Are you aiming to start your own company in Cyprus? If yes, your ears must hear these fancy words, registering a company. It is like taking that final step towards making your dream come true.
However, due to the favourable tax policies and other foreign investment laws, Cyprus is the most favourable European environment to start your company.
In a traditional sense, Cyprus is not an offshore zone. That is why if you want to start a company there, you must undergo a registration process.
While company registration in Cyprus, you have to be well aware of this cumbersome process’s why, how, and when for a hassle-free experience. Below, we will walk through some pointers that will help you along the way.
1. Understand the process
Obtaining a Director Identification number is one of the first steps towards registering your company. You can do this by filing an e-form on the Ministry of Corporate Affairs website. Next, you have to get your Digital Signature Certificate.
And yes, do not forget to approve your company’s name by the ministry. After that, you need to file the incorporation form to register your company.
A Pan card will act as your identity proof, and your address will be a utility bill based on the type of business you want to register.
The good news is that the company registration process does not take long nowadays. Before, it took about two to seven days to book a name and five days to obtain a certificate of incorporation.
But now, it took only one day to book the name and another one day to receive the certificate of incorporation. The reason is that the Government is gradually moving to centralised processing of incorporation proposals.
But still, the system is not 100% stable.
3. Form INC-29
As we all know, the company registration process can be burdensome. But the Ministry of Corporate Affairs simplified the process with the help of the Integrated Incorporation form, also known as Form INC-29.
How does the registration process become easy with this form?
The form brings all the different processes like getting the name approval, getting the Director Identification number and filing the incorporation application into one single process. Hence, reducing the time taken for registration.
Other benefits include no requirement of DIR-12, separate filing of INC-22 and second director’s DIN.
4. Wisely choose your company’s category
Here are some different company’s categories.
- Partnership company
- One Person company
- Sole Proprietorship company
- Limited Liability Partnership
- Private Limited company
You can choose to register a partnership company. In this case, the partner can file a lawsuit against the firm or partners. On the other hand, OPC is better than SPC as it benefits limited liability to the sole founder.
If you have a startup idea and are hunting for external funds, you can go for a Private Limited company. Choosing a Private Limited Company will make it easy to issue fresh equity shares.
The stamp duty, registration fees and other charges are the functions of a company’s capital and the state in which the company is being registered.
5. Your Company’s name matters the most
In this case, you can’t use the William Shakespeare dialogue, What is in a name.
Now, everything is in a name.
While naming your company, you must ensure that it reflects the actual problem you aim to solve.
You have to pick a name that is easy to remember and identify. Additionally, it should be unique enough. Do not include any word or phrase which is a registered trademark.
After deciding on a unique name, give four more options for the name and the complete detailing.
Be careful about these whys, hows and whens of the company registration process. We hope these points will make your registration process smooth and hassle-free.
They will impact your taxes, cost, liability and the problems if you need to dissolve registered entities. So what are you waiting for? Make a positive start with these points.