Cyprus

Question 1

Do I need to be present for the company formation?

Answer

Albeit there is no actual need to be present to be able to incorporate your company, nonetheless a personal meeting can be achieved in our offices if you are in Cyprus or alternatively a meeting can be concluded via skype.

Question 2

What kind of documents are required to proceed with a company formation

Answer

The basic documentation in terms of the company formation once the structure is set are the personal information of the beneficial owner as well as any other official should these are not appointed by us. More specifically, the following documentation will be required for a natural person: 1. Certified copy of passport (internal & international) or ID 2. CV showing the professional career 3. Certified copy of a recent utility bill- electricity / gas / water / municipality tax (not older than 3 months) 4. Original bank reference dated within the last 3 months 5. Reference by professional (lawyer or accountant). In the event of a legal person then the following documentation is required: Certified and Apostilled corporate documents, certified copies of the officials or any other individual involved including certified copy of passport and recent utility bill as per the natural person requirements.

Question 3

What is Due Diligence and KYC and why am I required to comply?

Answer

As a duly licensed ASP regulated by ICPAC, we are obliged to follow the anti-money laundering regulations by being able to verify the identity of our clients, the legitimacy and identification of potential risks of any illicit transactions as well as to ensure that we can understand our customers and their financial dealings. The Due Diligence and the KYC Form in brief, is a way of identifying the customers activities and nature, assessing their associated risks and risk level through an internal check list. Customer Due Diligence and Enhanced Due Diligence will depend on the risk category of the client. The latter is mainly used for customers who following a risk based approach and understanding (or not understanding) the origin and legitimacy of the customers source of funds and wealth are classified as high risk taking into consideration further the geographical risk factors, whether the customer is PEP etc. Non compliance with our internal Due Diligence and KYC will result in the rejection of the provision of our professional services.

Question 4

What is a nominee services contract agreement that I need to sign?

Answer

All of our clients are requested to sign our Nominee Services contract in order to be familiar with all terms and conditions governing our professional services. Despite the document being extensive, nonetheless it provides all those required information governing our business relationship including important information such as disclosure, indemnity, instructions to the service provider, remuneration and termination.

Question 5

What are the nominee services agreement necessary?

Answer

Once a company is incorporated and the use of our professional services (Nominee Director, Secretary and Shareholder) you will be asked to sign the following documentation: A) authorization and indemnity letters showing the appointed nominees/company officials form our side, confirmation as to whom we should take instruction from, date and brief indemnity clause. B) the Nominee Agreement and Declaration of Trust (should a nominee shareholder is required) will be signed and exchanged between our nominee and the Company Beneficial Owner(s) with regards to the shares held on trust and a confirmation that shareholder can be instructed by the beneficial Owner and that the beneficial ownership remains with the ubo thus securing the beneficial ownership.