Registering a new company

Multilysis provides company registration in Cyprus and a large number of other foreign jurisdictions and also advises on various matters relating to the incorporation process.
 
Most investors choose one of the following corporate formats:
1) limited liability company, 2) branch, 3) partnership.
 
The following information should be provided by any applicant prior to applying for any company registration. The process of incorporating a company is usually straight forward and takes approximately ten days to establish.
 
Name of the Company
 
The client should first decide what the name of the company will be.  The Registrar of Companies will not accept a company name which is identical to the name of another company already registered or in any other country, a name which is similar to an already registered company, a name which is offensive or misleading, etc.
 
Objects of the company
 
Every limited liability company must have a memorandum, which denotes the activities in which the company may engage. In order to be able to draft the memorandum of association of the company, a detailed description of the proposed principal activities of the company is required.
 
Articles of Association
 
The articles of association of the company is a document that contains the purpose of the company as well as the duties and responsibilities of its members defined and recorded clearly.
 
Share Capital
 
The authorised capital of a company is the maximum amount of share capital that the company is authorised by its constitutional documents to issue (allocate) to its members (shareholders). Part of the authorised capital can (and frequently does) remain unissued. This number can be changed by shareholders' approval. The part of the authorised capital which has been issued to shareholders is referred to as the issued share capital of the company.
 
Usually there is no legal requirement as to the minimum or maximum share capital of the company. A paid up capital of minimum Euro 1,000 is advisable.
 
A company must have at least one registered shareholder. A foreign corporation may be a shareholder of a Cyprus company and in such a case its basic incorporation documents should be submitted.
 
Directors

The minimum number of directors is one and there is no maximum number. Directors may be local or foreign, physical or legal persons. Alternate directors may be appointed.

 
In most jurisdictions, including Cyprus, it is not a legal requirement to appoint local directors.  However it is generally advisable to appoint local directors if one wishes to have effective management and control in Cyprus rendering the company the resident status  in Cyprus for tax purposes.   This means, among others, that the majority of directors should be Cyprus residents, the decisions are taken in Cyprus, the company maintains offices in Cyprus etc.  

Company Secretary and Registered Office address
 
Every company must have a secretary and a registered office address in Cyprus to be used as the business address of the company. Multilysis can act in this capacity and can also provide registered office facilities.
 
Opening of Bank Account/s
 
The company may open bank accounts with any bank in any currency and money transfers can be affected without foreign exchange restrictions.
 
Other information disclosed by the applicant
 
The applicant should disclose any other information which he/she believes is important and relevant to such an application and should duly provide Multilysis with all required due diligence documents prior to establishing any business relationship. Original satisfactory bank references from a reputable bank should also be made available.

Provided that all the necessary information is provided by the client, the incorporation of a company can be completed within 3 to 12 working days (depending on the jurisdiction). On completion, we will forward the complete set of corporate documents of the newly incorporated company to the address indicated by the applicant.
 
Multilysis can provide company registration in any jurisdiction required. In case you are interested in a jurisdiction not mentioned in our website, please email us at info@multilysis.com and we will be happy to assist.

Office Address: 5 Amathountos street,
Pirilides Building, 4th-5th Floor,
3105 Limassol-Cyprus 51252, 3503