Q: How many days are required for a Company to be registered?
A: This depends on the jurisdiction. In Cyprus, the Registrar of Companies (RoC) takes approximately 2-3 days to approve the desired name first. Afterwards, the company can be registered in 7 to 10 working days. However, shelf companies are also available to speed up your needs. Please contact us for further information on this.
Q: What are Shelf Companies exactly?
A: Shelf companies are already registered companies with no activities and transactions made. They have their own incorporation date, registration number, directors, secretaries, registered office and shareholders. They can be transferred to a client within a couple of hours to speed up things. By this way, when there is an emergency and an urgent Company is needed, we can avoid going through the whole procedure to create from scratch a new company and wait for the company to be incorporated. The client just purchases the ready-made company for the purpose needed thus saving valuable time and maximizing incentives.
Q: How can I create or buy a Company?
A: You do not have to be present to buy a ready-made Company or create the Company from scratch. The whole process can take place electronically as long as all the necessary requirements have been met, i.e collection of essential information and documents needed including due diligence.
Q: What’s the difference between director and shareholder?
A: Shareholder is the entity or person that owns the company whereas the Director is the legal entity or physical person who is responsible to manage and control the company. The shareholder could also hold the position of the director of a company and vice versa. Moreover, a director could have various roles within the company i.e. Director, a Shareholder and an employee of the company, thus being paid as normal a monthly salary.
Q: What is a registered director?
A: A registered director could be either a legal entity or a physical person.
Q: What is a nominee shareholder?
A: A nominee shareholder can be a legal entity or a physical person who is not the real and actual shareholder of the Company but someone else by a way of authorization. This is important and necessary if you don’t want to disclose your identity to the open public since everyone has access to the records of the Cyprus Registrar of Companies (RoC). As such, the Certificates will state the names of the authorized nominee shareholders and not the names of the ultimate beneficial owners (ubos), thus protecting your privacy.
Q: What is a registered office and can this be a nominee one?
A: The registered office of a company is the address stated on the Certificates of the company issued by the Cyprus Registrar of Companies and serves the official address of the company. It also serves the correspondence address where all official documents should be sent to as well as the address displayed on business letters and any forms of the company. Companies registered in Cyprus must all have a registered office situated in the same country.
Q: Can I create or transfer my Company to another country?
A: There are various jurisdictions worldwide to choose to create or transfer your Company. However according to your needs and benefits that you will have, we can advise you and help you through the whole process as this is often a very time consuming and complex procedure. Please note that many clients from other jurisdictions often have the willing to transfer into Cyprus their Companies due to our unique benefits. Please refer here.
Q: Why are KYC/DUE Diligence documents needed?
A: CYP INTRUST LIMITED is an authorized Administrative Service Provider being regulated by the Cyprus Bar Association. This means there are requirements and procedures to follow before a Company is authorized to administer other Companies and offer relevant services e.g nominee. This is to prevent money laundering and terrorism financing. One of the requirements is to know the clients, maintain certain documents like passport copies and utility bills etc.