Private Limited Liability Companies

The Companies' Act distinguishes between a private limited liability company and a public limited liability company. A private company is one that, in its constitutive document, restricts the rights to transfer shares, limits the number of its members to fifty and prohibits any invitation to the public to subscribe for any shares or debentures of the company. A private company can further be established as a private exempt company or a single member private exempt company.

By exclusion, a public company is defined as a company that is not a private company as defined.

Confidentiality

Shares may be held on behalf of an undisclosed beneficiary by Claris Trustees & Fiduciaries Ltd, our trust management and nominee company licensed by the Cyprus Financial Services Authority (MFSA).

Exemption from Exchange Control Regulations

In view of Cyprus's EU membership, exchange control laws have long been abolished.

Expatriate Employees

Company may operate an office in Cyprus and employ skilled expatriates in Cyprus. Foreign employees paid in Cyprus will be subject to National Insurance and local Income tax regulations. Tax rates vary between 0 - 35%, depending on the declared salary of the employee. We are able to assist you with applications for work permits in Cyprus.

Bank Accounts

Cyprus companies may hold bank accounts in Cyprus or elsewhere. We enjoy very healthy banking relationships with the main banks in Cyprus, including major international banks. Cheque books and credit/ debit cards are available in a wide choice of currencies. Resident and non-resident bank accounts are available with comprehensive telephone, internet and mobile banking facilities are available. International commercial and trading finance facilities are excellent.

Documentation Requirements for Company Formation

A full documentation package and details of fees and costs will be provided on request.