Legal Forms of Business in Cyprus

• Sole Proprietorship: A business owned and operated by a single individual. The owner is personally liable for the business's debts and obligations.
• Partnership: A business owned and operated by two or more individuals or entities, with shared profits and liabilities.
• Limited Liability Company (LLC): A separate legal entity with limited liability for its owners (shareholders). LLCs are commonly used for small to medium-sized businesses.
• Public Limited Company (PLC): A company whose shares are freely traded on a stock exchange and may be owned by the public.
• Branch Office: An extension of a foreign company in Cyprus, which conducts business activities on behalf of the parent company.

Independent Professional Statuses:

• Freelancer: An individual who offers services independently, often on a project basis, without long-term commitment to a single employer.
• Independent Contractor: An individual who provides services to clients under a contract, typically with more control over how and when the work is performed compared to an employee.

Registration Process and Costs:

• Sole Proprietorship: Registration is done with the Registrar of Companies. Costs vary depending on the business name reservation, registration fee, and professional fees for assistance.
• Partnership: Registration with the Registrar of Companies requires submission of a partnership agreement. Costs include registration fees and legal fees.
• Limited Liability Company (LLC): Registration involves drafting and filing the memorandum and articles of association with the Registrar of Companies. Costs include registration fees, legal fees, and notary fees.
• Public Limited Company (PLC): Similar registration process to an LLC, with additional requirements for offering shares to the public. Costs include registration fees, legal fees, and notary fees.
• Branch Office: Registration requires submission of documents from the parent company to the Registrar of Companies. Costs include registration fees and legal fees.

Incorporation/Registration Timeline: The incorporation or registration process typically takes between 1 to 2 weeks, but the timeline may vary depending on the workload of the Registrar of Companies and the completeness of the application.

Legal References:

• Companies Law (Cap. 113) governs the formation and operation of companies in Cyprus.
• Partnerships and Business Names Law (Cap. 116) regulates partnerships and sole proprietorships.
• Tax Laws, such as the Income Tax Law (Law 118(I)/2002), govern tax obligations for businesses and individuals.