1. Applicable Company legislation?
Companies Law, Cap 113 which resembles the English Companies Act 1948

2. What types of Company are available in this jurisdiction?
Cyprus Offshore Companies (Companies registered in Cyprus but controlled by foreigners and conducting all business outside Cyprus). Also registered branches of Overseas companies

3. What is the annual Government fee payable?
CYP7 or CYP15 for late filing

4. Is a Registered Office required?
Yes - must be in Cyprus

5. Is it possible to reserve the name in the Company Registry?
Yes

6. How long is needed to incorporate in a name of your choice?
Between 3 and 7 days following name approval

7. Are ready made companies usually available?
No - although a stock of approved names is held

8. Where and when must board meetings be held?
An Annual General Meeting of Shareholders can be held anywhere, resolutions may be passed by Directors or Members by fax or telex

9. Is an annual return required?
Yes - Annual Returns must show the names of both Directors and Shareholders together with that of the Company Secretary. It is also necessary to detail any financial charges that have been registered against the Company since the previous Annual Return

10.Are audited accounts required by authorities, and if so is a copy kept on public record?
Yes - they must be audited by Auditors authorised to audit Cyprus Companies; Yes - a copy is held on public record

11.How many companies were on the Companies Register at the end of 1995?
22,074 Offshore Companies, 10,593 Shipping Companies

12.Minimum number of subscribers?
Two

13.Minimum subscribed capital requirements?
Minimum paid up capital of CYP1,000, however if the Company maintains an office in Cyprus, the minimum paid up capital must be CYP10,000

14.Standard authorised share capital?
See above

15.Minimum number of shareholders?
Two

16.Are the details of shareholders filed on public record?
Yes

17.Are trustee shareholders permitted?
Yes

18.Is it possible to increase the authorised share capital?
See 13 above

19.Is a Company Secretary required?
Yes - a Resident Company Secretary

20.Is a local registered/or resident agent required?
No

21.Minimum number of directors?
One - must be an individual person

22.Are the details of directors filed on public record?
Yes

23.Are nominee third party directors permitted?
Yes

24.What is the principle use for this type(s) of company? (Please see our separate information brochure in respect of Cyprus registrations)
For International Trade, particularly to take advantage of comprehensive Double Taxation Treaties, established by Cyprus, notably with Russia, USA, United Kingdom and Poland. The tax payable in this instance will be at a rate of 4.25% on profits.
It should be noted that it is possible for the Directors of a Cyprus Offshore Company to obtain conditional residence in Cyprus as Administrators of the Company.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.