2023 Doing Business in Cyprus (UK Edition)

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