REGISTRATION OF COMPANIES

Requirement for the incorporation of a Cyprus company:

1. Approval by the Registrar of Companies of the proposed name of the company. If the clients are not particular about the name, we can provide a "shelf" name.
2. A brief description of the main objects of the company in order to prepare/draft its Memorandum and Articles of Association.
3. The amount of the nominal capital of the company, and how it is going to be divided. This is usually EURO 1,000 divided into 1,000 shares of EURO 1 each. It should be noted that it is also possible to denominate the capital in a currency other than EURO.
4. The names, addresses, occupations, passport details and nationalities of the proposed beneficial shareholders, as well as the proportion in which they will hold the shares of the company. If nominees will be used, the particulars of the nominees are needed as well.
5. The names, addresses, occupations, passport copies and nationalities of the proposed directors and secretary of the company.
6. The proposed address of the registered office of the company.
7. The details of the proposed auditors of the company.

Our firm can provide nominee shareholders, directors, secretary and registered office, if so requested.

DUE DILIGENCE

Additionally, when registering a company in Cyprus, it should be noted that certain 'due diligence' requirements must be fulfilled as provided by applicable Cyprus legislation.

Generally our firm's due diligence requirements are as follows:

1. We need to know who the ultimate beneficial owners/individuals are.
2. We need to obtain a copy of their passports, certified by a reputable lawyer or accountant or bank.
3. We need to obtain bank references for the ultimate beneficial owners/individuals. If they cannot provide a bank reference, it will be acceptable to obtain a reference from a reputable accounting or legal firm etc.
4. We need to obtain information as to the nature of the business of the ultimate beneficial owners/individuals.
5. We need to obtain information as to the nature of the business of the Cyprus company.
6. In case:
1. the registered shareholder is a legal entity, or
2. the "first level beneficiary" is a legal entity, we will require:
1. a copy of its certificate of incorporation and,
2. confirmation of the registered address.
7. We require the chain of ownership behind the Cyprus company up to the ultimate beneficial owners/individuals.