Day-to-day administration of the company

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Published: Monday, 29 September 2014 15:18

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Our firm can undertake to perform the daily activities involved in operating the company such as monitoring bank accounts, processing bank transfers, invoicing, bookkeeping, filing of Vat returns (where applicable), preparation of profit and cash flow forecasts, preparation of management reports, payroll preparation etc.

Documents and certificates

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Category: Content

Published: Monday, 29 September 2014 15:17

Written by Super User

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Following registration of the company, the following documents are produced:

• Memorandum and Articles of Association in the official Greek language (English certified translations are prepared by our firm)
• Certificate of incorporation
• Certificate of registered office
• Certificate of directors
• Certificate of shareholders
• Subscribers’ resolution as well as minutes of first meeting of directors
• Undated, signed share transfer documents and undated signed resignation letters by nominee shareholders and nominee directors respectively (if nominees are opted)
• Declaration of trust by the nominee shareholders
• Deed of indemnity whereby the beneficial owners indemnify the nominees for their actions

Bank accounts can be opened at any local bank by presenting copies of the above documents, together with copies of the passports of the beneficial owners and bank references. Also, bank accounts for the company can be opened anywhere in the world (usually legalization of the above documents is required in order to open bank accounts abroad - this can be arranged at an extra cost).

Registration Procedure

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Category: Content

Published: Monday, 29 September 2014 15:17

Written by Super User

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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).