Time required to registered a company shortened to three days, Lakkotrypis says

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By Stelios Orphanides

The Minister of Energy, Commerce, Industry and Tourism Yiorgros Lakkotrypis said that the time required for the registration of a company at the company registrar has been reduced to up to a maximum three days.

“We have improved the time required for someone to register a company,” the minister who was commenting in an interview to state radio CyBC said. “Applications that are properly filled in take 24 hours if they are submitted online and around 48 hours if filed at the counters of the registrar’s office. It takes up to three days to register a company today”.

The minister said that it took “longer than three to four weeks” to do so in the past.

“We monitor this on a weekly basis to make sure that we remain within the framework of one to three days,” he said adding that the ministry is cooperating with the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus in this area.

Lakkotrypis said that registered companies are increasingly complying with their obligation to submit their annual reports at the registrar’s office. “For many years, there had been no compliance”.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Zorbas

    Small traders beware, registering a company is easy, getting it struck off is very difficult.
    There are so many many extra expenses with company, small traders may find themselves working for the government and the accountants. No reduced social security with a company, compulsory taxation on minimum incomes, even if the companies running a loss. Book keeping fees, audit fees, banking fees, filing fees, bank certification fees, government taxation and more..
    Accountants will advise you to take a company – its good business for them. I have been there and unless you are employing lots with a high turnover – its a big mistake.

    • Cherry

      What are the other options if you want to open a business ?

      • BigApple

        Not sure if registering a company falls in the same category as registering a trade name as opposed to registering a ltd company. I would recommend small businesses/traders to first start with a registered trading name and a tax reg. no. Registering a ltd company is a huge headache and requires much more processes and follow-ups for the first time business operator.

        • Cherry

          Thanks

    • Poster

      I guess if I am taycoon from Russia, this doesn’t affect me?

      • BigApple

        lol. no it wont 😉

        • Poster

          Great, I was worried about my millions.

    • All is good…

      Why go through the striking-off process ?

      Apparently, if you don’t pay the €350 company levy they’ll do it for you !

  • All is good…

    Something has been reduced to three days ?!!..

    Lak-o-gas looks rightly proud of himself.