1,200 euros for the lawyer, 165 euros to the Registrar, another 160 euros for the translation file - and that’s just the government and legal fees. Then you find out that the Memorandum and Articles of Association must be drafted exclusively in Greek, and you can’t file anything without a licensed Cypriot lawyer. One Ukrainian entrepreneur on a forum shared: “I thought temporary protection would make it easier - turns out the bureaucracy’s the same, you just don’t need a work permit.” If you’re planning to start a business in Cyprus and you’ve got TP status, here’s the entire process broken down step by step - from choosing a business form to opening a bank account, with real prices and a list of documents you’ll need to translate.
Can you open a company with TP status?¶
Short answer - yes. Temporary Protection (TP) beneficiaries in Cyprus have full access to the labor market, including self-employment and entrepreneurial activity. This is directly established by the EU Temporary Protection Directive - you don’t need any additional work permits or special business licenses.
Cyprus has extended temporary protection until March 4, 2027. If you already have an ARC card (Alien Registration Certificate) with a TP mark, the extension happened automatically.
What this means in practice¶
- You can be the founder, director, and sole shareholder of a Cypriot company
- No separate work permit or business visa required
- You can hire employees (both Cypriot and foreign nationals)
- You have access to business banking services
- You can sign contracts and run commercial operations on equal terms with residents
One thing worth knowing¶
Temporary protection is, by definition, a temporary status. If it doesn’t get extended in the future (though the trend so far says otherwise), you might face work authorization questions. So if you’re planning a serious long-term business, it’s worth looking into transitioning to a different immigration status in parallel - like applying for permanent residence in Cyprus (Category F) or exploring options in other EU countries like Germany’s Niederlassungserlaubnis.
But for getting a business off the ground right now - temporary protection is more than enough.
Which business form to choose¶
Cyprus offers several legal structures. For Ukrainians under temporary protection, three options come up most often.
Private Company Limited by Shares (Ltd)¶
This is Cyprus’s equivalent of a Ukrainian TOV or a British Limited. It’s the most popular form among foreign entrepreneurs on the island - and for good reason.
What you get: - Limited liability - your personal assets are protected - Minimum share capital starting at 1,000 euros (standard practice, though the law doesn’t set a minimum) - 100% foreign ownership - no Cypriot partner needed - Directors can be non-residents - Corporate tax at 15% from 2026 (was 12.5%)
The downside - you must register through a licensed Cypriot lawyer, you’ll need an annual audit, and you have to file reports. But for any serious business, that’s standard.
Self-employment (αυτοεργοδοτούμενος)¶
If you work as a freelancer or provide services independently (IT, consulting, translation, design), you can register as self-employed. It’s simpler and cheaper than an Ltd.
What’s involved: - Register with the Social Insurance Services - Get a TIN (Tax Identification Number) from the Tax Department - Register with the GESY system (General Healthcare System)
Social insurance contributions for self-employed people run at 16.6% of insurable income. That’s higher than for employees (8.8%), because you’re covering both the employee and “employer” portions.
Branch of a foreign company¶
If you already have a registered company in Ukraine or another country, you can open a branch in Cyprus. You’ll need to submit a package of documents about the parent company to the Registrar of Companies - translated into Greek.
Comparison table¶
| Criteria | Ltd | Self-employed | Branch |
|---|---|---|---|
| Registration | through a lawyer, 5-10 days | on your own, 1-3 days | through a lawyer, 10-15 days |
| Registration cost | from 1,500 euros | from 50 euros | from 2,000 euros |
| Liability | limited | unlimited | determined by parent company |
| Income tax | 15% corporate | progressive personal income tax (0-35%) | 15% corporate |
| Annual audit | mandatory | no | mandatory |
| Best for | serious business, IT company, trade | freelancing, consulting, services | international companies with a Ukrainian office |
For most Ukrainians looking to do business in Cyprus, the best choice is Ltd (if you need a legal entity for contracts and asset protection) or self-employment (if you’re a freelancer and working under your own name is fine).
Step-by-step: registering an Ltd in Cyprus¶
The process for registering a Private Company Limited by Shares (Ltd) in Cyprus is clearly defined. Here’s every step with details.
Step 1: Approve the company name¶
Submit an application to the Department of Registrar of Companies and Intellectual Property for name approval. You’ll need to propose at least 3 name options - in case the first one’s already taken or too similar to an existing company.
The name must end with “Limited” or “Ltd.” For example: “TechBridge Cyprus Limited.”
- Standard check: €10, takes 3-5 business days
- Expedited check: €30, takes 1 business day
Step 2: Hire a licensed Cypriot lawyer¶
This isn’t optional - it’s a legal requirement. In Cyprus, only lawyers licensed by the Cyprus Bar Association have the right to register companies. The lawyer prepares all founding documents, signs Form HE1 (statutory declaration) under oath in court, and submits the full package to the Registrar.
Typical legal fees: €1,200 - €3,000, depending on complexity. A basic package usually covers: preparation of the Memorandum and Articles of Association, completing Forms HE1/HE2/HE3, filing with the Registrar, and obtaining the Certificate of Incorporation.
Step 3: Prepare the Memorandum and Articles of Association¶
This is the main founding document of the company. The Memorandum defines the company’s objectives, share capital structure, and powers. The Articles govern internal operations - shareholder meetings, director appointments, dividend distribution.
Key point: the Memorandum and Articles must be drafted and signed in Greek. That’s a requirement of the Registrar of Companies. If you don’t speak Greek, your lawyer prepares the documents in Greek and can give you an unofficial translation in English or Ukrainian.
If you need an official copy of the Memorandum and Articles in another language (English, for example), you’ll have to create a “file of translations” at the Registrar - that’s an extra €160. The translation must be certified by an affidavit or a sworn translator.
Step 4: Complete the registration forms¶
Three mandatory forms:
- HE1 - statutory declaration. This is an affidavit from the lawyer confirming that all documents were prepared in accordance with Cypriot law. The lawyer signs it under oath in court
- HE2 - the company’s registered office address in Cyprus. Signed by all directors
- HE3 - information about directors and company secretary. Includes full name, date of birth, address, and nationality
For Form HE2, you’ll need a real address in Cyprus. If you don’t have your own office, you can use a “registered office” service from a law firm (usually included in the registration package or costs €200-500 per year).
Step 5: File documents with the Registrar¶
The lawyer submits the full document package to the Registrar of Companies. This can now be done through the e-filing system.
Government fees for registration: - Registration fee: €165 (standard) or €265 (expedited) - Stamp duty: abolished from 2026 for documents filed with the Registrar - Certificates (incorporation, directors, shareholders, registered office): ~€100 for the standard set
Processing time: 5-10 business days (standard) or 1-3 business days (expedited).
Step 6: Receive the Certificate of Incorporation¶
After approval, you’ll get the Certificate of Incorporation - essentially your company’s “birth certificate.” From this moment, the company exists as a legal entity.
Step 7: Register with the Tax Department¶
You’ll need to register and get a TIN (Tax Identification Number). If annual turnover exceeds €15,600, VAT registration is mandatory.
Step 8: Register for social insurance¶
If you’re planning to hire employees (or if you’ll be an employee of your own company), you need to register with the Social Insurance Services.
2026 contribution rates: - Employer: 8.8% (social insurance) + 1.2% (redundancy fund) + 0.5% (human resources development fund) + 2.0% (social cohesion fund) = 12.5% of salary - Employee: 8.8% (withheld from salary) - Maximum insurable earnings: €5,742 per month (€68,904 per year)
Step 9: Register with GESY¶
GESY (GeSY) is Cyprus’s general healthcare system. Registration is mandatory for both the employer and employees.
Contributions: - Employer: 2.9% of the employee’s gross salary - Employee: 2.65% - Self-employed: 4.0% of income
Step 10: Open a bank account¶
This is often the longest step in the entire process. More details in a separate section below.
Which Ukrainian documents need translation¶
Here’s where things get interesting for anyone looking for translation info. For company registration and all related procedures, you’ll need translations of several types of documents.
Documents for company registration¶
For the Ltd incorporation itself, translation of Ukrainian documents usually isn’t needed - the lawyer prepares everything from scratch in Greek. But your lawyer will ask for identity documents:
- Foreign passport - notarized copy. If you’ve got a biometric passport (with Ukrainian and English), translation usually isn’t needed. If it’s the old format (Ukrainian only), you’ll need a translation into Greek or English
- Proof of address - a utility bill or bank statement with your address. If the document’s in Ukrainian, it needs a translation
Documents for the bank account¶
Cypriot banks operate under strict AML (Anti-Money Laundering) rules and require an extended package:
- Passport - notarized copy
- Proof of address (utility bill no older than 3 months) - translation into English
- Bank reference letter from your previous bank - if you had an account at a Ukrainian bank, ask for a reference. Translation into English needed
- Proof of source of funds - this could be: income certificates, tax returns, bank statements. All need translation into English
- CV/resume of directors - usually in English
Documents for licensed activities¶
Some business types in Cyprus require licenses (healthcare, finance, education, construction). If your business needs a license, you’ll additionally need:
- Education diploma - with an apostille and translation into Greek
- Criminal record certificate - with apostille and translation into Greek
- Professional qualification documents - certificates, licenses from Ukraine
Summary table¶
| Document | When needed | Translation language | Apostille? |
|---|---|---|---|
| Old-format passport | company registration, bank | English or Greek | no |
| Biometric passport | company registration, bank | usually not needed | no |
| Proof of address | bank, Registrar | English or Greek | no |
| Bank reference letter | bank | English | no |
| Income certificate | bank (source of funds) | English | no |
| Diploma | licensed activities | Greek | yes |
| Criminal record certificate | licensed activities | Greek | yes |
| Employment record book / reference letters | bank (proof of experience) | English | no |
| Marriage certificate | if joint ownership | Greek or English | yes |
Important: for documents that need an apostille, the order is - first get the apostille in Ukraine, then get the translation done in Cyprus. Not the other way around. More about the apostille process for Ukrainian documents.
How sworn translation works in Cyprus¶
Cyprus’s system for official translations revolves around the Council of Sworn Translators under the Press and Information Office (PIO).
Who can translate¶
Only Sworn Translators registered in the Register of Sworn Translators. These aren’t just people who speak the language - they’ve passed an exam and hold a government license. A translation from anyone else - even someone fluent in both languages - doesn’t carry legal weight for official procedures.
Ukrainian language in the register¶
Ukrainian is listed among the available languages at PIO. The register includes sworn translators who work with the Ukrainian-Greek language pair directly - no English in between. This means your Ukrainian documents can be translated straight into Greek.
To find a translator: - Go to the PIO website - Select the language pair (Ukrainian to Greek or English) - You’ll get a list of translators with contact details
Or contact PIO directly: phone 22801124, 22801105, email translations@pio.moi.gov.cy.
How much sworn translation costs¶
Prices aren’t fixed by the government - each translator sets their own rates. Typical ranges:
- Standard document (passport, certificate): €15-25 per page
- Complex document (diploma with supplement, bank statement): €20-35 per page
- Stamp duty: €2 per document (Republic of Cyprus stamp)
For comparison: in Ukraine, a notarized translation costs 200-500 UAH per page (€5-12). In Germany, sworn translation runs €30-60 per page. Cyprus sits in between, but you get a translation accepted by all Cypriot authorities without additional certifications.
When English is enough¶
For banks and most business procedures, English translations are usually accepted. But for government bodies (Registrar of Companies, Tax Department, courts), a Greek translation is safer. More about choosing the right translation language in our detailed article.
How ChatsControl can help¶
If you need to translate a stack of documents for your business, you can save time and money by using ChatsControl to prepare a draft translation. Upload your document, get a quality AI translation in minutes, then hand it to a sworn translator for final certification. This is especially handy for bulky documents - bank statements, financial reports, contracts. And if you need a certified translation for official submissions, we’ve got you covered there too.
Bank account for your company: what’s needed and what to translate¶
Opening a corporate bank account in Cyprus is its own adventure. Banks got much stricter after the 2013 financial crisis and with tighter AML/KYC rules (Anti-Money Laundering / Know Your Customer).
What banks require¶
To open a corporate account, you’ll need:
Company documents (your lawyer prepares these): - Certificate of Incorporation - Memorandum & Articles of Association - Certificate of Directors and Secretary - Certificate of Shareholders - Certificate of Registered Office - Board resolution on opening a bank account
Director and beneficiary documents (these need translation from Ukrainian): - Notarized copy of passport - Proof of address (utility bill no older than 3 months) - translate into English - Bank reference letter from your previous bank - translate into English - CV/resume - in English - Proof of source of funds - translate into English
Business documents: - Business plan or description of activities - Client or supplier contracts (if available) - Pro-forma invoices
Which bank to choose¶
The main banks in Cyprus: - Bank of Cyprus - the largest, works well with foreign companies - Hellenic Bank - second largest, solid business rates - Eurobank Cyprus - Greek bank with a Cyprus presence
For IT companies and startups, EMIs (Electronic Money Institutions) are also popular - Revolut Business, Wise Business, Payoneer. They open much faster (a few days instead of weeks), but they’re not full bank accounts - for some procedures (like confirming share capital), you’ll need an actual bank.
Timeline and pitfalls¶
- Opening a corporate account at a Cypriot bank takes 15-20 business days (assuming you’ve got the full document package)
- The bank may request additional documents - expect 2-3 rounds of requests
- At least one in-person visit by the director is usually needed for signing
- Some banks allow remote account opening, but that’s the exception, not the rule
Pro tip: start gathering your bank documents in parallel with company registration. While the lawyer’s registering your Ltd, you can already be preparing translations of bank references and proof of address.
How much it all costs: full budget breakdown¶
Here’s a realistic budget for registering an Ltd in Cyprus in 2026.
One-time costs¶
| Item | Amount |
|---|---|
| Name approval | €10-30 |
| Legal services (lawyer) | €1,200 - €3,000 |
| Government registration fee | €165-265 |
| Certificates | ~€100 |
| File of translations for Memorandum (if needed) | €160 |
| Document translations for bank (3-5 documents) | €100-200 |
| Sworn translation of documents (if licensed activity) | €100-300 |
| Total (minimum) | ~€1,800 |
| Total (realistic) | ~€2,500 - €4,000 |
Annual costs¶
| Item | Amount |
|---|---|
| Accounting services | €1,200 - €3,000 |
| Annual audit | €800 - €2,000 |
| Registered office | €200 - €500 |
| Company secretary | €200 - €500 |
| Corporate tax | 15% of profit |
| Annual Registrar levy | €350 |
| Total (minimum fixed) | ~€2,750 |
Good news: from 2026, stamp duty is abolished for documents filed with the Registrar. That saves a few dozen euros on each filing.
Taxes and annual obligations¶
Starting January 1, 2026, Cyprus operates under an updated tax framework. Here’s what a company owner needs to know.
Corporate tax¶
The rate went up from 12.5% to 15% - aligning with the OECD global minimum corporate tax (Pillar Two). Even after the increase, Cyprus remains one of the most tax-friendly jurisdictions in the EU.
For context: Germany is ~30%, France 25%, Ireland 15%, Hungary 9%.
Dividend tax¶
SDC (Special Defence Contribution) on dividends is 5% (the 2026 reform changed the previous rates). Non-residents of Cyprus don’t pay SDC on dividends.
There’s a Double Taxation Treaty between Ukraine and Cyprus, which means you won’t be taxed twice on the same income.
VAT¶
The standard rate is 19%. VAT registration is mandatory if your turnover exceeds €15,600 per year. For IT companies providing services outside Cyprus (B2B), the reverse charge mechanism usually applies (the buyer pays the VAT).
Filing deadlines¶
- Annual tax return - deadline January 31 of the year following the tax year (new rule from 2026)
- Annual financial statements (audit) - mandatory for all Ltd companies
- Record retention: 6 years from the filing date
Social insurance¶
If you’re an employee of your own company: - Your contribution (withheld from salary): 8.8% - Company contribution (employer): 12.5% (including all funds) - GESY (health insurance): 2.65% (employee) + 2.9% (employer)
If you’re self-employed: - Social insurance: 16.6% of insurable income - GESY: 4.0% of income - Maximum insurable earnings: €5,742/month
FAQ¶
Can I register a company in Cyprus if I only have temporary protection?¶
Yes. TP beneficiaries have the right to self-employment and entrepreneurial activity without additional permits. You can be the founder, director, and employee of a Cypriot company. The only limitation is that your immigration status is tied to temporary protection, which is currently extended until March 2027. If you’re building a long-term business, consider exploring a transition to permanent residence in parallel - more about TP and life after it.
How much does it cost to register an Ltd in Cyprus?¶
Minimum budget is around €1,800 (government fees plus basic legal services). A realistic budget with translations, bank account opening, and initial accounting comes to €2,500 - €4,000. Annual costs to maintain the company (audit, accounting, registered office) start from €2,750.
Should I translate business documents into Greek or English?¶
For the Registrar of Companies and government authorities - Greek. The Memorandum and Articles must be drafted exclusively in Greek. For banks - English is usually accepted. For licensed activities (healthcare, education) - Greek is mandatory. The safe bet is always a Greek translation - it’s accepted everywhere. For a detailed language breakdown, see our article on English vs. Greek for Cyprus documents.
Do I have to be physically in Cyprus to register a company?¶
The registration itself can be done remotely through your lawyer - you sign documents and send notarized passport copies by courier. But for opening a bank account, at least one in-person visit is usually needed. Some banks and EMIs allow remote opening, but that’s the exception. Plan for at least one trip to Cyprus during the process.
What happens to my company if temporary protection isn’t extended?¶
The company continues to exist as a legal entity - it doesn’t depend on your immigration status. But as a director, you might lose the right to work in Cyprus without an additional permit. In that case, your options are: switch to a work permit, apply for permanent residence, or appoint a Cypriot director and manage the company remotely. Considering TP has been extended for the fourth year running, the risk is relatively low - but it’s worth planning ahead.