Why Register a Company in Cyprus?
Cyprus has maintained a 12.5% corporate tax rate since 2003 — one of the lowest in the EU. Combined with an extensive double tax treaty network covering over 65 countries, a company law framework based on English common law, and English as a practical working language, Cyprus consistently attracts international entrepreneurs and investors.
The most common structure for foreign investors is the Private Limited Company (Ltd), governed by the Companies Law Cap. 113.
Step 1: Choose and Reserve Your Company Name
Your company name must be unique, not misleading, and end with "Limited" or "Ltd". Name reservation costs approximately 10 euros and is valid for 6 months. Restricted words like "Bank" or "Insurance" require additional approvals.
Step 2: Prepare the Required Documents
- Memorandum and Articles of Association — drafted by a Cyprus lawyer, must be in Greek
- HE1 Form — application for registration signed by founding shareholders
- HE2 Form — registered office details (a Cyprus address is mandatory)
- HE3 Form — details of first directors and secretary
- Certified copies of passport and proof of address for each director and shareholder
Step 3: Engage a Cyprus Lawyer or Formation Agent
The process is conducted in Greek and requires a qualified professional. Most business owners use a company formation agent. Expect to pay 800 to 1,800 euros for a complete package including registered office for the first year.
Step 4: Submit to the Registrar of Companies
Standard processing takes 5 to 10 working days. Express processing (additional fee) reduces this to 1 to 3 days. Registration fee is approximately 105 euros for share capital up to 5,000 euros.
Step 5: Tax and VAT Registration
Once incorporated, register with the Tax Department for your Tax Identification Code (TIC), register for VAT if turnover exceeds 15,600 euros per year, and register with the Social Insurance Department if you have employees. All done via TAXISnet.
Step 6: Open a Corporate Bank Account
This is often the most time-consuming step. Cyprus banks (Bank of Cyprus, Hellenic Bank, AstroBank) require extensive KYC and can take 4 to 12 weeks. Fintech alternatives like Revolut Business or Wise Business are significantly faster. See our Cyprus banking guide.
Ongoing Compliance
- Annual return filed with the Registrar by 28 January each year
- Annual audited accounts prepared by a registered Cyprus auditor
- Corporate tax return (IR4) filed annually
- UBO Register submission (beneficial ownership)
Cost Summary
- Name reservation: ~10 euros
- Registration fee: ~105 euros standard / 200+ euros express
- Lawyer or agent fees: 800 to 1,800 euros one-time
- Registered office: 300 to 600 euros per year
- Annual audit: 800 to 2,500 euros per year