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# Legal Forms of Business in Cyprus
- URL: https://university.heavnn.io/legal-forms-of-business-in-cyprus/
- Published: 2024-05-20T10:00:37.000Z
- Updated: 2024-05-20T10:00:58.000Z
- Author: Heavnn
- Tags: Cyprus, Country Tax Guides

- **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.

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