When it comes to registering a company in Cyprus, several prerequisites must be satisfied. The initial step in establishing a Cyprus company involves proposing a name to the Cyprus Registrar of Companies and applying for approval of the chosen name, which is a pivotal step in commencing a new enterprise in Cyprus. If the proposed name is already being used by a group of companies in a foreign jurisdiction, a letter of consent from those entities becomes a necessity.
Furthermore, in order to draft the Memorandum and Articles of Association for incorporating a company in Cyprus, it is imperative to clearly delineate the primary business activities of the Cyprus company. Prior to the establishment of a company in Cyprus, all beneficial owners, shareholders, and directors involved in the process must furnish a bank reference and an apostilled copy of their passports. Additionally, evidence of address for these stakeholders, not exceeding a 3-month-old utility bill, must be presented.
The initial step in the process is selecting a company name, which is subsequently submitted for approval to the Cyprus Department of Registrar of Companies and Intellectual Property. In case the name proposed for the Cyprus company is already associated with a group of companies operating abroad under a similar name, obtaining a letter of consent from those foreign companies is an essential requirement.
When it comes to defining the main business activities of the Cyprus company, this information is indispensable for preparing the Memorandum and Articles of Association, which are pivotal for completing the establishment of the company.
In terms of documentation, a bank reference is obligatory for every beneficial owner, shareholder, and director. Essentially, this reference consists of a letter from a bank confirming the client's standing and duration of their banking relationship. If needed, a standard bank letter template in English can be provided for convenience.
Another mandatory requirement is submitting a certified copy of the passports of the beneficial owners, shareholders, and directors by a notary or consul at the embassy. If this is not feasible for any reason, alternative methods for certifying passport copies can be explained.
Lastly, evidence of address in the form of a recent utility bill or bank statement, not older than 3 months, is a vital component. This serves as proof of the address of the beneficial owners, directors, and shareholders involved in the company setup.