Do I need to be in Cyprus to set up a company?

One of the most attractive features of establishing a business in Cyprus is the flexibility it offers to both local and international entrepreneurs. For those wondering if a physical presence in Cyprus is required to set up a company, the answer is no. You do not need to be in Cyprus to register a company, which makes the process highly appealing for non-residents and international investors.

Who Can Set Up a Company in Cyprus?

Cyprus welcomes individuals and legal entities from around the globe to register companies within its jurisdiction. Nationality, residency, or physical location does not restrict you from establishing your business. Whether you’re an individual entrepreneur, a group of investors, or an existing foreign company looking to expand, Cyprus offers a straightforward registration process designed to accommodate both locals and non-residents.

Remote Company Registration

Thanks to the streamlined registration framework in Cyprus, you can set up a company from anywhere in the world. Here’s a step-by-step outline of how the process works for nonresidents:

1. Appoint a Local Representative

As a non-resident, you will need to appoint a local representative in Cyprus. This representative, will act on your behalf to handle the registration process and liaise with Cypriot authorities.

2. Choose a Company Name and Get Approval

You can propose your desired company name, which must be approved by the Registrar of Companies. A local representative can assist in submitting the application and ensuring the name complies with Cypriot regulations.

3. Prepare Documentation

Your company’s Memorandum and Articles of Association, along with other required documents, must be submitted to the Registrar of Companies. A professional service provider can prepare and file these documents on your behalf.

4. Open a Bank Account

Non-residents are required to open a corporate bank account in Cyprus. While the account opening process can be done remotely in some cases, certain banks may require you to visit a local branch. Your representative can advise on the best options for your needs.

5. Obtain a Tax Identification Number

Every company in Cyprus must register with the Tax Department to obtain a tax identification number (TIN). This step is essential for ensuring your business is compliant with local tax regulations.

Benefits of Setting Up a Company in Cyprus Remotely

1. Business-Friendly Environment

Cyprus is renowned for its pro-business climate, offering a simplified and transparent registration process for both residents and non-residents. This allows you to focus on growing your business rather than navigating cumbersome bureaucracy.

2. No Residency Requirement

You don’t need to relocate to Cyprus to enjoy its business advantages. As a non-resident, you can maintain your operations from your home country while leveraging the benefits of a Cyprus-registered company.

3. Access to the EU Market

Cyprus’s membership in the European Union allows businesses registered in the country to trade freely within the EU. For non-residents, this presents an opportunity to expand into European markets without needing to physically relocate.

4. Tax Efficiency

With a low corporate tax rate of 12.5%—one of the most competitive in the EU—Cyprus is a prime destination for tax optimization. Additionally, non-residents are not required to pay personal income tax on global earnings, offering significant tax advantages.

5. Asset Protection and Confidentiality

Cyprus offers strong legal frameworks for protecting business assets. Additionally, the country respects privacy, with minimal public disclosure requirements regarding company ownership and management.

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Work with Alexandrou Corporate Services

While setting up a company in Cyprus is straightforward, navigating the legal, tax, and administrative requirements can be complex without local expertise. Partnering with a professional service provider ensures that every step of the process is handled efficiently and in full compliance with Cyprus law. From appointing a local representative to opening a bank account, professionals simplify the process, saving you time and effort.