Benefits of Cyprus company formation with Bank Account

The recent developments in the financial systems in Cyprus have helped in making the country a very lucrative option for people from all over the world for company incorporation. This change in the banking and financial system has also been beneficial for the banking sector, making setting up an offshore bank account easier. Due to these developments, the process of opening a bank account in Cyprus has become straightforward and takes comparatively very less time.

Setting up a business in Cyprus can be very beneficial for a foreign person in business thanks to the stable economy of the country, favorable taxation system and the legislations which help the foreign investors to come to the country to set up a business.

Documents Required for Company Setup in Cyprus

To set up a company in Cyprus, it is required that you draft all the necessary documents and submit them to the relevant government department. These documents include:

  • Business Plan
  • Approval of the Trade Register for the chosen name
  • Articles of Association and Articles of Amendment
  • Bank Statement depicting the deposit of the share capital
  • Copies of the Passport of each shareholder which should be notarized first
  • Signatures of all the people on the board of Directors
  • Tenancy Agreement which will show the legal address of the company

What is the Process to Open a Company in Cyprus?

There is a Five-step process that needs to be followed by you to set up a company in Cyprus. The steps are given below:

●Select the organizational structure

The selection of the structure and type of the company is the first step that you need to take. The type of business activity conducted, the ease of management, etc. are some of the very crucial factors which will play a vital role in the selection of the organizational structure.

●Choose an address for the Company

The next step is to finalize an address for the company. To set up a company in Cyprus, it is necessary to have a registered address. The company must also have a minimum of one director and one secretary. Apart from this, the company also needs to appoint a local agent.

●Gather all the registration documents

There are various documents which should be prepared for the setting up a business in Cyprus, such as:

  • Approval of the Trade Register for the chosen name
  • Articles of Association and Articles of Amendment
  • Signatures of all the people on the board of Directors
  • Bank Statement depicting the deposit of the share capital
  • Copies of the Passport of each shareholder which should be notarized first
  • Tenancy Agreement which will show the legal address of the company

●Registration for tax

Registration for tax is an essential step, and apart from the record for tax, the company should also register for a social security number and insurance. The employer also needs to register for pension purposes.

●Obtain business licenses according to the activity

Applying for the relevant licenses is the last step in the business setup process in Cyprus. You need to apply for the licenses of the relevant local authorities. The time taken for the obtaining of a license will be affected by the business activity of the company.

By performing the above mentioned five steps, you can set up a business in Cyprus.

Opening a Corporate Bank Account in Cyprus

Opening a corporate bank account in Cyprus is mandatory for registering a business in Cyprus. The corporate bank account will be used for conducting all the transactions of the business. This bank account will also be used for the depositing pf the share capital of the business and this share capital will be later on used for all the business transactions. It will also help the company during the filing of taxes.

Opening a Corporate bank account in Cyprus has a similar process to set up a personal bank account in Cyprus. In the case of a corporate bank account, an individual needs to submit are required to provide more documents. The documents which need to be submitted are:

  • Articles and Memorandum of Association
  • Share Certificate
  • Certificate from the Registrar Office
  • Proof of the address of the Registered Office

The documents as mentioned above, along with many more need to be submitted to the respective authority to set up a bank account in Cyprus. If the management avails accounting and bookkeeping services, it is effortless for the management of the company to prepare and gather the various financial documents.

If you want to register a business in Cyprus or are looking to set up a bank account in the country, then you should have a look at the services provided by Business Setup Worldwide. BSW will not only take care of the incorporation process of the company but will also assist the management in navigating the treacherous business environments. For more details on the services, Contact Us. We will be happy to help.

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