Reserve the company name and get initial approval from the Registrar of Companies
Agency: Registrar of Companies and Official Receiver
A standard form application for approval of name is submitted in person or by mail to the One Stop Shop Cyprus. It can also be submitted electronically to the Registrar of Companies and Official Receiver, through the E-filing website (https://efiling.drcor.mcit.gov.cy).
The cost is EUR 30- which is EUR 10 compulsory and additional EUR 20 for expediting the procedure, which is optional.
Time and cost: 1 day, EUR 30
Prepare the Memorandum and Articles of association by a Lawyer
Agency: Lawyer
The Registrar of Companies has no standard form for the Memorandum and Articles of association. The Companies Law provides a general template applicable for any kind of activities. It is a statutory requirement to have lawyers prepare the Memorandum and Articles of Association, who must also sign the relevant declaration. Since 2016, the Companies Law provides a standard form of Memorandum which includes objects for general purpose companies which facilitates the process of preparing the Memorandum of new companies. As for the Articles, it may be necessary to include tailor-made provisions, to reflect any agreement between the shareholders.
Time and cost: 1 day, EUR 1,000
Register the company at the Registrar of Companies and Official Receiver
Agency: Registrar of Companies and Official Receiver
The following documents can be submitted either by hand or online, certified by a registered advocate/lawyer in the Republic of Cyprus:
- Declaration form (ΗΕ1, a affidavit (sworn) statement of the lawyer and signature from the Registrar of the District Court);
- Form concerning the registered office address (HE2);
- Details regarding the directors and secretary (HE3);
- List of persons who consent to act as directors of the public company (HE5, in case of a public company);
- Original or scanned copy of Memorandum and Articles of Association (by law must be written by a approved/registered lawyer);
- One Stop Shop Application Cover for Legal Entities Registration (applicable for submission to One Stop Shop);
- Fee of €105,00, plus €60,00 for filling the accompanied documents, plus an optional €100,00 for accelerated procedure (payable in cash, cheque or bank transfer). Please note that One Stop Shop accepts only applications with acceleration fees and the One Stop Shop Application Cover for Legal Entities Registration is to accompany the above-mentioned application.
Upon completion of the registration the “Certificate of Incorporation” is issued. Upon request, and payment of the amount of €220,00, the following certificates and/or certified copies can be issued:
- A certificate of the Shareholders;
- A certificate of the Directors and Secretaries;
- A certificate of the Registered Office;
- A certified true copy of the Memorandum and Articles of Association;
- A certified copy of the Certificate of Incorporation.
Time and cost: 2 days, EUR 205 registration fees + EUR 60 for filling accompanied documents + EUR 220 for the Certificates (optional)
Register at the Tax Department for Tax and VAT and obtain a Tax Identification Number
Agency: Tax Department
Starting July 1, 2014, the Tax Department was formed which integrated the Inland Revenue Department and the VAT Services.
When registering at the Tax Department the Taxpayer must file in:
- Form T.D.2001- Registration of a Taxpayer, to obtain a TIN (Tax Identification No). (Form T.D.2001 is available online at www.mof.gov.cy under Forms , Other Forms, Registration of Taxpayer)
- Form T.D.1101 – only if the taxpayer wants to activate TIN for VAT purposes
The registration at the Tax Department can be done in person or online. Online registration would require an e-signature and is available at http://www.businessincyprus.gov.cy/mcit/psc/psc.nsf/All/749FC411823BDD31C225785600375018?OpenDocument
Time and cost: 1 day, no charge
Register for Social Contribution at the Ministry of Labor, Welfare and Social Insurance
Agency: Ministry of Labor, Welfare and Social Insurance
Registering for the Social Contribution at the Ministry of Labor can be done online at: www.businessincyprus.gov.cy. where the company should file in the following documents, according with the Social Insurance Law 59.I/2010:
- Form Y.K.A. 1-001 to register as an employer;
- Form Y.K.A. 5-018 to confirm the beginning of employment of each employee;
- Form Y.K.A. 1-021 for the online contributions payment;
- Form Υ.Κ.Α. 1-006 for employers who will use a computerized system to pay their employess;
- Form Y.K.A. 1-005 for employers who request certificate of exemption from the obligation to pay contributions for the Central Holiday Fund and will provide full paid annual leave to their employees;
- Form Y.K.A. 1-003 to declare the recruited employees;
- Form Y.K.A. 1-008 which must be filed if an employee was never registered with the Social Insurance
The original copies of these forms have to be sumbitted at the offices of the Social Insurances. Meanwhile, the payment of the fees can be done online at https://www.pay.sid.mlsi.gov.cy/sisweb3/index.jsp.
Time and cost: 1 day (simultaneous with previous procedure), no charge
