How to incorporate simple Cyprus company (no business activity, just paperworks)?

[detaipi]

Hi guys,

I'm EU citizen and I would like to set up Cyprus company myself. Maybe ask help consultants (recommendations?) along the way, but at first i want to learn and try do it myself.

The company - I will not actually use the company, so no business activity, just paperworks. At the end, all I need is just papers (Certificate) with the company and people (me) associated with it. Just the paperworks which I could download and re-send to someone just to verify I'm the owner and associated with it.

After that, I may just aband the company or just pay maintenance fees if they are reasonable.

Questions:

1. Approximate cost of incorporation?
2. Approximate cost of maintenance?
3. What is the first step I should take, simply the specific official website I should enter to start the proccess (and try figure it out later)?

 

[Sols]

Do you hate yourself? Are you a masochist? If the answer to both questions is‌ no, then don't as a foreigner not speaking Greek try to set up a company‍ in Cyprus on your own, especially if you don't live there.

It's not that it's⁠ impossible. It's just not something people do because the process is (unnecessarily) complicated and there⁤ is a large selection of good service providers that can do all the hard work⁣ for you. If you come from almost anywhere else in EU, the incorporation process in⁢ Cyprus will be jarring.

When you calculate the cost, factor in how much time you︀ are losing.

If you do︁ it all yourself and have an address in Cyprus you can use as the company's︂ address, a few hundred EUR in total for the various fees.

Currently, all companies in Cyprus must undergo an annual︄ audit. With that cost and other fixed fees, it'll be around 1,000 EUR all in︅ all. Maybe a little less if you really spend hours and days looking for the︆ cheapest possible auditor.

A change is coming in 2023 that will let small companies avoid︇ audit and instead go for a simplified assurance procedure. I haven't seen the costs for︈ those yet.

The information is a quick Google search away. Look for results︋ under the .gov.cy domain. It will take you lead you down the rabbit hole.

 

[CyprusLawyer101]

It is necessary to appoint a lawyer for incorporating in Cyprus. It is a statutory‌ requirement.

 

[Sols]

Wasn't aware of that, have heard of people doing‍ it on their own. But that's good news for @detaipi.

 

[CyprusLaw]

It is not possible to incorporate and operate a company by yourself.

(a) It︄ is a statutory requirement that a lawyer prepares the documentation etc.

(b) It is a︅ statutory requirement that you have a secretary that is Cyprus resident.

(c) You need a︆ registered address in Cyprus.

(d) In order to create substance it is suggested that a︇ Cyprus nominee director is used - otherwise if the company's tax residency is challenged then︈ I assume it defeats the purpose of setting up a Cyprus company.

(e) Annual audit︉ (of as Sols mentioned audit review) will be required - so again you need professionals︊ in Cyprus.

(f) There are a number of procedures that need to physically take place︋ in Cyprus.

Happy to PM you to discuss but as a starting point you need︌ to understand that setting up and operating a Cyprus company without a lawyer and an︍ auditor it's impossible.

 

[RealDude]

What is the minimum wage for a secretary and nominee director in Cyprus?

 

[CyprusLaw]

There is no requirement for a director or secretary to receive a‍ salary. Therefore in the event you will have a nominee director and secretary rhe payment⁠ will be the fee agreed between you and the provider.

If on the other hand⁤ you will hire a full time employee then minimum salary requirements will be passed in⁣ Cyprus in the next few months.

Happy to PM you to discuss

 

[MiltonStone]

Or buy a ready-made company for a 1500 euro, it's easy and fast.