Cyprus's stunning terrain makes it a popular European destination. New firms have mushroomed nationwide in recent years. Being the EU's third-largest economy has many benefits, including lower living costs and better taxes.
The island's center location connects Europe, Africa, and the Middle East. Although Greek and Turkey are the formal languages of the nation, English is also commonly spoken.
There's no better moment than now for Cyprus company registration. Let's look at the steps and expenses involved in registering your company in Cyprus while you focus on the nuts and bolts of operating a successful business.
Pricing for a new company in Cyprus
Creating a business in Cyprus requires payment of four main categories of fees:
- Initial setup and registration costs
- The organization's regular upkeep charge
- Payment for auditor or accounting services
- Company Registration Costs
Pricing for forming a company in Cyprus
A proposal to the Registry of Companies is the first step in forming a business in Cyprus. Depending on the company's organizational form, different documentation may be needed to accompany the application.
The Registry of Businesses in Cyprus requires a one-time contribution of the registration/setup charge. Some companies offer this service for €500, but prices vary. Alternatively, for between €1200 and €3000, you can locate a company registered in Cyprus.
The application is complete once the registration money and postage tax have been paid. Private limited company incorporation costs €350, plus €85 in stamp tax.
The organization's regular upkeep charge
The annual cost covers the authorized office, proxy services, and trustees. Company papers and other public paperwork are kept at the registration office. A licensed workplace costs €250 per year.
Shares may be held on behalf of owners by nominees, who may be either natural persons or corporate organizations. The candidate charge is €250 per year.
In Cyprus, a company's executives must be individuals, and they can be from any country. Directors are charged €400 per year.
A Cypriot company's assistant must be an individual or an existing business. For assistants, the yearly cost is €250.
Every company based in Cyprus must pay a yearly cost to the government in the form of an authorized agency fee. At this time, the cost is €250.
You may also need to issue licenses, for example for the Electronic Money Institution (EMI) license. Fintech Harbor Consulting will help you get an electronic money issuer license.
Payment for auditor or accounting services
Accounting documents and annual financial accounts are mandatory for all Cypriot businesses. Each year, these records must be reviewed by a certified inspector before being submitted to the Registry of Businesses.
Auditing and accounting costs are proportional to the scope and complexity of your enterprise. For a business with a revenue of less than €1 million and fewer than 10 workers, bookkeeping and reporting costs can begin at as little as €2000 per year.
Expenses of Registrar of Companies
In Cyprus, the Registry of Companies and associated documents are kept under the purview of the Secretary of Companies. The Registrar is also in charge of issuing and making credentials accessible for purchase.
Certificate searches and issuances are not free services offered by the Registry of Companies. The costs are different for each kind of certificate. There is a €125 fee for a Certificate of Incumbency, and a €150 fee for a Certificate of Good Standing.
A Cyprus company's start-up expenses are cheap in comparison to those in other European nations. Also, Cyprus is a great place to establish a company because of its advantageous tax structure and convenient position.
