The Ultimate Checklist for Starting a Business in Cyprus

Starting a new business in Cyprus is an exciting venture, but it requires careful planning and a clear understanding of the local legal and administrative landscape. To ensure a smooth and successful launch, it's essential to follow a systematic approach, ticking off all the necessary steps from initial concept to a fully operational company. This ultimate checklist provides a clear, step-by-step guide to everything you need to do when starting a business in Cyprus in 2025. For a broader overview of the local business environment, you can read our guide on The AI-Powered Marketer: Business Adviser.

Phase 1: Planning and Strategy

The foundation of any successful business is a solid plan. Before you even begin the legal process, you need to have a clear vision for your company and its goals. You can find more information about this in our FAQ Guides section.

Business Plan: Develop a detailed business plan that outlines your company's mission, goals, target market, and financial projections.
Market Research: Conduct thorough market research to understand your competition, identify your target audience, and determine the demand for your product or service.
Choose a Legal Structure: Decide on the legal structure of your company, such as a Limited Liability Company (LLC), a partnership, or a sole proprietorship. For most international ventures, an LLC is the best choice. For more, you can read our guide on Cyprus Company Registration: A Step-by-Step Guide 2025.
Choose a Company Name: Select a company name that is unique, memorable, and reflects your business. Be sure to check the name's availability with the Registrar of Companies to avoid any delays. Our guide on Choosing Your Cyprus Company Name provides more detail.

Phase 2: Legal and Administrative Setup

Once you have a plan in place, it's time to move on to the legal and administrative steps. This phase is best handled by a professional corporate services provider or a lawyer. You can find a professional to help with this in our directory of Professional Corporate Services.

Engage a Professional: Hire a lawyer or a corporate services provider to assist you with the entire registration process. They will ensure that all the documents are in order and that the process is legally compliant.
Prepare Documents: Gather all the necessary documents for registration, including your passport, proof of address, and a detailed business plan. The professional will help you prepare the Memorandum and Articles of Association.
Register with the Registrar of Companies: Your lawyer will submit the name application and all the necessary documents to the Registrar of Companies.
Open a Corporate Bank Account: Once the company is registered, open a corporate bank account in Cyprus. This is a crucial step for managing your company's finances. You can find more information in our finance, banking, and investment section.

Phase 3: Financial and Legal Compliance

Once your company is registered and operational, you must adhere to a number of ongoing financial and legal obligations. This phase is crucial for the long-term success of your business. You can find a good partner in our directory of accounting and auditing firms.

Tax and VAT Registration: Register your company with the tax department and obtain a tax identification number. If your turnover exceeds €15,600, you must also register for VAT.
Annual Audit: Every Cyprus-registered company is required to have its financial statements audited annually. The audit must be conducted by a licensed auditor in Cyprus.
Annual Levy Fee: Pay the annual levy fee of €350 to the Registrar of Companies.
Employment and Social Insurance: If you plan to hire employees, you must register with the social insurance services and the tax department. You can also explore our Career section to find a good employee or a new job. For more on the expat life, you can read our guide on Cyprus for Expats.

Phase 4: Marketing and Growth

With your company legally set up, the final phase is to focus on marketing and growth. This is where you bring your business to life and start attracting clients. You can find a professional to help with this in our directory of advertising agencies and media and publishing firms.

Build an Online Presence: Create a professional website and set up social media profiles for your business. An online presence is crucial for attracting clients and building a strong brand identity.
Develop a Marketing Strategy: Create a marketing strategy that includes a clear plan for advertising, public relations, and content marketing.
Network and Connect: Attend local business events and network with other professionals. Networking is a great way to meet new clients and to build a strong professional network. You can also get more help and information on socializing as an expat in our guide.