Cyprus offers various business opportunities for local and foreign investors. Despite its small size, the country has a modern, service-based, free-market economy that provides international and domestic businesses confidence to invest, develop, and succeed. It’s easy to learn how to register a business name in Cyprus and start operations in the country.
Why Do You Need to Register a Business Name in Cyprus?
Registering a business name applies to individuals who wish to start a business. Doing this will give you the authority to operate and trade using your business name without needing a corporation as a legal entity.
You may register a business name in Cyprus and VAT and other authorities using an independent name to represent you.
You can use the business name to trade as a private individual, and along with it, you can issue receipts, offers, and other financial documents using the registered business name. On the other hand, this will not constitute a trademark or a legal entity.
What is a Business Name?
Business names are the term used for a trading name. It is not a legal entity. In Cyprus, business name registration is provided in the Partnerships and Business Name Law.
A single person or a legal entity can register a business name. The procedure to write a business name in Cyprus are as follows:
Step 1: Apply for name approval at the Office of Registrar of Companies in Cyprus. The name you choose will be subject to approval. Some grounds for refusal include similarity to an existing business or a misleading or confusing business name.
Step 2: Once approved, the business name will be reserved for six months. The applicant must file a duly completed form to register the business name.
Pointers to Register A Business Name in Cyprus
Here are a few things to consider when processing a business entity registration.
- Choosing Your Business Entity Type – before you can file for a business name registration, you must select a type of entity based on the nature of your business. Other considerations are the number of your business partner, the status, and the kind of relationship with the shareholders.
- Your Business Name – You need to have a unique business name for your national or international business pursuit. You may opt for names that help with your branding. However, it must be compliant with the regulations of the country.
- Searching Registered Names – Before submitting your preferred business name and three options, you can search Cyprus’ directory for registered names to avoid duplicity and refusal of your application.
The Business Premises
The place of business that you will register in Cyprus should have a local business address and not a PO Box address. This address will be the place where notices and publications will be sent. It shall be printed in public records, and everyone will access this information.
It is also possible to change the business premises address of the business name by following the same processor as prescribed by the registrar.
What is a Business Address?
A business address points to the business premises where a building or space is used primarily for the business activity, whether it is for commerce, industry, the exercise of a profession, or other income-earning activities.
Business owners need to solicit a license from the local or municipal council to use the premises for such purposes.
A physical or legal person may obtain such a license for the business address’s operation. The community or municipal council shall provide the following:
- Certificate of approval
- Building permit
- Copy of the title deeds
The application for the license to operate a business address may be submitted directly to the municipal or local community council.
The Owner of the Business Name in Cyprus
A business name registered in Cyprus may be owned by:
- A company with a business in Cyprus
- A physical person who works in Cyprus or carries out a business in Cyprus
The business name owner registration will be forwarded along the establishment process. Once you own the business name in Cyprus, it can no longer be changed. If you intend to change your name or close your business in Cyprus, you need to delete the business name from the registry. Changing the business name requires that you start the process and resubmit the documents for the new business name ownership details.
Do You Need to Renew Your Business Name Registration in Cyprus?
Once a business successfully registers a business name, it will remain in the registry until the owner applies for its removal or deletion. If the business owner ceases business operation in Cyprus, they need to file a notification to the Registrar of Companies within a month to process its removal.
Do Business Owners Have Intellectual Property Rights Over the Business Name?
No. A business owner does not earn any IP rights to the business name they register. The trademark should be reported through Cyprus Trademark Law or in another jurisdiction to have IP rights protection.
Advice, Support, and Resources to Register Business Name in Cyprus
If the process of how to register a business name in Cyprus seems confusing for you, seeking a local business lawyer or specialist can help you get through the process quickly. To establish a business in the country, you must draft the Memorandum and Articles of Association of your company with the help of local legal professionals.
In the initial stages of establishing your business, you may also need to consult with local accountants, auditors, and administrative service providers for advice and guidance.
Business name registration in Cyprus is quite simple, but you must comply with all the requirements set by the Registrar of Companies for your application to be approved. Choose a business name that is appropriate for the nature of your business and submit three options for approval. These names must not be deceptive, offensive, or imply a connection to the government.