JANNA FACHIRIDOU LLC is a professional law firm which, among others, deals in establishing and administrating companies. We provide the service of forming a company as well as Trusts and Foundations, while providing legal and advisory services on the matters of company law in a professional and friendly environment.
We provide a full service in regard to the company which includes incorporation, maintenance as well as liquidation and litigation on behalf of the company. We can also offer the nominal services of shareholder, director, secretary and registered office to a company.
We have a great deal of experience in dealing with companies in Cyprus and abroad, which has provided us with the right skill set to deal with anything that might occur during the incorporation or operation of the company.
Cyprus International and Domestic Business Companies
The Cyprus Limited Liability Company is a legal entity which is used in the Republic of Cyprus as a tool for corporate transactions as well as part of company structures in international tax forms. Cyprus has entered into almost 50 double-tax treaties, which is quite remarkable for a jurisdiction which has low taxes. Because of the beneficial tax system that Cyprus has, which is among the best and most favorable in Europe, it has succeeded in becoming, in these past decades, one of the most favorable and prosperous European and International Financial Centers.
According to the official statistics by the Department of Registrar of Companies and official Receiver, until the 30/09/2012 there were 264.909 registered companies. The registration pace of companies in Cyprus has exponentially risen during the period 2007-2008, with the number of registered companies in 2007 reaching 29.016, which was more than three times over the average amount of registrations per year for the period 1998-2004. During the period between 2009 until 2012 the average number of registrations was 18.305 companies. The Company Law, Chap. 113 of the Republic of Cyprus Laws, which is mostly based on the English Companies Act of 1948, was originally written in the English language and afterwards was translated in Greek.
From the declaration of Independence of Cyprus in 1960, around 40 amendments have been made to the Law, all of them in Greek language. In Cyprus there are two kinds of companies, Cyprus Resident Company and Cyprus Non-Resident Company. Cyprus resident company means that the control and the management of the company takes place in the Republic of Cyprus, and thus enjoys all the benefits that Cyprus law and treaties have to offer. Cyprus non-resident company, on the other hand, means that its management and control takes place abroad, and thus its non Cyprus income is not taxed, but, as a non resident of Cyprus, the company cannot be benefited from the double treaties Cyprus is part of. The Cyprus resident company is more preferable and the most commonly used due to the beneficial tax system.
Registration of a Company in Cyprus
The procedure for the registration of a Cyprus Legal Entity can be completed within a maximum period of twenty days at the most, and after the registration, the company can commence its business right away. First of all an application to the Registrar of Companies is made for the approval of the name of the company. It is beneficial that on applying for approval of a name, another two alternative names be given all ending with the word limited, as to mitigate any delays that may occur over the name of the company.
Our firm can help you decide on a name that will not be declined by the Registrar of Companies. Once the name of the company is approved the following documents and information must be filed with the Registrar of Companies for registration:
- The Memorandum and Articles of Association.
- Applications with the names and details of the proposed directors and secretary for the company. There are no restrictions as to the number of directors a company can have, but it has to have at least one. Also a sole director cannot be the secretary of the company, except in the case where the sole director is also the only shareholder.
- The address of the company’s registered office, which is where all the documents for the company will be sent.
- And lastly an affidavit or a declaration from a registered lawyer in Cyprus that all the formalities and regulations of the Cyprus Company law have been followed for the registration of the company.
When all these documents are sent to the Registrar of Companies, he will review them and if he is satisfied that everything is in order, he will issue a Certificate of Incorporation, Directors, Shareholders and Registered office. The creation and registration procedures, including printing of all official stationery and opening the necessary bank accounts, can usually be completed within a period of twenty days, at which point the company can start working right away.
Janna Fachiridou LLC can arrange the drafting and completing of all the necessary documents and procedures listed above. We can also offer the nominal services of director, secretary and registered office to the company. We sign a Trust deed and Management Agreement between us, which provide you and your rights that we are going to operate as nominal only in your benefit.