Services & Prices The procedure for the formation of a Cyprus company is very simple. First we need a name for the company. Our office has a list with approved names which is at your disposal upon your request. Of course the client can choose his own name but the application for the approval of the name can take up to 6 working days. The most important paper we need it's a copy of the two first pages of the passport of the intended foreign participant in a Cyprus Company. If the participant will be a legal entity (company) then we need proof of existence, like certificate of incorporation. Those documents must be certified by a notary or lawyer or accountant. The clients must send it first by fax to our office and then the original by post or courier service. Together with the copy of passport we need also our firm's questionnaire duly completed. After the approval of the name we draft the following agreements between our firm and the client: Trust agreement in case of nominee shareholder, which indicates that the shares are owned in trust Deed of indemnity for the nominee director and secretary Agreement for the fees All the above agreements are send to the client by email or fax and in order to proceed with the incorporation we need those agreements signed first by fax or scanned electronic copy and after the original agreements. After that we proceed with the incorporation of the company (about 6 working days). For the whole procedure we need about 10 working days (if the client choose a name from our list). For practical and tax reasons usually the non-resident shareholders hold there shares through nominees. Our office provides that service. Of course the share certificates are kept by the beneficiaries and trust declaration agreements are signed. Below we provide you with an outline of our basic services, regarding Cyprus companies and corresponding fees: Company formation The total costs for the formation of a company including our professional fees and expenses paid to the registrar of companies and any other matter incidental thereto (such as obtaining exchange control permission, drafting the necessary corporate resolutions, and translating documents into English) are estimated at 1000 Euros, for companies with share capital up to CYP 1000. The formation of companies with a share Capital between CYP 1,001 and 5,000 is estimated to cost Euros 1,200. The fees for the formation of companies are paid immediately after the approval by the Registrar of companies of the propose name given by our clients. Registered Office It is a requirement by Cyprus Law that Cyprus Companies must have a registered address in Cyprus for correspondence with Cyprus Authorities and also in order to be considered Cyprus tax resident. Our office provides that service and it includes forwarding the mail to our clients. Our fee for that service is Euros 400 and it is paid in advance for the first year with the formation of the Company. Secretarial services For practical reasons a member of our office is usually appointed as secretary so as to attend to company formalities in Cyprus. Our fee for that service is Euros 300 and it is paid in advance for the first year with the formation of the Company. Nominee shareholders If our clients decide to hold there shares through nominee shareholders we provide that service through members or companies of our firm. For each nominee shareholder we charge Euros 250 per year and also that fee it is paid in advance. Nominee Directors The appointment of members of our office as local directors of a company has an annual fixed cost of Euros 250 per year and these fees are also paid in advance. Opening of a Bank account Our fee for opening a bank account in Cyprus is Euros 300 plus out of pocket expenses (faxing, mailing etc.) To summarize the above: Formation of an offshore company     1,000 Registered office 400 Secretary 300 Nominee Shareholder 250 Nominee Director 250 Opening of a bank account 300 TOTAL 2,500 Euros We hope that the above information are helpful but in case you need any further information please do not hesitate to contact us. Yours sincerely Photis P. Photiou, L.L.B., L.L.M. Managing Partner