types of companies in cyprus
TRANSCRIPT
Types of Companies in Cyprus
A presentation brought to you by our lawyers in Cyprus
1
Open a Company in Cyprus
• Establishing a company is an easy thing to do in Cyprus.
• The registration procedure doesn’t take longer than 10 days and the entrepreneurs are encouraged to choose between several types of businesses regulated by the Company Law.
2
Types of Structures in Cyprus
• The following types of companies are regulated by the Cypriot Commercial Law:
private company limited by shares;
exempt private company; company limited by guarantee; public Company; general partnership; limited partnership; sole proprietorship; trust.
3
Private Company Limited by Shares in Cyprus
• A Cypriot private company limited by shares restricts the right to transfer its shares to other, has a limited number of 50 shareholders and forbids public subscription to its shares or debentures.
• Any person can start and register a private company because it allows a single shareholder.
4
Exempt Private Company in Cyprus
• An exempt private company is made by a corporation and another company.
• It has a maximum number of 50 debenture holders.
• The exempt private company is not required to file accounts with its annual return and is not subject to the statutory restrictions on loans to directors.
5
Company Limited by Guarantee in Cyprus
• The Cypriot company limited by guarantee is usually a charitable or a non-profit company.
• The liability of its members is limited to the agreed upon a memorandum to be contributed in case the company goes into liquidation.
6
Public Companies in Cyprus
• A Cypriot public company must have from 7 shareholders up and at least 2 directors.
• The minimum share capital is approximately 26,000 euros and it must be submitted before the trading certificate is issued.
7
General Partnership in Cyprus
• Partnerships in Cyprus are submitted to the Partnerships and Business Names Law.
• A general partnership is allowed to have between 2 and 20 individual members.
• There is an exception when it comes to the banking area, where the maximum number of partners is 10.
8
Limited Partnership in Cyprus
• Limited partnerships in Cyprus refer to the fact that one or more general partners have to hold unlimited liability and the rest of the partners will have limited liability.
• The main advantage is for limited partnerships and offshore companies working together as they both beneficiate from tax flexibility.
9
Sole Proprietorship in Cyprus
• Cypriot sole proprietorships are also governed by the Partnership and Business Names Law.
• Sole proprietors run a business on their own with or without employees.
• A sole proprietor will have unlimited liability for his debts.
10
Trusts in Cyprus
• There are three types of trusts that can be registered in Cyprus:
the local trust;
the offshore trust;
the international trust.
• Our lawyers in Cyprus can help you set up any type of trust.
11
Business Consultancy Services in Cyprus
• Our Cypriot lawyers provide legal assistance and representation for the registration of all types of companies that can be registered in Cyprus.
• This also includes services related to company formation such as company domiciliation, accounting services.
12
Thank you for your attention!
For more information, please contact us at:
(+44) 203-287 0408 (for international clients)
www.lawyers-cyprus.com/13