First Steps After Company Registration in Cyprus

Completing your company registration in Cyprus is an important milestone, but it is only the beginning. Once the company is incorporated and the certificates are issued by the Registrar of Companies, there are several legal and administrative obligations that must be fulfilled to ensure the company is fully compliant and ready to operate. Trustank Corporate Services assists clients through every post-registration step, simplifying procedures and avoiding unnecessary penalties.

Creating a Gov.cy Account

The first step after incorporation is to create a Gov.cy account. This is the official government portal that allows companies to access all electronic services, including the Registrar of Companies, the Tax Department, and other state bodies. Through this account, directors or authorised representatives can submit annual returns, UBO updates, and other company filings online.

Trustank helps clients set up and link their company profile correctly on the Gov.cy system, ensuring the authorised user can securely manage all digital submissions and correspondence with authorities.

All accounts must be verified before use through the physical presence of a company officer or an authorised representative at a Cyprus Citizen Service Center.

Updating the Ultimate Beneficial Owner (UBO) Register

Every Cyprus company is legally required to declare its Ultimate Beneficial Owners (UBOs) on the electronic register maintained by the Registrar of Companies. The UBO is the natural person who ultimately owns or controls the company, either directly or indirectly.

This declaration must be submitted within 30 days from incorporation and updated whenever there is a change in ownership. Failure to update the UBO register can lead to administrative penalties and fines.

Trustank Corporate Services ensures that every client’s UBO information is correctly filed and kept up to date, protecting both the company and its directors from compliance risks.

Tax Registration

After company registration, the next crucial step is to register the company with the Cyprus Tax Department. Every Cyprus company must obtain a Tax Identification Code (TIC) even if it does not have immediate income. This number is used for all tax filings, correspondence, and banking purposes.

Companies that expect to exceed €15,600 in taxable turnover within a 12-month period must also register for VAT. VAT registration allows the company to charge VAT on its services and claim input VAT on expenses. Trustank manages both the tax and VAT registration processes on behalf of clients, preparing the required documentation and ensuring timely compliance.

Social Insurance Registration

If the company intends to employ staff in Cyprus, it must also register as an employer with the Social Insurance Services. Each employee must be enrolled in the system, and contributions must be paid monthly. This is essential for compliance with employment law and for avoiding future fines or investigations.

Opening a Corporate Bank Account

Although not a legal obligation, opening a corporate bank account in Cyprus is necessary for operational purposes. It allows the company to handle transactions, receive payments, and manage accounting transparently. Trustank assists in selecting a suitable bank, preparing due diligence documentation, and coordinating communication with banking officers.

Ongoing Annual Obligations

Once the company is active, several recurring obligations apply each year:

Filing of the Annual Return (Form HE32) with the Registrar of Companies.

Preparation and audit of financial statements in accordance with IFRS.

Submission of the annual tax return to the Tax Department.

Trustank provides full administrative support, accounting and audit services to ensure these filings are made accurately and on time, keeping your company in good standing.

Why Trustank Corporate Services

We understand that for foreign investors and new business owners, navigating the post-registration process can be complex. As a Licensed Administrative Service Provider regulated by the Cyprus Bar Association, Trustank Corporate Services provides expert guidance at every stage. From Gov.cy setup and UBO registration to tax, VAT, and compliance management, we ensure your Cyprus company operates legally, efficiently, and with complete peace of mind.

Get Your Cyprus Company Fully Operational

Completing company registration in Cyprus is just the start of building a compliant and successful business. Trustank Corporate Services offers a full range of administrative and post-incorporation services to help you meet every requirement quickly and professionally.

Contact our team to get your Cyprus company ready for business.