Supporting business expansion to Cyprus

REVERA Cyprus experts are ready to provide specialist support to companies wishing to open an office in Cyprus.

Why choose Cyprus?

A fast-growing IT community.

  • English law is common practice.  It gives a lot of advantages when structuring M&A deals involving Cypriot companies.
  • Well-established quality of corporate services.
  • Attractive taxation system for holding structures and individual business owners.
  • Simplified migration procedures.
  • Since 2022, a new Cypriot strategy for employment of highly qualified third-country nationals has been in effect (simplified work permit procedures, additional tax benefits, shortening the naturalization period for obtaining a passport, etc.).

How to open a company in Cyprus: 5 basic steps 

If you want to open a company in Cyprus and employ non-EU employees, you need to go through the following steps:  

  1. Registering the company.
  2. Opening an account for the company (it is important to choose the bank carefully, as some banks may refuse to consider the application from companies with beneficiaries from CIS without EU residence permit).
  3. Submitting an application for foreign company status (this status is required to attract non-EU foreigners for employment). Since 2022 this procedure has been simplified.
  4. Hiring employees.
  5. If applicable – obtaining IP-box.
    • IP-box regime is a preferential tax regime for companies used to stimulate research and development activities. It also applies to companies which create computer programs.

Simplification of rules to obtain foreign status for companies in Cyprus

  • Shareholders of the company are foreigners with more than 50% participation.
  • The company must have leased office space (not a nominal office), preferably for at least 1 year period.
  • At least 30% of key employees come from the EU.
  • Other requirements – mostly organizational (for example, if the company is not the first year in operation, it is required to have an audit report, Tax Clearance Certificate, etc.).

Our services 

  1. Opening of a company.
    The package of services to open a company without the status of a foreign company includes:

    • registration of the company.
    • a full package of constituent (foundation) documents.
    • nominal services (director, secretary, registration office (not for rent), if necessary – a nominal shareholder of the company).
    • if necessary – power of attorney to the ultimate beneficial owner.
  2. Support of account opening.
    • We will assist you with the opening of an account in a bank, we will advise on available options, including the emerging restrictions for the beneficiaries from Belarus in consideration.
      The procedure may take 1-3 months (the final term will depend on the banks compliance procedure).
  3. Support in obtaining foreign company status (for hiring foreigners).
    • We undertake the responsibility for preparation of basic documents, applications, communication with the state authorities.
      In addition, on request our Cypriot lawyers can undertake the work on the lease of office premises.
  4. Support of employees’ recruitment for a foreign company.
    • Our services include collection and preparation of documents, applications, support of other recruitment issues.
      The term of registration of one employee is 1-2 weeks + preparatory activities.
  5. Advising on the application of IP-box, support of the application for IP-box.
  6. Advising on VAT issues and peculiarities.
  7. Advising on currency regulation issues.
  8. Drafting of agreements for the assignment or granting of intellectual property rights, software development agreements by the Cyprus office specialists. Preparation of other contracts with customers/contractors.

Experts in the field

Write to our specialist, and we will accompany you in the whole procedure

Projects

Enway
A turnkey project to support the expansion of a business to Cyprus. REVERA team supported the registration of the company, assisted in labour, migration and banking issues.
Eidolon
REVERA assisted the IT project Eidolon in setting up the company in Cyprus on a turnkey basis (including all mandatory post-registration activities), as well as handling the relocation and employment of foreign IT specialists in Cyprus (including the necessary migration issues).
NOVA64
Supporting the client in a strategic expansion of its business to Cyprus, which included incorporation, a set of post-registration actions, and compliance of the client's contracts with the local regulations.
Vandrouka Games
Comprehensive support in launching an office in Cyprus: company registration (along with obtaining foreign company status), relocation support for some IT staff (including dealing with mandatory migration issues), opening a corporate account in the payment system, formalizing the accumulation of exclusive rights to IT development within the company, as well as attracting investment.
Advertising Platforms Developer
REVERA’s team assisted the client in building contractual relations with numerous partners from different jurisdictions: advertisers, advertising platforms, publishers and also provided support in preparing standard interaction agreements with entrepreneurs/individuals. Ongoing consultancy required REVERA’s lawyers to be deeply immersed in the technical part of online marketing tools.
Independent game development studio
REVERA’s team rendered services for the restructuring of the mobile game company, starting with the resolution of the internal corporate conflict, and ending with the registration of the new legal entities in Georgia and Cyprus.
VR-games development studio
Assistance with the incorporation of a new company in Cyprus and opening a corporate account in Cyprus EMI, contractual arrangements with product development specialists, expertise in preparing the collective transfer of IP.
Implementation of the “IP Box” tax regime
REVERA’s lawyers assisted the client in obtaining the benefits of the IP box regime: we prepared a business plan, reviewed the IP description, organized interaction with independent auditors, including obtaining their final conclusion. In addition, the REVERA’s team conducted a number of consultations on restructuring of the client's business.
International Investment Hub
REVERA assisted the client acting as an investor in setting up SPV in Cyprus for the purposes of the future investments, as well as supported following two investment deals, including transaction documents drafting and structuring the deal over 3 jurisdictions
Android game developer
Support in setting up a company in Cyprus from scratch, obtaining special status for the recruitment of foreign employees, structuring relations with customers and contractors, and establishing a separate service center
Salesforce consulting partner
REVERA’s team provided company incorporation services in Cyprus, assisted in the relocation of part of the team to Cyprus, including dealing with migration issues, including obtaining work visas. We fully accompanied the process of employment in this company, including the preparation of employment contracts, and bank accounts opening
Structuring the investment deal for GameDev Studio
REVERA’s experts drafted a shareholder agreement and participated in lengthy negotiations to agree the terms between the founders and the investor. The investor in the deal was a large state-owned gaming corporation (one of the 50 largest in the world). We provided solutions for a wide range of issues: intellectual property, corporate and tax administration, incorporation and banking matters
Neskin Games
Support in registering a legal entity, obtaining the status of an international company and in post-registration ‘’setup‘’ of the business. The project required REVERA team's expertise in labour, migration and tax law, as well as in banking issues.
Funmatica
Assisted the client with the launch of the business in Cyprus, including contractual relations with employees, customers and contractors, migration issues, as well as registration with the EMI of Cyprus. REVERA continues to provide ongoing support on corporate law matters.
Hexacore
REVERA team provided support in registering a legal entity, obtaining the status of an international company, migration and labour registration of employees. Also, in co-operation with auditors, a tax opinion on the possibility of applying the IP Box regime and attracting financing was prepared.
FinTech platform
REVERA supported the registration of a company in Cyprus with five shareholders located in different jurisdictions, as well as the accumulation of IP rights. The complexity of the project was due to the need to open an account with EMI and go through AML procedures for the five shareholders.
Recognition and enforcement of a foreign arbitral award in Cyprus
Successful enforcement of a foreign arbitral award in Cyprus — from arbitration proceedings in Ukraine to its recognition by the Cypriot court, enabling actual recovery of the debt.
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