Business Set-Up in Cyprus

    • Michalis' practice focuses on Civil Litigation, Professional Responsibility, Real Estate Law, Administration Law, Immigration Law, Admiralty Law and Corporate Law. He is a member of the Cyprus Bar Association since 2010. Michalis provides many international and domestic clients with a variety of legal services, insurance claims, negotiation with employees, labour disputes resolution etc
    • Sara started her accountancy career with Deloitte and continued with the firm post qualification to take responsibility for dealing with both local and international clients in sectors including shipping, trading and retailing, manufacturing, financing and investment companies. Sara now advises individuals and companies on matters of incorporation, taxation as well as mergers and acquisitions. She is a member of the Institute of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC).
    • Savvas left Deloitte in 2019 at the level of Director. He has now established his own accounting firm, which has three Partners. He holds a BA (Hons) degree in Accounting and Finance and he is a fellow member of the Association of Chartered Certified Accountants (ACCA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). He joined Deloitte in 2005 after he finished his studies in the UK. Savvas was a member of the IFRS Consultation Centre of Deloitte Cyprus and specialized in the audit of large local and international companies in the following industries; Shipping, Manufacturing, Oil and Gas, Hotel, Investment Holdings, etc. Savvas gained extensive experience in taxation and consultation of business including financial advisory.

Business Set-Up

Who is this Service for?

If you have already decided on the type of business you want to run, and where you wish to locate it, then the main decision you will need to make is whether you should set it up as a limited company or as a sole trader.

This can be extremely important as you can save a considerable amount of money depending on which option you choose. Both have benefits and drawbacks.

Self-employed is of course cheaper to set-up and less costly to manage since the reporting requirements are lesser than in the case of limited companies.

On the other hand, limited companies do limit your liability in the case of a claim against your business, which depending on the type of business could be the only reason you need to opt for this type of structure. Otherwise, a limited company is rather more flexible when there are a number of partners or when the company has other, more complex attributes.

What does this service consist of?

  • Ensure legal interests are protected, especially when creating a company with several partners.
  • Drawing-up a notarial contract according to your guidelines, properly prepared and tailored to your objectives.
  • Ensuring that your Articles of Association contain all necessary elements.
  • Make sure that the application is made in accordance with the requirements of the Commercial Companies Code. With the power of attorney you will have granted to us, on your behalf we will register your company at all Government institutions and offices required by law.
  • Applying for company tax and identification numbers.
  • Obtaining all necessary documents, permits and approvals.
  • Dealing with bank formalities connected with setting up of the company bank account.
  • Once completed the registration process, we will draw up all other corporate documents required by the Commercial Companies Code.

Code of Reasonable Fees

Our clients can expect to receive a quotation that is at or below the recommended guideline prices by our local Professional Body.

Free Support Services Included

When combined with the free and innovative Advocate Abroad support services you can be sure that you are obtaining completely transparent legal services from registered and regulated English-speaking lawyers abroad.These support services include:

  • Verification of the regulatory status of your professional.
  • Fees as recommended by the Local Professional Body
  • Fees specified in advance and legally guaranteed.
  • Service levels agreed in advance and guaranteed.
  • All professionals must hold professional indemnity insurance.
  • Professionals' proficiency in English monitored.
  • Continuous quality controls and reviews.
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