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Four key pillars for structuring a Cyprus company
Structuring a company in Cyprus is a breeze, and luckily for offshore business owners, an LTD can be registered from outside of the country, making the process even more manageable. Plus, Cyprus banks make it easy for international clients to set up accounts. With a ready-made shelf company, it takes only one day before you can start doing business. Otherwise, it typically takes anywhere from seven to 14 days to be registered.
Cyprus companies are structured as follows:
At least one director is required. Directors serve as officers of a company. They decide a company’s structural and organizational changes, and manage daily operations. Nominee directors are also allowed, and can be of any nationality. However, to take advantage of Cyprus’s tax treaties, and its 12,5% corporate tax rate, a company must appoint a Cypriot nominee director.
Like a director, only one shareholder — who can be of any nationality — is necessary. The shareholder can be a corporation, and nominee shareholders are allowed. Shareholders needn’t be Cyprus residents.
Appointed by and responsible to company directors, a secretary is recognized by law as an “officer” of a company. The secretary’s duties often differ from one company to the next, but the general role is to maintain the statutory and minute books. A company’s secretary does not need to be a resident of Cyprus; however, if you want to establish tax residency for your company, appoint a Cypriot secretary.
A Cypriot company must have a registered office. Either it needs a physical business address in Cyprus, or a lawyer will incorporate the company with registered office under its own address. Cyprus companies registered by Christophi & Associates LLC are given the physical address of its Nicosia office.
In closing, note that company directors, shareholders and secretaries may be either persons or legal entities.