FAQ

Cyprus has one of the lowest taxation systems for both businesses and individuals. Its banking system is completely sound, and the country is experiencing strong growth and has promising prospects.

Cyprus is a member of the European Union and the Eurozone. The official currency is the Euro.

A Limited Liability Company with shares (Ltd.). A Cypriot Limited Liability Company (Ltd.) can be used for commercial purposes, provision of services, e-commerce stores, technology and IT companies, holding real estate, shipping services, and holding intellectual property.

There is no minimum or maximum share capital for a Cypriot company.

Of course not.

Yes, you can have as many as you want.

Yes. The company formation is done remotely without your physical presence. Our legal department handles all the procedures for you.

On our end, once you have sent us all the necessary documents, we need 7-8 business days for the approval of the name you choose and the submission of the required documents to the relevant department.

Yes, you can open any corporate account you wish.

Yes, it can.

• ID card with Latin characters or a valid passport.
• A recent utility bill (electricity, telephone, mobile phone, or water) that shows your residential address.
• The percentage of shares – the number of shares to be held by the shareholders.
• A description of the company’s business activities, so we can determine if any special licensing is required for the company’s launch (e.g., online betting services).
• 2 or 3 alternative names for your company.
• Depending on the choice of banking institution for opening the corporate bank account, a curriculum vitae (CV) of the shareholders and a letter of recommendation from a bank or a lawyer may be required.

The establishment process is divided into 2 stages.

1. Name Approval Process
   The first stage is the approval of the name you have indicated for your company. The approval process takes 2 to 4 business days.
2. Memorandum and Articles of Association and Submission of Application for Incorporation
   After the name is approved, the company’s memorandum and articles of association are prepared according to the nature of the company’s activity and are signed by the shareholders. With the signing of the appointment documents, the application for company incorporation is submitted electronically to the Registrar of Companies of Cyprus.

Upon the company’s approval by the Registrar of Companies of Cyprus, applications are made to the tax office to obtain a Cypriot Tax Identification Number (TIN).

After the establishment of your company in Cyprus, we deliver the following documents to you:

• Certificate of Incorporation of the company
• Memorandum and Articles of Association of the company
• Certificate of appointment of the secretary and director of the company
• Address of the company’s registered office
• Share Certificate

Shareholders
Limited liability companies must have at least one shareholder and cannot have more than fifty (50).

Members of the Board of Directors (Director/Secretary)
The company must have at least one director. The directors must be 18 years of age or older.

Registered Office
The company must maintain a registered office in the Republic of Cyprus, with a physical presence, and it cannot be a post office box. All correspondence, updates, and notifications from the Registrar of Companies and the bank are sent to the registered office address. You can see detailed information in the corresponding section on our website: Lease – rental of registered office – professional establishment for your company in Cyprus.

The company is obliged, within one month of its establishment, to register with the tax authorities and have its Tax Identification Number (TIN) issued. Also, within one month, it must be registered in the Register of Ultimate Beneficial Owners (UBO).

Our company, in collaboration with you, undertakes to complete the applications required for opening a bank account, which are then sent to the shareholders for signature. Then, from the moment of signing, the documents are sent to the bank, which processes them, and a video conference is scheduled for the opening of the bank account. The process on our part is estimated to take 3 business days. Your physical presence in Cyprus is NOT required to open the corporate bank account.

In Cyprus, the International Financial Reporting Standards (IFRS) are followed, as in most European Union countries.

Our fee includes everything, as you are informed in detail about all costs from the beginning, without any hidden charges or future costs. From the start, everything is clarified and calculated according to the data you have presented to us for your company’s needs.
Our company also offers consulting and guidance for the correct process of opening and establishing your company, both before and after, during its operation.
If you are satisfied with our cooperation, we remain by your side over the long term with the aim of developing your company. We are not of the philosophy of ignoring your calls and requests, as we are consultants, not just facilitators.

Our company has its own premises to house your dreams and your company. With a real lease agreement and the lowest charge on the market. Our goal and purpose is the development of your company for many years without problems.

Localit Consulting has a highly specialized and well-trained network of partners in Cyprus and Greece, offering you solutions for your accounting, consulting, and legal services. We also have an internal team to discuss the possibility of submitting your company for any available funded support programs.

Our company does not only provide solutions before the establishment of your company but also afterwards, which is a key part of our service. This is why we have satisfied clients worldwide.

Our partner lawyers are licensed members of the Cyprus Bar Association, and our accountants, tax advisors, and certified auditors are members of ICPAC (Institute of Certified Public Accountants of Cyprus). This demonstrates both professionalism and a serious approach to every project and client.

Yes. The incorporation documents (e.g., HE1, Memorandum & Articles of Association) are signed/drafted by a lawyer who is a member of the Cyprus Bar Association. Localit Consulting has an experienced and fully qualified team of legal advisors, all members of the Cyprus Bar Association.

Passport, proof of address (utility bill), description of business activity, shareholding structure, CV/resume, tax clearance certificate, reference letter.

The registered office is the official Cyprus address of the company (not a P.O. Box) for legal/tax correspondence as well as the actual presence of the company. Yes, it is mandatory for proper compliance. Localit Consulting provides owned premises for your company’s registered office at the lowest market rate.

Yes, for tax substance and bank access, and it is required by Cyprus law. “Substance” refers to local administration (board meetings), management, possibly staff/office, and active operations in Cyprus to ensure your company is considered a Cyprus company. The director and secretary submit annual returns, UBO updates, HE32, etc.

Maintain accounting books, file tax returns, submit VAT, update UBO, annual registration with the Registrar, and prepare annual financial statements – audit. Localit Consulting has an experienced team of accountants, tax advisors, and auditors (members of ICPAC) to ensure compliance with IFRS, auditing standards, and Cyprus tax law.

Yes. Localit Consulting has a specialized department with experience and know-how, members of ICPAC (Institute of Certified Public Accountants of Cyprus).

It is the Register of Ultimate Beneficial Owners. It lists the final real owners – shareholders (natural persons). Initial declaration is made upon incorporation, with annual updates.

Yes, under contractual terms for rights/obligations and full compliance with AML/KYC.

For transactions with related parties, documentation and sometimes filings/tables are required, based on thresholds.

Yes, if you meet the criteria and conditions. Localit Consulting will advise you safely on changing tax residence based on your data.

Yes. Localit Consulting informs you of any relevant opportunities if a subsidized program is available at that time