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Incorporating a Cyprus legal entity is a simple process that has evolved over the years from local legislation and industry practice. To this effect, below you will read about our forms that need to be completed in order to request a new incorporation or purchase an established Cyprus Company. By completing these forms, you will assist our team to perform our internal procedures that abide by all EU directives and national laws for anti-money laundering.
Company Questionnaire - is a form where all the details of the new company are to be stated (i.e the required name of the company, the activities envisaged, the number and names of directors and shareholders and information in relation to the source of wealth of the ultimate beneficial owner.
Client Acceptance Form – for individuals is a form that contains personal information for the individual that will be involved in the company i.e. shareholders, directors, contact persons etc; Their names, passport copies, bank reference letter, proof of address, need to be attached. Client Acceptance form for legal entities is a form that contains information for every legal entity involved in the shareholder structure (if any).
Bank account questionnaire – is a form that needs to be completed in order to request the opening of the bank account for the company in question. Information such as the purpose of the bank account, the currency, the signatories and the periodical turnover need to be completed in the questionnaire.
According to the Circular No. 2015/19 released on 30 October, 2015 by the Cypriot tax authorities, a special questionnaire shall be filled by the directors when applying for a Tax Residence Certificate (the ‘TRC’). The new questionnaire focuses on the place of actual management and control over Cypriot companies. In addition to the basic information about the company, the questionnaire requires certain details including the following:
Tip: this is to ensure that no double tax residency has been established.
Tip: Major assessment factor for place of management.
Tip: Also important to the place of management of the company.
Tip: To ensure the duties and role of the Board of directors has not been transferred elsewhere and hence the place of management.
Royal Pine & Associates – Banking services
Royal Pine & Associates can facilitate the opening of a Bank Account and undertake the execution of payment transfers and day-to-day administration.
Kindly note that physical presence is currently not required for the registration of either a company or a bank account however a video conference between the UBO and our team will be requested.
Tip: note that it is our standard practice to hold a list with pre-approved names in case of urgencies).
Tip: A misconception we usually come across is that certificates issued by the Registrar of Companies in Cyprus (i.e. Shareholders certificates, Director certificates etc) serve to provide the legal evidence for that information contained therein. It should be clarified that the Secretary of a Cyprus company is required to keep up-to-date the so called Members book which shall include all such information and history and which is the primary legal evidence of past and present shareholders and officers of the Company. An extract may be provided certified by the Company secretary.
The author of the article is Yiota Charalambous.
Yiota is a corporate services manager with a vast experience in corporate services. Yiota is an efficient, organized and dynamic member of the team.
1. Subject to certain conditions
Posted on May 10, 2016
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