Registration Of A Public Company In Cyprus
Cyprus has become an increasingly popular destination for entrepreneurs and investors looking to establish a business or expand their existing operations. With its favorable tax regime, strategic location, and highly educated workforce, Cyprus has become a hub for international business activity. One of the most popular forms of business entities in Cyprus is the public company, which can be registered under the Cyprus Companies Law, Cap. 113. In this article, we will discuss the steps involved in registering a public company in Cyprus under this law. According to the Cyprus Companies Law, Cap. 113, a public company in Cyprus must have at least seven members and two directors. The number of members in a public company in Cyprus may exceed seven, and there is no maximum limit.
Step 1: Choosing the Name of the Company
The first step in registering a public company in Cyprus is to choose a name for the company. The name must not be identical or similar to the name of an existing company in Cyprus, and it must not be misleading or offensive. The name must also include the words “public limited company” or “plc” at the end.
Step 2: Drafting the Memorandum and Articles of Association
The next step is to draft the Memorandum and Articles of Association of the company. The Memorandum of Association sets out the company’s objectives, while the Articles of Association govern the internal management of the company. The Memorandum and Articles of Association must comply with the requirements set out in the Companies Law.
Step 3: Appointing Directors and a Company Secretary
The company must appoint at least two directors and a company secretary. The directors must not have been disqualified from acting as directors in the past. The company secretary must be a resident of Cyprus. The directors must be natural persons over the age of 18, and at least one of them must be a resident of Cyprus. The company may have more than two directors if it so wishes, but it must have a minimum of two.
Step 4: Registering the Company
Once the Memorandum and Articles of Association have been drafted, and the directors and company secretary have been appointed, the company must be registered with the Registrar of Companies in Cyprus. The following documents must be submitted to the Registrar:
- The Memorandum and Articles of Association
- The registration form
- A statement of the company’s proposed directors and secretary
- A declaration of compliance with the requirements of the Companies Law
Step 5: Obtaining a Tax Identification Number
After the company has been registered with the Registrar of Companies, it must obtain a Tax Identification Number (TIN) from the Tax Department in Cyprus. The TIN is required for the company to carry out its business activities and to fulfill its tax obligations.
Step 6: Opening a Bank Account
The final step in the registration process is to open a bank account in the name of the company. The bank account must be opened with a bank that is licensed in Cyprus, and the company must provide the bank with the relevant documentation, including the certificate of registration, the TIN, and the identification documents of the company’s directors and secretary.
Registering a public company in Cyprus is a straightforward process that can be completed relatively quickly. By following the steps outlined in this article, entrepreneurs and investors can establish a public company in Cyprus and take advantage of the many benefits that the country has to offer. However, it is essential to seek the advice of a professional service provider who can guide you through the registration process and ensure that your company complies with all the legal requirements.