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Start-up - Cyprus

Updated 11/2010

Legal requirements

The Companies Act governs the registration and operation of businesses.

Legal forms for businesses

Interested investors can set up the following legal entities:

  • companies (private or public);
  • general or limited partnerships;
  • European companies (SE);
  • branches;
  • trade name.

To succeed, a new business needs a sound commercial strategy and secure financing.

Some standard requirements to be completed when setting up a business are the same as when opening a branch.

Administrative procedures

One Stop Shop for Setting Up a Business

The one-stop shop offers both Cypriot and foreign investors the following assistance:

  • guidance;
  • business registrations;
  • VAT registration,
  • registration for income tax;
  • social insurance registration and employer registration;
  • applications for residents' and work permits.
  • Registrar of Companies and Official Receiver

Thanks to the one-stop shop, business registrations, particularly for SMEs, can be completed within one week.

Registering a company

The fast and simple registration procedure is the same for all types of business.

Business registration

The first step is to send an application to the Registrar of Companies for approval of the company name.  This costs either €8.54 or €25.63 for a fast-track service.

The business's relevant documents are then sent to the Registrar of Companies.

Business registration documents, e.g. articles of association, are submitted after being verified by a member of the Cyprus Bar Association. The association provides a full list of its members on its website.

  • Cyprus Bar Association ελληνικά

Items such as articles of association may be submitted in any European language along with a sworn statement confirming that it is an accurate translation of the Greek original.

Social insurance registration

Any company employing one or more persons must be registered under the National Insurance Scheme. This can be done by completing the following forms available online, at National Insurance District Offices and Citizen Service Centres.

These forms must be submitted to National Insurance District Offices or Citizen Service Centres within one month after the recruitment of a new employee. 

  • Employer Registration Application Form ελληνικά
  • Declaration of Recruitment pdf [51 KB] ελληνικά

Tax registration

Any company or person operating in Cyprus must become registered to the Taxpayers Register of the Inland Revenue Department as soon as possible. This can be done by submitting the relevant forms either to the Income Tax District Offices or to the Ministry of Commerce, Industry and Tourism's One Stop Shop for setting up a business. The company will then receive the relevant Tax Identification Number (T.I.N).  

With regard to VAT, anyone supplying goods or providing services, involved in intra-community acquisitions or distance selling in Cyprus must enrol on the VAT Register by submitting the relevant application to the appropriate VAT District Office or through the One Stop Shop for setting up a business of the Department of the Registrar of Companies and Official Receiver before the end of the thirty-day period during which it is due.

Resources

The Cyprus Chamber of Commerce and Industry (CCCI) has a database containing details of Cypriot businesses and the various State-sponsored and other services linked to economic activities.  The chamber is the main information provider for foreign business owners.

  • Cyprus Chamber of Commerce and Industry ελληνικά

Check also the legislation on this topic in:

  • References

    Legal texts

    • Companies Act, Chap.113, 1968-1995 (not available in electronic form)
    • Companies (Amendment) Act 2000, Act 2(1)/2000 (introduction of one-member companies to Cyprus) (not available in electronic form)
    • Companies (Amendment) (no.3) Act 2000 (151(1)/2000) (new provisions on the validity of company operations and information) (not available in electronic form)
    • Companies (Amendment) Act 2003, Act 70(1)/2003 (company mergers and demergers, foreign companies) (not available in electronic form)
    • Companies (Amendment) Act 2006, Act 98(1)/2006 (implementation of the European business model in Cyprus) (not available in electronic form)
    • Companies (Amendment) (no.2) Act 2006, Act 124(1)/2006 (transfer of a registered office to and from Cyprus) (not available in electronic form)
    • Companies (Amendment) Act 2007, Act 70(1)/2007 (consultant liability on company mergers and demergers) (not available in electronic form)
    • Companies (Amendment) (No.2) Act 2007, Act 71(I)/2007 (publication requirements for certain company types) (not available in electronic form)
    • Companies (Amendment) (No.3) Act 2007, Act 131(I)/2007 (financial statements for small company complexes) (not available in electronic form)
    • Companies (Amendment) (No. 4) Act 2007 Act 186(I)/2007 (cross-border mergers of capital companies) (not available in electronic form).
    • Companies (Amendment) Act 2008 Act 87(I)/2008 (establishment of anonymous companies and capital maintenance and changes) (not available in electronic form)
    • Companies (Amendment) (No.3) Act 99(I)/2009 (updating provisions of the Companies Act) (not available in electronic form)
    • Companies (Amendment) Act 2010 Act 42(I)/2010 (general meetings of public companies) (not available in electronic form)

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If you wish to establish a business or perform temporary cross-border services in the EU/EEA area (the 27 EU member states, plus Iceland, Liechtenstein and Norway), turn to the ‘Points of Single Contact (PSC)’ – Members of the EUGO network – that will help you to complete all necessary administrative procedures on-line! Get the information you need and submit your applications to the responsible authorities online. You no longer have to worry about contacting several different authorities one by one – the PSC will do it for you!