YIOLA STAVRAKI
L.L.C.
ADVOCATES

REGISTERING A CYPRUS COMPANY

Information Required

In order to register a Cyprus Company, the following information is required:

  • the name of the Company

    This must first be approved by the Registrar of Companies – a special form must be submitted to the Registrar of Companies for this purpose.

  • a brief description of the Company’s objects

    The “Objects” of a Company indicate the activities which a Company may choose to engage in; they are inserted in the Memorandum of Association of the Company.

  • the amount of the authorized and issued share capital of the Company and its currency and par value

    Please note that as of 1st of January 2008, the share capital of Cyprus companies which used to be in Cypriot pounds must be converted into EURO. It is thus advisable to use either EURO or USD as the nominal capital of Cyprus Companies.

  • the names, addresses, occupation, passport details, date of birth and nationality of the proposed shareholders and the proposed percentage of shares each will hold

  • In case we are asked to act as nominee shareholders holding the shares in the Company on trust for the beneficial owner/s, we require the names, contact details, passport details, date of birth and nationality of the proposed beneficial owners and the proposed percentage of shares which will be held on trust for each of the above

  • the names, addresses, occupation, passport details, date of birth and nationality of the proposed directors and secretary of the Company;

    It is advisable to use Cypriot directors so as to satisfy the ‘management and control’ test of Cypriot tax residency and thus gain benefits under the double tax treaties between Cyprus and various other countries, such as Russia [please see link “Status of Tax Residence”].

  • the proposed address of the registered office of the Company We note that it is advisable to use the registered office of our law firm for the purposes of practicality and communication with the Cypriot authorities.

Due Diligence of Clients

In addition, we need to obtain the following information and/or documents from the clients as part of our due diligence policy:

  • details of the ultimate beneficial owner/s of the proposed Company

  • copy of the passport/s of the beneficial owner/s, certified by a reputable lawyer, accountant or bank

  • bank reference relating to the ultimate beneficial owners/individuals. If that is not possible, it will be acceptable to obtain a reference from a reputable accounting or legal firm;

  • information as to the nature of the business of the ultimate beneficial owners / individuals and the proposed Cyprus company;

  • further, in case:
    • the registered shareholder is a legal entity

      or

    • the “first level beneficiary” is a legal entity:

      We need to be provided with:
      • a copy of its certificate of incorporation of the company

        and

      • confirmation of its registered address.

  • full details on the chain of ownership behind the Cyprus proposed company and the ultimate beneficial owners / individuals thereof.