Capitalizing on its strategic location, Cyprus has developed through the years into a reputable international services hub especially in the banking and shipping activities. Since Cyprus’ accession to the European Union, its role as a business bridge between Europe, Asia and Africa has been further enhanced.
International legal entities and natural persons may establish a business in the Republic of Cyprus on equal terms, as the local entities and natural persons. Administrative procedures for establishing a company have been simplified reflecting the importance placed on the country’s development as an international business centre.
Local and foreign investors may establish any of the following legal entities or businesses in the Republic of Cyprus:
- Companies (private or public);
- General or limited partnerships;
- Business/trade name;
- European Company (SE);
- Branch of overseas companies.
Initially, except in the case of a branch, the application for the approval of the name of business is submitted by hand to the One Stop Shop or to the Registrar of Companies and Official Receiver. Also, the application can be submitted electronically.
After securing the name approval, the relevant documents for the registration of the legal entity are to be submitted, according to the legal form of the entity/business either to the One Stop Shop or to the Registrar of Companies and Official Receiver. Notably, the application for the registration of a company can be submitted electronically.
Thereon, according to the nature of the business activity pursued, subsequent licences are to be obtained, by the competent authorities.
One Stop Shop
Corresponding to the contemporary needs for simplification of the business environment, the One Stop Shop has been established in order to reduce considerably the time needed for setting up a business. Indicatively, the following services are offered to businessmen/investors:
- Provision of information/guidance to businessmen/investors for establishing businesses in Cyprus
- Legal Entities Registrations (partnerships, Business name, European Company (SE), and Branches of overseas companies)
- Tax related Registrations (VAT Registration & Taxpayer’s Registration), etc.
Point of Single Contact
Within the scope of harmonization with the Services Directive, the Ministry of Energy, Commerce, Industry and Tourism has established the Point of Single Contact (PSC Cyprus) in order to facilitate the establishment of businesses in the services sector and the cross border provision of services within the internal market.
The PSC Cyprus Portal (www.businessincyprus.gov.cy) provides comprehensive information regarding the administrative procedures and formalities required for the access to, and exercise of, service activities that fall within the scope of the Services Directive, including the horizontal procedures and formalities for setting up of a business in the Republic of Cyprus, such as income tax registration, VAT registration, Social Security Registration, and Registration of Companies.
At the same time, through the PSC Cyprus Portal, the online submission of application forms as well as the tracking of the ongoing administrative procedures is offered, for a number of registrations/authorizations, related to:
- the establishment of a business, such as VAT Registration, Taxpayer’s Registration, Social Insurance Scheme Registration;
- the access to and exercise of service activities, such as the establishment of a catering establishment, the engineering science practice; and,
- the temporary provision of services across border, such as the temporary provision of veterinarian services.
For further information:
Ministry of Energy, Commerce, Industry and Tourism
13-15 Andreas Araouzos
Tel.: +357 22409318/21
Fax: +357 22409432