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Profel is a member of the Terraserve Group 

PROFEL is a firm specializing in the establishment, registration, and administration of companies in international jurisdictions and in the provision of professional services for the achievement of a successful business profile with optimal profitability.

Cyprus FAQ

1. Is a Cyprus company (IBC) entitled to open an office in Cyprus?

Yes, but work permit and residence permits are required for non – EU nationals who may wish to live and work in the office in Cyprus.

2. Do I need to visit your office in Cyprus to set up a Cyprus company?

No, at no time of the registration process do you need to be physically present in Cyprus. All you have to do is fill out our Application Form and fax OR scan & email the completed Application Form with the requested documents to us at: This email address is being protected from spambots. You need JavaScript enabled to view it.

If you do not decide to set up a fully operational office in Cyprus, you can send us instructions on any aspect of the company’s administration by fax or email and we will carry out any necessary work efficiently and effectively.  At the same time, we will be very happy to welcome you to Cyprus, where you can use our office facilities, and combine your stay with a holiday here.

Of course, by registering a Cyprus company and setting up a fully operational office here, you can move to Cyprus with your family, as an executive director of your company (provided certain conditions are met).

3. How do you ensure privacy and confidentiality?

The registration of a company in Cyprus, requires that the company’s file at the Registrar's office must contain the details of the directors, shareholders, company secretary, and registered office.  This information is open to inspection by the public. By appointing nominee directors and shareholders (i.e. persons to act on behalf of the beneficial owners), the identity of the beneficial owners of the company remains private. The identity of the beneficial owners will only be disclosed to a local bank if the company chooses to set up a bank account in Cyprus. No information relating to the identity of the beneficial owners is disclosed to any third party or government authority, unless it is in relation to a properly authorized criminal investigation.

4. Can we open a bank account in Cyprus or abroad?

A Cyprus company can open a bank account anywhere in the world. We are in a position to assist in the opening of bank accounts in the Cyprus, UK, Greece, Switzerland and elsewhere. We can also assist you with the day to day operation and maintenance of your bank accounts.  For more information on available bank related services, go to the Banking section of this website.

5. How am I protected when nominees are appointed?

If you choose to appoint nominee Directors and/or Shareholders, then for your protection you will get the following document:

Every beneficial owner will get a Declaration of Trust signed by the Nominee Shareholder indicating that he is holding the shares in a trustee capacity and that he has no rights on those shares.

As the officers of the company (Directors and Secretary) are controlled by the shareholders of the company, the above Trustee document enables the clients to remove the Directors.  Same applies to the company Secretary.

6. Is it possible to get a company and/or personal credit card?

Yes.  Both company and personal credit cards are issued by the banks where the company will open its accounts.  We can also arrange for the opening of personal accounts.  Please read the questions relating to bank account services we offer in the 'FAQ' section on the left column of this page.

7. What are your fees?

Our fees are very competitive. Please go to our Fees section.

8. Is there a minimum capital requirement and what is the minimum share capital?

There is no minimum capital requirement. The minimum share capital of a Cyprus company is 1.000 Euros. This money does not have to be paid in a bank account of the company. Furthermore in Cyprus, unlike in some other jurisdictions, no share capital amounts are blocked and, in any case, if the fees that are paid for the registration and set-up of the company exceed the share capital amount, this automatically means that the share capital has been paid.

9. What is the required authorized/issued share capital? When does it have to be paid up?

Authorized share capital is the maximum number of shares that a company can issue according to its internal regulations (its Memorandum and Articles of Association). Issued share capital is the number of shares actually issued.  IBCs are usually registered with a low authorized and issued share capital of 1.000 Euros to minimize registration costs. The money for the issued share capital does not have to be paid immediately by the shareholders but it can be taken through the shareholders’ accounts in the company’s books and paid up at a later time.

10. Are “Nominee Services” necessary?

Cyprus International Business Companies (IBC) enjoy all the tax advantages you require irrespective of who the actual registered shareholders are. Therefore, the simple answer is 'no'. However, the great majority of beneficial owners of all IBC’s registered in Cyprus prefer nominee shareholders for reasons of confidentiality, anonymity, and practicality. 

For the officers of the company (Directors, Secretary), the use of nominees is necessary as Cyprus regulations provide that a company is a tax resident of Cyprus (i.e. it can take advantage of Cyprus' low tax regime, its Double Tax Treaties, etc) provided that its 'Management and Control' are exercised in Cyprus.  This practically means that the company's board meetings should take place in Cyprus.  Therefore, in most cases, for reasons of practicality and to minimise costs, it is necessary to appoint local Director(s) and Secretary.

In all cases, beneficial owners are provided with a Trust Deed, (also refer to Question 5 above) which authorizes the nominees to hold the shares in trust for the non-disclosed beneficiaries and at the same time guarantees the rights of  ownership of the beneficial owners.

11. How do we ensure that the company is a tax resident of Cyprus?

The Cyprus Tax Authorities issue a Tax Domicile Certificate which certificate states that the company is a Cypriot Company, resident in Cyprus, pays taxes in Cyprus on its worldwide income, etc.