The average time required to register a new company in Cyprus is between two and four working days, although additional checks may apply in cases involving sanctioned individuals or Turkish nationals, according to Energy, Commerce and Industry Minister Michalis Damianou.

In a written response to a parliamentary question submitted by Limassol MP Efrem Christou, Damianou said every effort was being made to process complete company registration applications within two to four working days.

The timeframe depends on whether applicants pay the expedited processing fee, he explained, and applies regardless of the complexity of the company's legal structure.

However, the registration process may involve additional scrutiny depending on the nationality or status of the company's founders, directors and beneficial owners.

Which authorities approve company registrations?

Damianou said applications are examined under the Companies Law, Cap. 113, and the relevant Companies Fees and Charges Regulations.

Certain types of companies require prior approval or a special licence from the relevant authority before they can be registered.

These include:

Non-profit companies wishing to omit the words 'Limited' or 'Ltd' from their names, which require authorisation from the Minister of Energy, Commerce and Industry.
Private medical companies, which require approval from the Cyprus Medical Council.
Private dental companies, which require approval from the Cyprus Dental Council.
Law firms, which require authorisation from the Legal Service of the Republic of Cyprus.
Insurance and reinsurance companies, which require approval from the Superintendent of Insurance.
Regulated investment companies, which require authorisation from the Cyprus Securities and Exchange Commission (CySEC).
Payment institutions, electronic money institutions and currency exchange businesses, which require prior consent from the Central Bank of Cyprus.
Companies using terms such as College, Institution or University in their names, which require the consent of the Ministry of Education, Sport and Youth.
Casino operators, which require a licence from the Ministry of Energy, Commerce and Industry.
Radio and television broadcasting companies, which require approval from the Cyprus Radio Television Authority.
Wine-producing companies, which require authorisation from the Ministry of Agriculture.

For all company registrations, applicants must submit an approved company name, a memorandum and articles of association, and forms HE1, HE2 and HE3. Public companies must also submit form HE5.

According to Damianou, the registration of non-profit organisations seeking to omit the word 'Limited' from their names is the process most likely to take longer, due to the additional procedures required under the Companies Law.

Additional checks for sanctioned individuals and Turkish nationals

The minister said registration procedures and checks may vary depending on the nationality or status of a company's founders, directors and beneficial owners.

Restrictions apply when shareholders, directors or company secretaries are subject to sanctions imposed by the European Union, the United Nations or the United States.

In such cases, company registration can proceed only if the Sanctions Implementation Unit does not prohibit it, Damianou said. He added that, although US sanctions are indirectly applied, they have not been incorporated into domestic legislation.

Additional checks have also been in place for around 20 years in cases involving companies linked to Turkish nationals.

Following consultation with other state services, the Registrar of Companies does not proceed with registrations involving Turkish interests, or companies that could pose a threat to the security of the Republic, without first obtaining the views of the competent national security authority.

No substantial difference for Turkish Cypriots

Damianou clarified that there is no substantial difference in the examination of registration documents for companies associated with Turkish Cypriot citizens.

However, he said applications may be rejected if the competent authority holds classified information relating to the national interest or national security.

He explained that the policy reflects the particular circumstances facing the Republic of Cyprus, including the continued occupation of part of its territory and the consequences arising from it.

The minister also referred to restrictions applying to civil servants. Under Article 65 of the Public Service Law, public employees are prohibited from acting as directors, company secretaries or shareholders in private or public companies unless they first obtain special permission from the Minister of Finance.

Proposed law to strengthen Registrar's powers

Damianou also pointed to proposed legislation currently before the House of Representatives, entitled the Companies (Amendment) (No. 2) Law of 2026.

The bill seeks to grant the Registrar of Companies the authority to reject company registrations or strike companies off the register on grounds of public interest and national security.

The proposed changes would provide the Registrar with additional powers to address cases where a company's registration or continued operation is considered contrary to the interests or security of the Republic of Cyprus.

Wef #