is the process of registering a company in Cyprus?
The process of registering a company in Cyprus involves submitting an application to the Registrar of Companies, along with the necessary documents and fees.
How long does it take to register a company in Cyprus?
The registration process typically takes about 10 working days, although this can vary depending on the complexity of the application.
What are the requirements for registering a company in Cyprus?
The requirements for registering a company in Cyprus include providing a unique company name, appointing directors and shareholders, and submitting the Memorandum and Articles of Association.
What is the minimum share capital required for a company in Cyprus?
The minimum share capital required for a company in Cyprus is €1.
Can a foreigner register a company in Cyprus?
Yes, foreigners are allowed to register companies in Cyprus.
What types of companies can be registered in Cyprus?
Various types of companies can be registered in Cyprus, including private and public limited companies, partnerships, and sole proprietorships.
What are the advantages of registering a company in Cyprus?
Some of the advantages of registering a company in Cyprus include a favorable tax regime, a well-established legal system, and a strategic location at the crossroads of Europe, Asia, and Africa.
What are the disadvantages of registering a company in Cyprus?
Some potential disadvantages of registering a company in Cyprus may include language barriers, cultural differences, and high administrative costs.
What is the tax rate for companies in Cyprus?
The corporate tax rate for companies in Cyprus is 12.5%.
Are there any tax incentives for companies registered in Cyprus?
Yes, there are several tax incentives available to companies registered in Cyprus, including exemptions on dividends, capital gains, and foreign permanent establishments.
What are the accounting requirements for companies in Cyprus?
Companies in Cyprus are required to maintain accurate accounting records and prepare financial statements in accordance with International Financial Reporting Standards (IFRS).
Do companies in Cyprus need to appoint auditors?
Yes, companies in Cyprus are required to appoint auditors to review their financial statements and ensure compliance with accounting standards.
What is the annual fee for maintaining a company in Cyprus?
The annual fee for maintaining a company in Cyprus varies depending on the type and size of the company.
Can a company in Cyprus have a nominee director or shareholder?
Yes, companies in Cyprus are allowed to have nominee directors or shareholders.
How many directors are required for a company in Cyprus?
A minimum of one director is required for a company in Cyprus.
What are the residency requirements for directors of a company in Cyprus?
There are no residency requirements for directors of a company in Cyprus.
Can a company in Cyprus have a virtual office?
Yes, companies in Cyprus are allowed to have a virtual office.
What is the role of the Registrar of Companies in Cyprus?
The Registrar of Companies in Cyprus is responsible for maintaining the Companies Register and overseeing the registration of companies in Cyprus.
What is the Memorandum of Association?
The Memorandum of Association is a legal document that outlines the company’s objectives, powers, and limitations.
What is the Articles of Association?
The Articles of Association are a legal document that outlines the rules and regulations governing the company’s internal affairs.
What is the difference between a Memorandum of Association and Articles of Association?
The Memorandum of Association outlines the company’s objectives and powers, while the Articles of Association provide the rules and regulations for the company’s internal affairs.
What is the difference between a Memorandum of Association and Articles of Association?
A Memorandum of Association outlines a company’s name, registered office, objectives, and initial shareholders. Articles of Association are the company’s bylaws and govern how it operates.
What is a company seal?
A company seal is a stamp or embossed device used to affix a company’s official signature to documents.
Do companies in Cyprus need to have a physical office?
Yes, companies in Cyprus must have a physical registered office address where official documents can be served.
What is the role of a company secretary in Cyprus?
A company secretary in Cyprus is responsible for ensuring that a company complies with all legal requirements and maintaining the company’s statutory books.
Who can be a company secretary in Cyprus?
Anyone can be appointed as a company secretary in Cyprus, but at least one company secretary must be a resident of Cyprus.
What are the responsibilities of a company secretary in Cyprus?
The responsibilities of a company secretary in Cyprus include maintaining the company’s statutory books, preparing and filing annual returns, and ensuring that the company complies with all legal requirements.
What is the role of a nominee shareholder in Cyprus?
A nominee shareholder in Cyprus is a person or entity that holds shares on behalf of the real owner to protect their anonymity.
Who can be a nominee shareholder in Cyprus?
A nominee shareholder in Cyprus can be an individual or a legal entity.
What are the benefits of using a nominee shareholder in Cyprus?
The benefits of using a nominee shareholder in Cyprus include protecting the anonymity of the real owner, avoiding public disclosure of the owner’s identity, and protecting the owner’s assets.
What is the role of a nominee director in Cyprus?
A nominee director in Cyprus is a person or entity that is appointed to act as a director on behalf of the real owner.
Who can be a nominee director in Cyprus?
A nominee director in Cyprus can be an individual or a legal entity.
What are the benefits of using a nominee director in Cyprus?
The benefits of using a nominee director in Cyprus include protecting the anonymity of the real owner, avoiding public disclosure of the owner’s identity, and protecting the owner’s assets.
What is a registered agent in Cyprus?
A registered agent in Cyprus is a person or entity appointed by a company to receive official documents on its behalf.
What are the responsibilities of a registered agent in Cyprus?
The responsibilities of a registered agent in Cyprus include receiving official documents on behalf of the company, forwarding the documents to the company, and maintaining the company’s statutory books.
What is a registered office in Cyprus?
A registered office in Cyprus is the physical address where a company is legally registered.
Can a company in Cyprus change its registered office address?
Yes, a company in Cyprus can change its registered office address by filing the necessary forms with the Registrar of Companies.
What is a power of attorney in Cyprus?
A power of attorney in Cyprus is a legal document that grants someone the authority to act on behalf of another person or entity.
What are the benefits of using a power of attorney in Cyprus?
The benefits of using a power of attorney in Cyprus include allowing someone to act on your behalf if you are unavailable or incapacitated, and streamlining the process of signing documents and making decisions.
What is the process of opening a bank account for a company in Cyprus?
The process of opening a bank account for a company in Cyprus involves providing the necessary documentation, such as the company’s registration certificate, identification documents of the directors, and proof of the company’s address.
What is the process of opening a bank account for a company in Cyprus?
The process of opening a bank account for a company in Cyprus involves submitting the required documentation and information to the chosen bank, which may include company registration documents, identification documents of the company directors and shareholders, and proof of the source of funds.
What are the requirements for opening a bank account for a company in Cyprus?
The requirements for opening a bank account for a company in Cyprus may vary depending on the bank, but typically include company registration documents, identification documents of the company directors and shareholders, and proof of the source of funds.
Can a company in Cyprus have a bank account in a foreign currency?
Yes, a company in Cyprus can have a bank account in a foreign currency. Cyprus allows free movement of capital, so companies can hold bank accounts in different currencies.
What is the process of obtaining a tax identification number (TIN) in Cyprus?
The process of obtaining a tax identification number (TIN) in Cyprus involves submitting an application to the Cyprus Tax Department with the required documentation, which may include company registration documents, identification documents of the company directors and shareholders, and proof of address.
What is the process of obtaining a VAT number in Cyprus?
The process of obtaining a VAT number in Cyprus involves submitting an application to the Cyprus Tax Department with the required documentation, which may include company registration documents, identification documents of the company directors and shareholders, and proof of the nature of the company’s activities.
What are the VAT registration requirements for companies in Cyprus?
Companies in Cyprus are required to register for VAT if their annual turnover exceeds €15,600. Companies that provide goods or services subject to VAT also need to register.
What is the corporate tax rate for companies in Cyprus?
The corporate tax rate for companies in Cyprus is currently 12.5%, which is one of the lowest in the European Union.
What are the withholding tax rates in Cyprus?
The withholding tax rates in Cyprus vary depending on the type of payment, but typically range from 0% to 20%.
What is the process of filing tax returns in Cyprus?
The process of filing tax returns in Cyprus involves submitting the required documentation and information to the Cyprus Tax Department by the deadline, which is typically on or before the end of September for the previous tax year.
What are the penalties for late tax payments in Cyprus?
The penalties for late tax payments in Cyprus depend on the type of tax and the length of the delay, but can include interest on the amount due, fines, and legal action.
What is the social insurance contribution rate in Cyprus?
The social insurance contribution rate in Cyprus is currently 15.6% of the employee’s gross salary, which is split between the employer and the employee.
What is the process of registering for social insurance in Cyprus?
The process of registering for social insurance in Cyprus involves submitting the required documentation and information to the Social Insurance Services, which may include company registration documents, identification documents of the company directors and employees, and proof of the employees’ salaries.
What are the requirements for registering for social insurance in Cyprus?
The requirements for registering for social insurance in Cyprus include having a registered company in Cyprus, employing staff, and paying the social insurance contributions.
What is the process of obtaining a work permit in Cyprus?
The process of obtaining a work permit in Cyprus involves submitting an application to the Civil Registry and Migration Department with the required documentation, which may include the employment contract, proof of qualifications, and proof of financial means.
What are the requirements for obtaining a work permit in Cyprus?
To obtain a work permit in Cyprus, a non-EU citizen must have a job offer from a Cypriot employer, have a valid passport, obtain a medical certificate, and pass a criminal record check. The employer must also provide proof that they could not find a suitable candidate for the job from within the EU.
What is the process of registering employees with social insurance in Cyprus?
Employers in Cyprus are required to register their employees with the Social Insurance Department within seven days of the employee’s start date. The registration process involves submitting the employee’s personal information, salary details, and a copy of their employment contract to the Social Insurance Department.
What is the minimum wage in Cyprus?
As of January 2023, the minimum wage in Cyprus is €950 per month for employees over the age of 25, and €817 per month for employees aged 18-24.
What are the working hours in Cyprus?
The standard working hours in Cyprus are eight hours per day and 40 hours per week. However, this may vary depending on the industry and the employee’s contract.
What is the process of terminating an employee in Cyprus?
Termination of an employee in Cyprus must be done in accordance with the provisions of the employment contract and the relevant laws. The employer must give notice to the employee, the duration of which depends on the length of service of the employee. The employer must also provide a valid reason for termination, such as redundancy or poor performance, and must follow any relevant procedures, such as holding a disciplinary hearing.
Documents required to register a company:
Application form: An application form must be completed and submitted to the Registrar of Companies in Cyprus.
Memorandum and Articles of Association: These are legal documents that outline the company’s purpose, objectives, and rules of operation.
Certificate of incorporation: This document proves that the company has been legally registered in Cyprus.
Identification documents: The identity of the company’s directors and shareholders must be verified with their passports or national ID cards.
Registered office address: The company must provide a registered office address in Cyprus where official documents can be sent.
Share capital details: The company must provide information about the amount of share capital, the number of shares, and the value of each share.
Bank reference letter: A bank reference letter must be provided to prove that the company has the necessary funds to operate in Cyprus.
Tax identification number: The company must obtain a tax identification number (TIN) from the Cyprus Tax Department.
VAT registration: If the company will engage in taxable activities, it must register for value-added tax (VAT) with the Cyprus Tax Department.
Social insurance registration: The company must register with the Social Insurance Services to obtain a social insurance number for its employees.
Type of Banks in Cyprus
Commercial Banks: These are banks that offer traditional banking services such as savings and current accounts, loans, credit cards, and other financial products. Examples of commercial banks in Cyprus include Bank of Cyprus, Hellenic Bank, and AstroBank.
Cooperative Banks: These are banks that are owned by their members and operate on a not-for-profit basis. They offer similar services to commercial banks but are focused on serving the local community. Examples of cooperative banks in Cyprus include Co-operative Central Bank and Cyprus Cooperative Bank.
International Banks: These are banks that offer services to non-residents and international clients. They typically offer a wide range of services such as wealth management, investment banking, and offshore banking. Examples of international banks in Cyprus include Credit Suisse, Deutsche Bank, and UBS.
Investment Banks: These are banks that specialize in providing financial advice and services to businesses and corporations. They typically offer services such as mergers and acquisitions, corporate finance, and underwriting of securities. Examples of investment banks in Cyprus include Eurobank Cyprus and Cyprus Development Bank.
Islamic Banks: These are banks that operate according to the principles of Islamic finance, which prohibits charging or paying interest on loans. Instead, they use profit-sharing arrangements and other structures to generate income. Examples of Islamic banks in Cyprus include Al Salam Bank and Kuwait Turkey International Bank.
Major banks in Cyprus
Bank of Cyprus – It is the largest bank in Cyprus and offers a range of retail and corporate banking services.
Hellenic Bank – It is the second largest bank in Cyprus and provides a range of banking and financial services.
RCB Bank – It is a private bank in Cyprus that offers corporate, investment, and private banking services.
Alpha Bank Cyprus – It is a subsidiary of Alpha Bank Greece and offers a range of retail and corporate banking services.
Eurobank Cyprus – It is a subsidiary of Eurobank Ergasias Greece and provides a range of retail and corporate banking services.
AstroBank – It is a local bank in Cyprus that offers a range of retail and corporate banking services.
National Bank of Greece Cyprus – It is a subsidiary of National Bank of Greece and offers a range of banking and financial services.
Emporiki Bank Cyprus – It is a subsidiary of Alpha Bank Greece and provides a range of retail and corporate banking services.
The top universities in Cyprus
University of Cyprus – ranked 331-340 globally
Location: Nicosia
Website: https://www.ucy.ac.cy/en/
Major Courses: Computer Science, Law, Economics, Psychology
Cyprus University of Technology – ranked 801-1000 globally
Location: Limassol
Website: https://www.cut.ac.cy/en
Major Courses: Mechanical Engineering, Architecture, Multimedia and Graphic Communication
European University Cyprus – ranked 801-1000 globally
Location: Nicosia
Website: https://www.euc.ac.cy/en/
Major Courses: Business Administration, Psychology, Medicine, Law
Frederick University – ranked 1001+ globally
Location: Nicosia
Website: https://www.frederick.ac.cy/en/
Major Courses: Computer Science, Mechanical Engineering, Architecture, Business Administration
Cyprus International University – ranked 1001+ globally
Location: Nicosia
Website: https://www.ciu.edu.tr/en
Major Courses: Business Administration, Computer Engineering, Psychology, Civil Engineering
Strange or unusual to visitors in Cyprus
Driving on the left-hand side of the road: Cyprus is one of the few countries in Europe where traffic drives on the left-hand side of the road, which can be confusing for visitors from countries where traffic drives on the right-hand side.
Double-headed eagles: The double-headed eagle is a common symbol in Cyprus, found on flags, buildings, and monuments. Visitors may find this unusual, especially if they are not familiar with the history of the island.
Beach culture: Cyprus is known for its beautiful beaches, and the beach culture can be quite different from what some visitors may be used to. For example, it is common for people to sunbathe topless on many beaches, which may be unusual for visitors from more conservative cultures.
Traditional dances: Cyprus has a rich tradition of folk dances, which may be unfamiliar to visitors. Some of the dances involve intricate footwork and may seem unusual or even bizarre to those not familiar with them.
Food and drink: Cypriot cuisine can be quite different from what visitors may be used to, with a strong emphasis on grilled meat, seafood, and vegetables. Some traditional dishes may include ingredients that visitors are not familiar with, such as halloumi cheese, snails, or octopus. The local wine and spirits, such as zivania, may also be unfamiliar to some visitors.
Siesta: The tradition of taking a midday nap, or siesta, is still common in Cyprus, especially in smaller towns and villages. Visitors may find it unusual that many businesses close for several hours in the afternoon to allow employees to rest.
Laid-back pace: Cyprus is known for its relaxed, laid-back pace of life, which may be quite different from the fast-paced lifestyle of some visitors. Service may be slower, and people may seem less rushed and more willing to take the time to socialize or relax.
“Tips for Newcomers: Adjusting to Life in Cyprus”
Embrace the culture: Cyprus has a unique culture that blends Greek and Turkish influences. Embrace the local customs and traditions to better understand and appreciate the culture.
Learn the language: Greek and Turkish are the official languages of Cyprus. Learning a few basic phrases can help you navigate daily life and make local friends.
Find a community: Whether it’s joining a local club or volunteering, finding a community of like-minded people can help you feel at home and make new friends.
Explore the island: Cyprus has beautiful beaches, mountains, and historic sites. Take advantage of your new home and explore all the island has to offer.
Be patient: Adjusting to a new country can take time. Be patient with yourself and don’t be afraid to ask for help if you need it.
Stay open-minded: Cyprus is a diverse country with many different opinions and viewpoints. Stay open-minded and respectful of others, even if their views differ from your own.
Get involved in local events: Cyprus has many festivals and events throughout the year. Getting involved in local events can help you feel more connected to the community and learn more about the culture.
Try the local cuisine: Cyprus has a rich culinary scene with many traditional dishes to try. Be adventurous and try new foods to fully experience the local culture.
Top recruitment agencies in Cyprus
Adecco Cyprus – https://www.adecco.com.cy/
GRS Recruitment – https://www.grsrecruitment.com/
APSO – https://apso.com.cy/
Antal International Cyprus – https://www.antal.com/office/cyprus
CareerFinders – https://www.careerfinders.com.cy/
StaffMatters Recruitment – https://www.staffmattersrecruitment.com/
K.P. Recruiting Group – https://www.kprecruiting.com/
RTCY HR Management – https://rtcy.com.cy/
EuroLabour – https://eurolabour.com/
Jobhunters – https://www.jobhunters.com.cy/
Necessary phone numbers in Cyprus
Emergency: 112
Police: 199
Fire Department: 199
Ambulance: 199
Forest Fire: 1407
Drug Addiction Helpline: 1410
Poison Control Center: 1401
Directory Inquiries: 11892
Road Assistance: 1406
Tourist Police: 1498
Immigration Department: 22804444
Electricity Authority of Cyprus: 8000 9000
Water Development Department: 22602700
Cyprus Telecommunications Authority (CYTA): 132
The best way to immigrate to Cyprus
Investment: One way to immigrate to Cyprus is through investment. This can be done through the Cyprus Investment Programme, which grants citizenship to those who invest a minimum of €2 million in real estate, businesses, or government bonds.
Employment: Those who have a job offer in Cyprus may be eligible for a work visa. The employer will need to sponsor the applicant and obtain the necessary permits from the Department of Labour.
Education: Students who are accepted into a recognized educational institution in Cyprus can apply for a student visa. This type of visa allows the holder to reside and study in Cyprus for the duration of their program.
Family reunification: Individuals who have a Cypriot spouse, parent, or child may be eligible for family reunification. This allows the family member to immigrate to Cyprus and live with their relative.
Retirement: Those who have reached retirement age may be eligible for a permanent residency permit in Cyprus, which allows them to live in the country without the need for a work permit.
http://danarg.com/the-oldest-perfume-bottle-in-the-world/