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CYPRUS COMPANY FORMATION
1. Cyprus Company Formation or the Cyprus Company Registration is regulated by the CYPRUS COMPANY LAW, Cap. 113, which to a large extent in its turn is dependent on the old English Company Law.
So, is there a legal distinction between a Cyprus Company Formation and a Cyprus Company Registration? Most definitely YES.
The Cyprus Company Formation is the legal act of the creation of a new distinct legal entity, which is completely separate and discernible from the physical persons, who are the Shareholders or members of the Cyprus Company.
According to the Cyprus Company Law, once a Cyprus Company Formation is complete, then we have a Cyprus Company Incorporation. So the final stage of a Cyprus Company Formation is its INCORPORATION.
In other words, when the partners get together and sign the necessary documents to set up a Cyprus Company that is the process of a Cyprus Company Formation. When all is ready and everything is thus submitted to the CYPRUS REGISTRAR OF COMPANIES, at the CYPRUS COMPANY HOUSE, we are entering the stage of a Cyprus Company Incorporation.
What is then the Cyprus Company Registration? That is the formal act of the CYPRUS REGISTRAR OF COMPANIES of actually marking in his “BOOKS” the incorporation of this Cyprus Company: i.e. the Name of the Company, the names, the addresses and other details of the Shareholders and Directors and the number of shares each has taken, the address of the Registered Office of the Cyprus Company etc and most important the Number of Registration of this new Cyprus Company.
Once the Cyprus Company Formation is complete, then the Cyprus Registrar of Companies, issues the incorporation certificates of the Cyprus Company.
These Certificates include the Incorporation or Registration Certificate of the company, the certificate of Directors and the company Secretary, the certificate of Shareholders and the certificate of the Registered Office of the company. At the initial stage of incorporation no other certificate is issued.
We mustn’t forget, of course, that an integral part of the Cyprus Company Formation is the Memorandum and Articles of Association. The Memorandum in brief, contains all the activities which the company may trade in and the Articles contain the “rules” of the game i.e. all the rules which regulate how the company is run by the Directors and of course the members.
2. CYPRUS REGISTRAR OF COMPANIES:
As the name suggests, the Cyprus Registrar of Companies, is the top official, appointed by the Cyprus Government, specifically to manage this branch of the Cyprus financial activity, called the Cyprus Company Formation.
The Cyprus Registrar of Companies is the absolute ruler. He oversees the whole process of a Cyprus Company Formation, Incorporation and Registration. The issue of the necessary certificates, the use of a proper Company name, the abiding by the company owners of all the regulations, the correct process and way of all changes in a company structure and finally is striking off the records or winding up and much much more. According to the Cyprus Company Law, Cap 113, the Cyprus Registrar of Companies, has the power to intervene in the company formation and other formalities even months after the Cyprus Company has been incorporated and registered in the Cyprus Company Registry
3. CYPRUS COMPANIES HOUSE:
The Cyprus Companies House, as the name again suggests, is the main official office of the Cyprus Registrar of Companies. It’s the place where all the personnel is situated, where all the records, books, files are kept and the place where you will go to file the documents for the incorporation of your Cyprus Company.
The general public, is welcome to visit the Companies House, to self help themselves at any of Company House departments and to secure themselves a Cyprus Company Formation or to get approval for a new Cyprus Company name, to secure fresh Certificates for his Cyprus Company or to file his HE32 form and many other services.
Basically, the COMPANIES HOUSE is a one `stop shop` for all services needed for the Cyprus Company!
4. CYPRUS COMPANY INCORPORATION:
The term Cyprus Company Incorporation, is basically the same as the Cyprus Company Formation. Here we have the notion of corporation.
In other words, when the members who join together to a common venture create a company that is the act of Incorporation of a Cyprus Company. This is a worldwide notion. The Incorporation of a Cyprus Company then has the same meaning as the process for the Cyprus Company Formation.
5. CYPRUS OFFSHORE COMPANY:
It was a general term describing the Cyprus Company which had all the legal characteristics of a local Cyprus Company, but It was allowed to trade only offshore. It enjoyed a few privileges apart from the Corporate Income Tax, which has only 4, 25%. Now the Cyprus Offshore Company is extinct. It has been replaced by the Cyprus IBC, which is a normal local Cyprus Company, incorporated and registered by the Cyprus Registrar of Companies, at Cyprus Companies House. It enjoys the same privileges as the local companies with a Cyprus Tax of10% on the company`s profits and 0% on the dividends paid out to the shareholders.
6. CYPRUS COMPANY REGISTRY:
The Cyprus Company Registry is a term which connotes that a Cyprus Company is filed in a register at the Cyprus Companies House, where all companies incorporated ever, can be found.
The Cyprus Company Registry is of course, kept meticulously by the Cyprus Registrar of Companies and updated daily, so that everyone interested can make a search of the Cyprus Company Registry, in order to safeguard against any dangers. In the Cyprus Company Registry, one can find in the particular company’s file all the information of the financial status of every Cyprus Company.
He can also see filed there all the changes to the structure of the company, such as the name, the shareholders, the directors, an increase of decrease of the Cyprus Company`s capital which is crucial sometimes, or any changes to the Memorandum or Articles of Association. See more
28 03 2011
