An International Business Company (IBC) is the term commonly used for a Cyprus company which has foreign shareholders. An IBC can either be resident in Cyprus (provided its management and control is in Cyprus) or it can be non-resident (if its management and control is outside Cyprus).
Further an IBC can either operate from a fully-fledged office with permission to employ expatriate staff or it can have its registered office at the office of a local accountant or lawyer (our office address can be used for this purpose).
Whatever the type of IBC, the application procedure is basically the same.
The basic steps and information required for the formation of an IBC are outlined below:

• Our application form / questionnaire must be completed and either sent back to us by e-mail or fax.
• We submit the proposed company names to the Registrar of Companies for approval. This usually takes 2-3 working days (In order to save time one of the approved company names from our list can be selected).
• Once approval for the company name is obtained, the memorandum and articles of association of the company are prepared and submitted for registration to the Registrar of Companies.

Some important points to note are:

• A brief description of the main activities of the company is required to enable the drafting of the memorandum and articles of association.
• There must be a minimum of one shareholder. If anonymity is required, the shares may be held by a nominee or trustee.
• There must be at least one director who may be foreign or local .
• A company secretary must be appointed and a registered office address in Cyprus must be specified (required by law).
• Full know-your-client information is required for all beneficial owners such as passport copies, proof of address, bank references and short CV.

Our firm can provide nominee directors and shareholders. The company secretary is always from our office for purposes of administrative convenience. These services are provided at a small annual fee.
The registration procedure for an IBC can usually be completed within a period of eight working days (five working days if an approved company name is selected).