Limited Liability Company
In Cyprus the most popular vehicle for international tax planning is the Cyprus Limited Liability Company because of its many tax advantages and legal protection offered to the composition of the Company members.
Procedure for Incorporation
- Application form signed and scanned with information about a preferred name of the company and details of directors and shareholders. A shelf company can be provided by our company.
- Beneficial owner declaration. A scanned copy of a passport for directors and shareholders.
- Proof of residence. Recent utility bill, bank statement or bank reference letter (not be older than 3 months).
- Tutis Advisory Services Ltd will issue an invoice for a Cyprus Offshore Company Formation.
- As soon as funds are received in our bank account, we will proceed with the submission of a preferred name for approval by the Cyprus Registrar of Companies. This takes up to 10 working days.
- Upon approval of the name of the company by the Registrar of Companies , a shareholder of a Cyprus Company signs the Memorandum and Articles of Association (M&AA) and sends the originals to Tutis Advisory Services Ltd.
- Upon receipt of the signed M&AA, the process for the formation of the Cyprus Company begins and the time needed is around 22 working days .Incorporation documents must be signed and apostilled and delivered by courier within 5 working days.
- A yearly fee of €400 will be charged in order to cover, renewal, registered office and company secretarial fees.
Composition of the Cyprus Limited Company
Authorized and Issued Share Capital: Minimum 1,000 shares of €1.00 each.
Shareholders: Minimum number of shareholders is 1 with no restrictions of corporate bodies or individuals.
Classes of shares: Registered shares, preference shares, redeemable preference shares and shares with no voting rights are permitted.
Cyprus Companies Law requires a minimum number of directors is one and names appear on the documents. Anonymity of the shareholders is guaranteed by the use of nominees. Directors of a Cyprus Registered Company can be foreigners or locals. It is recommended though, the use of a local nominee directors for taxation reasons. It is obligatory that a general meeting of directors is held every 15 months.
It is obligatory by Cyprus Companies Law for a Limited Liability Company to appoint a company secretary. It could be either an individual or a corporate vehicle. Tutis Advisory Services Ltd Corporate Services can provide company secretarial services for an annual fee. Please contact us for more information.
It is obligatory for a Cyprus Company to maintain a registered office in Cyprus. Tutis Advisory Services Ltd can provide the use of an office address if required.
Tutis Advisory Services Ltd back office dedicated team will be assisting your needs on a daily basis ensuring that all filing and legal requirements are been met and communicated to your on a timely manner.
Typically our back office team will be providing you with the below service:
- Correspondence with bank
- Communication with local authorities such as with the Income Tax Office and the Cyprus Registrar of Companies
- Liaison with accountants, auditors, lawyers and other professionals
- Any other assistance that the client may need.