Rafael L.C.V.G

Registration simple & swift

Registration Procedure

Administrative procedures for registering a company have been simplified, reflecting the importance placed on the country's development as a centre for international business.

Legislation provides for simple registration procedures, indicatively, the registration of a company may be completed within 4 days

The formalities for establishing a company are as follows:

• Initially, an application for the approval of the name of the company is submitted at the Registrar of Companies.

for further info: www.mcit.gov.cy/drcor

• After securing the company's name, the relevant documents for the registration are to be submitted, according to the legal form of the entity that will be registered. For an additional fee, registration can be completed within 4-5 working days under an accelerated procedure.

for further info: www.mcit.gov.cy/drcor

• In line with the EU Regulations, non-EU citizens should obtain a work / residence permit. European nationals have the right to enter Cyprus by simply showing a valid EU passport or ID card, though some administrative procedures still apply provided that they are not in conflict with the principle of the free movement of labour within Europe.

for further info: www.moi.gov.cy
www.mlsi.gov.cy/dl

• Depending on the nature of the investment, subsequent licence(s) may be required (i.e. construction licence, licence for the operation of a factory). Prospective investors may contact our agency, which ensures that the appropriate support, guidance and assistance is provided.

for further info: www.investincyprus.gov.cy

"Our expansion agreements in the Middle East will enable us to tap into the growing regional market for VIP and medical charter travel, particularly in the key market of Cyprus" - International Air Charter plc

Legal Form of Entities

The Department of Registrar of Companies and Official Receiver offers fast and high quality services to the public and is responsible for keeping the register of companies. The following legal forms may be registered:

• Company (private or public)
• Branch companies
• General or limited partnerships
• European Company (SE)
  
   
• Companies
  The Companies Law (as amended) provides for two categories of companies:
  
  
  • A Private Company: requiring one or more founding members, is limited to 50 shareholders, but cannot offer shares for public subscription nor does it have the right to transfer shares.
    
     
  • A Public Company: The main feature of a public company is the power to extend an invitation to the public to subscribe to its shares and the existence of a minimum of seven members.
    
    For the registration of a company (private or public) the services of an advocate / lawyer practising in Cyprus are necessary. This is so because the registration of a company is considered to be legal work that requires professional knowledge.

• Branch Companies
  A Branch does not constitute a legal entity different to that of its founding company. There are two kinds of Branch Companies in Cyprus:
  
  

  • Branch of a Local Company: No special requirements other than those applying to the company itself.
    
     
  • Branch of a Foreign Company: Overseas companies may establish a branch in Cyprus, provided that they file with the Registrar within 30 days of such an establishment. Branches of foreign corporations may be required to file further information upon registration (i.e. company's memorandum of association, list of directors, etc).
    
     
• Partnerships
  Partnerships are registered under the Partnerships and Business Names Law. There are two kinds of partnerships:

for further info: www.mcit.gov.cy/drcor

for further info: http://europa.eu/scadplus/leg

Private companies make up the vast majority of International Business Companies (IBCs) registered in Cyprus. Branches and Partnerships constitute only a small percentage mainly because their legal status and financial liabilities are ultimately the same as those of their beneficial owners.

The Heritage Foundation ranked Cyprus as 16^th in the world in its 2006 'Index of Economic Freedom'. Its overall score was 1.90 (1 for best, 5 for worst), classifying Cyprus as a "free" country

Intellectual Property

The Trade Marks Law, together with the Paris Convention for the Protection of Industrial Property offer equal protection to trade marks of Cypriot proprietors and of foreign proprietors. Copyright in Cyprus is automatic and no registration is necessary. The Copyright Law protects Cypriot nationals for their published work which is published in Cyprus.

Cyprus ratified the European Patent Convention and the Patent Cooperation Treaty. Furthermore, the Law on the Legal Protection of Industrial Designs and Models entered into force, in February 2002.