It is important to plan before planning to start a new company because there are many ways to structure a new company. Before choosing the business one must be aware of the rights and obligations that each carry with it. One of the legal entities is a company and before planning to build it one must register it under the laws of Cyprus. Company registration Cyprus is very straight forward, and it takes only two weeks to complete the process. The person who wants to start a company need not visit physically the office of the registrar. One must get in touch with an authentic service prover or a legal firm who will help the person with all documentation and other legal proceeding required to register the company.
Steps of registration
One may not be ready to move physically for registration and in such case, it is wise to hire a consultation service. The legal firm that undertakes such work signs an engagement letter before starting the work. The engagement fee can be paid upfront or in installments as per the agreement. All personal and corporate documents must be presented to the consultant for due diligence.
- Before getting into the process of company registration Cyprus, it is important to choose an appropriate name for the company that will draw the attention of the customers. Following this, one must have a company structure that includes directors and shareholders.
- Once the name is selected, it must be reserved as soon as possible for the approval from Department of the registrar of Companies. Once the name is approved it will be reserved for up to six months.
- Now, once you are ready to register a company, the time has come to sign the Memorandum of Articles of Associations of the company. This document will have the name and address of the business, amount of share capital, name of the subscribers, and the number of shares.
- This article of association comes with the Voting rights of members, the date of the shareholders’ general meeting, provisions about rights, duties, and responsibilities, the first appointment of directors, and other documents including the bank, business legal documents, and personal details.
- There are other few steps post company registration Cyprus and they include the opening of a bank account, registration of VAT and tax, and registering as an employer. Once all these steps are over the operation of the company starts.
Final take
If the person is not present in the country, then the company registration Cyprus will not be an easy task because one must depend on the research and analysis available on the internet. One will not be able to hire any employee if they are not registered in the Ministry of Labor, Welfare, and Social Insurance as an employer and receive a unique ID number as the employer.
It is important to follow the checklist while forming a company. One must be sure if they want to go through the whole process of registration by themselves or hire a service provider and increase the budget of opening the company. A profession consulting team will go extra miles to help the employer to start the company with less hassle and in less time.