2023 Doing Business in Cyprus (UK Edition)
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DOING BUSINESS C YPRUS<br />
64<br />
UNITED KINGDOM EDITION<br />
CASE STUDY<br />
THREE-STEP PROCEDURE TO<br />
REGISTER AN ENTITY, ENTER THE<br />
BFU REGISTER AND EMPLOY THIRD-<br />
COUNTRY HIGH SKILLED PERSONNEL<br />
Company registration <strong>in</strong> <strong>Cyprus</strong> is simple and<br />
efficient. This is an example of the required<br />
steps for a simple and straightforward set up <strong>in</strong><br />
<strong>Cyprus</strong> for a small or medium sized company.<br />
THREE EASY STEPS:<br />
1<br />
REGISTRATION OF THE COMPANY<br />
Registration must be done at the Department of Registrar of Companies and<br />
Intellectual Property. It is advised to seek professional advice and once your<br />
lawyer has filed for registration, it can be expedited and completed <strong>in</strong> one (1)<br />
bus<strong>in</strong>ess day. The adm<strong>in</strong>istrative cost is €465, lawyer’s or adm<strong>in</strong>istrative service<br />
provider’s fees not <strong>in</strong>cluded. Breakdown of registration fees, typical example for<br />
a Private Limited Liability Company: €165 registration fee + €100 accelerated<br />
procedure + €200 company’s full set of certificates by accelerated procedure.<br />
2<br />
SUBMIT AN E-APPLICATION TO THE BFU<br />
An onl<strong>in</strong>e application form must be submitted supported by a ‘Letter<br />
of Intent’ and other relevant documents required to the <strong>Bus<strong>in</strong>ess</strong><br />
Facilitation Unit (BFU) to register the company as Company with Foreign<br />
Interests. This takes no more than seven (7) bus<strong>in</strong>ess days.<br />
3<br />
VISIT THE CIVIL REGISTRY & MIGRATION DEPARTMENT<br />
FOR OBTAINING PERMITS FOR THE EMPLOYEES<br />
F<strong>in</strong>ally, you must prepare the documentation and go through the<br />
application procedure to register the company’s employees with the Civil<br />
Registry & Migration Department (CRMD). For registration of the first employees<br />
of new companies registered as Companies with Foreign Interests by the <strong>Bus<strong>in</strong>ess</strong><br />
Facilitation Unit, service at the CRMD will be on a first come-first served basis,<br />
without an appo<strong>in</strong>tment. For the rest of the applications, predeterm<strong>in</strong>ed fixed<br />
weekly appo<strong>in</strong>tments for specific providers have been set, based on volume and<br />
frequency of applications submitted. In such appo<strong>in</strong>tments, it is expected that<br />
approximately 3-5 applications may be submitted. Smaller offices and <strong>in</strong>dividuals<br />
will be served daily on a first come-first served basis, without an appo<strong>in</strong>tment. In<br />
such cases, it is expected that no more than 3 applications are submitted. Applicable<br />
fees per case can be found on the website of the CRMD which do not exceed €330<br />
per employee, lawyer’s or adm<strong>in</strong>istrative service provider’s fees not <strong>in</strong>cluded. The<br />
residence permit of the employee for temporary residence and employment takes<br />
approximately 40 days to be issued, <strong>in</strong> the case of a positive review.