Setting up a business in Cyprus

An overview of the process of starting a new business in Cyprus and the documents required.

Legal requirements

The registration of companies and other legal entities, as well as their mode of operation, is governed by the Companies Act 1968-1995, Chap.113, as amended by the House of Representatives as part of the harmonisation with the corresponding Community directives on company law.

Within this legal framework, interested investors may set up the following legal entities:

• companies (private or public);
• general or limited partnerships;
• a European company (SE);
• branches offices;
• a trade name
• Companies Act 1968-1995 (not available in electronic form)

Administrative procedures

The registration procedure is basically the same for all categories of business with straightforward and speedy mechanisms.

The first step is the submission of an application to the Registrar of Companies for consideration and approval of the name for a usual fee of €8.54 or €25.63 for a fast-track service. The relevant documents, according to the form of the business, are then submitted, again to the Registrar of Companies. In the case of registration of a company, the documents, such as the Memorandum and Articles of Association, are submitted through a solicitor who is a member of the Cyprus Bar Association and who exercises his profession in Cyprus, after the fee has been paid, this being in proportion to the company's capital. The Cyprus Bar Association displays a full list of its members on its website.

Department of the Registrar of Companies and Official Receiver

Cyprus Bar Association [EL]

Businessmen can go to the website of the Office of the Registrar of Companies and find out whether a certain organisation is shown in the Office's registers. They may also file a memorandum and articles of association, as well as amendments or changes to them, in any European language, together with an affidavit that it is an accurate translation of the Greek original/authentic text.

Personalised help and advice

Businessmen have at their disposal the One-Stop Shop of the Office of the Registrar of Companies, which enables them to effect various operations simultaneously and in a short space of time. This service may be used by both Cypriots and foreign investors in regard, as a first stage, to the following six services:

• guidance/service to Cypriot and foreign investors
• registration of a company in Cyprus
• registration in the Value Added Tax register
• registration for income tax
• registration for the Social Security Fund and in the employers' register
• application for the issue of residence and work permits for Cyprus.

With the facilities offered by the One-Stop Shop, it is possible to form and register a company, especially a small- to medium-size one, within the space of a week.

One-Stop Shop

E-mail address

An important part played in the provision of information to foreign businessmen is the assistance given by the Cyprus Chamber of Commerce and Industry (KEBE) based in Nicosia. KEBE has an extensive data bank with 8,000 entries, which is also available from Cyprus's commercial centres operating abroad. The information relates to both Cypriot businesses and to the various State and semi-State services which are operationally linked to economic activities.

Cyprus Chamber of Commerce and Industry

The Enterprise Europe Network provides businesses with information and advice through its local partners.

Enterprise Europe Network – contact points – Cyprus

SOLVIT helps businesses deal with problems that arise when national authorities wrongly apply EU market rules.

SOLVIT – contact points – Cyprus

Source: European Commission