Business in Cyprus: opening, registration, and opportunities in2023

The most common of them are the following.

1. An LLC in Cyprus provides a limitation of liability for members to the amount of their contributed capital, with a nominal minimum capital with one director.

2. Foreign companies may open branches and representative offices, which are not considered separate legal entities.

3. A limited liability company by shares is similar to an LLC, but with a stock structure.

4. The owner has unlimited liability for the company's debts.

Each of these organizational forms has its own characteristics and requirements for authorized capital, directors and founders. Choosing the appropriate form depends on the specific goals and needs of your business.

Branches of foreign companies in Cyprus

In Cyprus, foreign companies can open branches and representative offices. Here are some key aspects of branches and representative offices.

1. Branch: A branch is a subdivision of a foreign company that can carry out commercial activities.

2. A representative office is not authorized to engage in commercial activities, it may perform limited functions such as advertising and communication.

3. Registration of a branch or representative office of a foreign company is required to submit the relevant documents.

4. A representative office and branch office may be subject to taxation depending on the nature of the

It is important to note that a branch and representative office are not independent legal entities, but dependent subdivisions of a foreign company.

Requirements for companies in Cyprus

Cyprus has specific requirements and laws that apply to companies incorporated in its territory.

Here are some of the basic requirements for companies:

• all those wishing to set up a business in Cyprus must be registered with the Cyprus Registry of Companies;

• the authorized capital may be nominal, except for certain activities where minimum capital is required;

• an open business must have an official address registered in the local register of companies;

• Cyprus has its own tax system, including income tax.

Check the requirements relating to your particular type of company and activity with a lawyer or accountant specializing in business in Cyprus.

Forms HE1, HE2 and HE3 for company registration in Cyprus

In Cyprus, there are several types of legal structures that can be used to incorporate a company.

Sole Proprietorship is commonly used to incorporate a company. This option is suitable for individuals wishing to register a business on the island.

If you have specific requirements or the HE1, HE2 and HE3 forms are related to a program or organization, contact a lawyer or accountant for more information and advice on company registration.

Status and organizational and legal regulations for doing business in Cyprus

There are several legal forms for doing business in Cyprus and the status of your company will depend on the choice of these forms.

Basic organizational and legal norms include:

• in the register of incorporation of the company.

• compliance with tax obligations and payment of taxes.

• Compliance with rules and regulations.

Cyprus also provides access to many dual tax treaties, which can facilitate international financial transactions.

Procedure for closing a business in Cyprus

Here are the general steps you may need to take when closing a business:

• the shareholders or owners of the company must pass a formal resolution to close the business at a general meeting;

• debt settlement and asset sales;

• preparation of financial statements;

• a special opening account to close the business;

• filing an application for closure of the company with the Cyprus Registry of Companies;

• notification of creditors and third-party organizations;

• completion of documentation;

• revocation of business license;

It is recommended to consult professionals, such as lawyers or accountants, to ensure a successful business closure process and compliance with all necessary procedures.