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Cyprus: Types of Company

Sole Proprietorship

As with partnerships, a sole proprietorship falls under the Cypriot Partnership and Business Names Law, Cap. 116. A sole proprietor has virtually the same rights and obligations as a general partner in a limited partnership. The owner has complete control over all decisions in the company, but is also liable for all debts the company may owe.

Any business name that is not the owner's real name must be registered with the Registrar of Companies and the Official Receiver. There is no statutory requirement for an audit for any sole proprietorship with a turnover of less than €70,000.  Sole proprietors must be resident in Cyprus for tax purposes, which in essence means they must be physically present in the country for at least 183 days a year.

 

 

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