Cyprus is a former British Colony, and the legal system of Cyprus is based on English Common Law. Cyprus is considered to be a modernized legal system which enables the introduction of new civil law principles and Common law principles. Cyprus has a growing economy in terms of legal and financial aspects are concerned. Here we are discussing the Cyprus Company Incorporation Process in details.
Company Registration in Cyprus
An increasing monthly number of Cyprus company registration with the Cyprus Registrar of Companies reflects a growing interest in Cyprus as a jurisdiction for international business and investment. Cyprus company registration statistics show a slight but steady increase especially since the beginning of 2015.
The registration of a Cyprus company is easy and straight forward. Strictly spoken Cyprus company formation and Cyprus company registration are two different procedures, where the Cyprus company registration completes the Cyprus company formation.
Formation of a Cyprus company mainly comprises the drafting of the Cyprus company's Memorandum and Articles of Association, the appointment of directors and company secretary, and, if desired, the drafting of a shareholder agreement. The formation of a Cyprus company legally constitutes with the signing of the Memorandum and Articles of the Cyprus Company.
However, once the Memorandum and Articles of Associaltion of the Cyprus company have been signed, the company is not operative yet, unlike in some other countries, where a company formed may act and conduct business with the status "under incorporation".
In order to act and to conduct business, a Cyprus company must be registered with the Cyprus Registrar of Companies. Once the procedures of Cyprus company formation has been finalised, an application has to be submitted to the Cyprus Registrar of Companies, applying for Cyprus company registration.
In the context of Cyprus company registration, identification documents of shareholders, directors and the company secretary are not submitted to the Cyprus Registrar of Companies. Such identification documents of the persons involved in a company are kept with the company itself. In case that Cyprus company formation and Cyprus company registration are carried out through an authorised Cyprus service provider (such as Administrative Service Providers licenced by CySEC, or registered auditors, or law offices), the personal identification documents are safe-kept by such service providers.
Depending on the work load at the Cyprus Registrar of Companies, Cyprus company registration may take one to two weeks from the date of submission of the application for Cyprus company registration.
Also, read: Detailed process for Cyprus Company Registration
