Starting a company in any country can be tricky, but starting one in a country which isn’t your own, with different laws and customs could be even trickier. However some companies are suited to the Cypriot tax environment, such as holding companies, investment funds and international news agencies. These are just a small example of companies which would be suitable for doing business in Cyprus.

Although there is no legal requirement for a minimum or maximum share capital of a company based in Cyprus,  Cyprus company Xenophonotos recommends that a minimum of €2,000 is split into 2,000 equal shares of €1 each.To register a company, an application must be made through Xenophontos to the Registrar of Companies who will ask for two or three names for approval. Once approval has been granted by the Registrar of Companies, the business will have the Memorandum and Articles of Association drafted in both English and Greek and submitted for registration.

Once the company has been registered, the Memorandum and Articles of Association will be made available to the business as well as share certificates, Declarations of Trust and Letters of Indemnity of the directors, among other documents.

Setting up a company in Cyprus can be hassle free as long as you do your homework and seek sound advice. Using a company such as Xenophonotos, who have vast experience in setting up companies on the island, will be highly advantageous. They will advise and help with the legal and financial side of setting up a new company.

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