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starting a business

Posted by Bomber-690294 - Created: 9 years ago
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8 replies (Showing replies: 1 to 8)

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Posted by catmeister212 - 9 years ago

Just to make this clear: You need a lawyer to do this now. The Registrar of Companies will not accept applications anymore unless they are thru a lawyer.
So it doesnt matter what forms you need to fill out, your lawyer will advise you on everything.

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Posted by journo-666338 - 9 years ago

You can do a search for existing names, apply for name approval on the internet now and also follow the progress of your submission online (Once you've applied, you will get an Order Number, Customer Number and Service Number so that you can track it). Go to the website of the Department of Registrar of Companies and Official Receiver at:

http://www.mcit.gov.cy/mcit/drcor/drcor.nsf/index_en/index_en

It's in Greek, Turkish and English.

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Posted by s.s.-690355 - 9 years ago

In order to start a business in Cyprus you need to follow the stages described below:

Stage 1: Approval of name: You need to submit to the Registrar the proposed name of your new company. The Registrar will examine the name and will let you know whether your proposed name is approved or not. Note that no company can be registered in Cyprus with a name that it is undesirable to the Registrar.

Stage 2: Registration: In order to register your company you need to deliver to the Registrar the following documents:

1) Form HE1 - declaration of compliance with Companies Law

2) Form HE2 - the address of the company

3) Form HE3 - information about the company's first directors and first secretary. In the case of a private company a single director is enough.

4) Memorandum of Assosiation: In the case of a private company this should be subscribed by at least on person. The memorandum must

- state the name of the company

- state the object of the company

- state that the liability of the members is limited in order to avoid possible future legal actions against the shareholders of the company

- state the amount of the share capital

5) Articles of Assosiation

All the above need to be delivered to the Registrar. If all the documentation is correct then the Registrar will issue the incorporation certificate stating clearly the date of registration and the registration number. And then you can have your business...:)

The time needed depends but the average is one month for the whole process. I wish that I could help you more with incorporating your company but unfotunately due to my current position I am not allowed any more. However, in case that you are interested i can give you the contact details of 2 or 3 lawyers that can help you for less than 1.500 Euro.

Hope the above were helpful to you.

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Posted by andreasz - 9 years ago

Hello,

In order to proceed with a company registration in Cyprus, there are several issues that you must have in mind before you do so:

Firstly, you need to have at least one person who will be appointed as the director, shareholder, and secretary of the Company. Fortunately, the Cyprus law is not strict as to this matter, since only one person is enough to have the three above "roles".

But before this, you need to have as someone else said before an idea about what would be the company name, and if there are any possibilities for this to be approved by the Companies Registrar Office, since similarity to another name, will not give you the right to have the company name as well.

Further to these issues, you have to mention the companys tasks i.e. about what the company will deal, since there are some sub-categories that have to mentioned in the form that you will fill in before you apply.

If you need any further information please free to contact me at my e-mail address.

Kind regards,

Andreas

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Posted by lime-676998 - 9 years ago

I agree with catmeister212, you will need a Cyprus based lawyer to do all the paperwork. And since you will be contacting one anyway, they will explain the basics of registration procedure to you (which is, essentially, name approval + actual registration in the Registrar of Companies). Costs vary from one law firm to another, delays are primarily dependant upon the workload of the Registrar + the proximity of holidays. If you wish to get yourself a company very quickly, you could ask your law firm for a pre-approved list of names that they have or go straight to buying a shelf company (ready-made company by a law firm without any business records).

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Posted by catmeister212 - 9 years ago

you can do a search for business names here to see if the proposed name you want to register already exists:


http://www.drcor.mcit.gov.cy/portal/page/portal/Eforos/dttSearch_en

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Posted by catmeister212 - 9 years ago

I paid 300 CYP 2 years ago for trade name and 700 CYP for LTD company name.

U must do this through a lawyer. b4 you didnt need one, but now you do. Normally it takes 5-7 days for name approval. If you have a good lawyer and they have contacts (which most do) they can get name approval within 48hrs.

Once the name is approved you can more or less start to operate and after 3-6 months you get the approval certificate.

google Cyprus governement. the go the CY govt website, find the Registrar of Companies link, type the name you want to send for approval and see if already exists beforehand.

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Posted by lagolf - 9 years ago

Hi

I am sure this is not the answer you will want , but it took me just over 6 Months to get all my paperwork legal , and that was with a Solicitor who has online access to the Companies House Register .

We submitted about 5 Names with various prefixs and changes , and each time we had to wait 7 to 10 days to get the answer , which normally came back not specific , or add another initial to the name .

I know it may not be the best option , but if you already done so , connect a Solicitor who can deal with this for you , costs about 1500 Euros .

Hope it helps , if you have any other questions please email me on lagulf2000@yahoo.com .

Regards

LA