5 Things You Must Know While Registering Your Cyprus Company

I know you eager to get your company registered, it’s like finally seeing your dreams achieved. This makes it important that you carefully know — why, where, how, and when — all about this challenging procedure.

However, there few tips below to help you get through the process giving you a hassle-free experience.

Get Familiar With the Process

To get your dream started, you need to have your company started on its registration by filling an electronic-form on the Ministry of Corporate Affairs’ website. The e-form provides you with a Director Identification Number (DIN), you will also need a Digital Signature Certificate(DSC) which you can easily obtain on the same portal.

Now, you will have to move to the next stage of getting your company name approved by the ministry. If that is approved, then proceed to file the incorporation form, which is your company’s registration.

You can read the steps in starting up your registration here: http://new.cac.gov.ng/home/registration-steps

This stage requires your identification verification regardless of the type of company you wish to register. You can use documents like PAN and Utility bill (not more than 60 days old) to prove your identity and address.

2. Timeline Factor

This is quite interesting. Unlike years ago, it usually takes about 5-7 days to book your company’s name, now, it can be done within 24 hrs. It’s a good thing that it now takes shorter periods.

There is a downside to this at the moment, the government is making a change to centralized processing of incorporation proposals, which has made them unstable for now. You in order to go through with your company’s registration, you have to fully understand how the old registration process goes.

Do not forget, during your process of registration, there is a quicker and less hectic way of getting it done.

3. Choose Your Company’s Category Carefully

Be sure you understand the categories very well, before choosing. The list of categories you can choose from are —

  • Sole Proprietorship Company (SPC)
  • Partnership Company (PC)
  • One Person Company (OPC)
  • Limited Liability Partnership (LLP)
  • Private Limited Company (PLC)

Below are few advantages of each of the categories.

Partnership company gives you the privilege to file a case against the following — the firm, other partners, and third parties.

The One Person Company is preferred to Sole Proprietorship Company, all attached limited liability benefits are given only to the founder (the one you registered with Registrar of Companies (RoC) under the Ministry of Corporate Affairs).

While Private Limited Company is the best choice for anyone looking to garner an external funds.

The company’s capital and state being registered from are responsible for — registration fee, stamp duty, and other charges.

4. Build Your Company Name appropriately — it matters.

The government pays real attention to make sure you provided company’s name aligns with the solution tend to offer. Your company’s name should be easy to identify, and unique (no resemblance to any existing company).

5. Form INC-29

 

Getting registers can be a whole lot of stress, however, Ministry of Corporate Affairs made it all easy — Integrated Incorporation Form (Form INC-29).

What does this electronic–form entails?

  • Director Identification Number (DIN)
  • name approval and
  • filing the incorporation application

Which previously is done separately and time-consuming.

So what are you waiting for get started on achieving your dreams. In order to make it happen with errors and regret, try getting all the help you need to build your Cyprus Company.

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