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Reg ltd company in Cyprus

Posted by Antonis - Created: 8 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by lime-676998 - 8 years ago

Cyprus law does not recognize the concept of 'nominee' officer of a company (ie director or secretary) - any officer is bound to the full extent of the law. On the other hand, unless (as an officer) you authorize the company to defraud its creditors/commit illegal acts in Cyprus or abroad, there is no real substance to your obligations...

BTW, most people are looking for nominee shareholders and not directors/secretaries. Shareholders have almost no duties at all, except to pay the amount of share capital in case of bankruptcy.

Either way,  nominee persons are likely to be subject to anti money-laundering legislations, which is a bit of a pain to comply with...

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Posted by Antonis - 8 years ago

To all accountants who asked why I am paying 50 euros, I looked through my records and I suppose it was a penalty for not handing in my tax forms in time?

I still have the company sitting there btw, just dont know what to do with it.

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Posted by Antonis - 8 years ago

Hi, sorry I am new to this and might miss a term.

Well I am director and secretary of my Cy ltd company and I would like to find a foreign company that needs a ltd in Cyprus. So does taking the role of nominee Director & secretary give me any obligations? Is it legal?

I understand that as I nominee director or secretary I would have no power over anything that happens within the company or its dealings.

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Posted by s.s.-690355 - 8 years ago

What do you exactly mean? Nominee shareholder or nominee director? Please provide us more details so that we can help you...Nominee are usually physical or legal persons resident in Cyprus. This is done in order to be able to show that the company is resident in Cyprus and as a consequence is taxed in Cyprus (where tax rates are more beneficial).

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Posted by Antonis - 8 years ago

So just to get things straight, becoming a "nominee for a holdings company" is legal right? All a foreign company will need is someone who owns a Cyprus company and is willing to become a nominee?

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Posted by Antonis - 8 years ago

You know I really dont understand what it says. It was in Greek, I will look through my files and check why

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Posted by s.s.-690355 - 8 years ago

For what purpose are you paying 50 euros per six months?

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Posted by Antonis - 8 years ago

Thanks! I never knew that and I have been paying 50 euros every 6 months for over a year now.

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Posted by cyprus-dodger - 8 years ago

Speak with your accountant you can make your Limited Company dormant for free without costs you will not have to pay accountancy fees for the Inland Revenue as the company is asleep - you can wake up the company at any time in the future and use it.

dodger

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Posted by Antonis - 8 years ago

Thank you so much for your help, I really appreciateit!