Phone and in general, voice services operating through the Internet Protocol: establishment and operation in Cyprus
What We Offer
IP Telephony services cover a wide spectrum of services which practically entail the use of latest/ updated technologies and internet services in order to efficiently operate and manage contact and communication procedures that until recently had been operating through the public switched telephone network (PSTN).
IP Telephony introduces a new way of communication whose difficulty as opposed to the so far established one is about the transmission of either voice/sound, or picture, or fax-related info which has to remain in a constant flow, whereas thus far it is about data packages that need to be sent gradually from the sender to the receiver.
IP Telephony transforms the way of communication into a digital form in order to make the most of the advantages offered by the internet and the hardware operating thanks to or in combination to it and its various applications. Given that IP Telephony aims at increasing growth and productivity, it is suggested that more use is made of it in terms of company environments and in general, within the framework of employability.
We are future-oriented by setting strategic long-term goals; planning ahead is not just a necessity but an inherent characteristic of our corporate identity.
We strive for fairness by treating everyone with respect, not just courtesy.
Our mind-set is global thus we enjoy working seamlessly across borders.
We focus on delivering world-class legal services and advice, thus reaching for the highest standard possible means that excellence is the only threshold.
Are there any similar companies out there and, if that is the case, then how will competition look like?
Indeed there are some companies of similar scope, that have their seat in Cyprus, but whose activities are all over the world, e.g. in Australia, New Zealand, France, Italy, Mexico, Russia, Singapore, South Africa and many more
The legal framework is introduced by law N112 (I) / 2004 as published in the Official Gazette of the Republic of Cyprus on April 30, 2004 and which provides for the issuance of a particular license to the end of facilitating the operation of such a business entity. In a nutshell, this is about individual and legal entities who wish to get involved in the provision of such services and who are obliged to promptly contact any competent authority, in the case at hand the Office of the Commissioner for Electronic Communications and Posts, by also paying the necessary fee as it is usually the case in such occasions.
However, what needs to be perceived as crucial in this case is the prompt way of communication of the competent aforementioned Office by the individual or the legal entity that wishes to get involved by way of a written, short but concise, description of the scope of the activities they wish to perform, in other words a business plan of a sort that shall represent a Road Map of Management and Operations.
The necessary at all time documents in this procedure is the one coined as the “Registration Statement for the exercise of electronic communications activity under a general authorization regime” which should describe in a few words the overall idea of the work to be done by the interested individual or legal entity.
With regards to the payment of the necessary at all times in such occasions fees, the following differentiation needs to take place accordingly: payment that takes place either until the end of June, or payment that takes place after July 1 and onwards. The differentiation is of importance given that in a nutshell if the registration is to take place within the first semester of the year, the fee shall amount to at least 850, 00€, whereas if it is to take place in the second semester, then is shall amount to at least 425, 00€ which is practically half. In terms of payment, this is to take place immediately after and only after the submission of the form “Registration Statement for the exercise of electronic communications activity under a general authorization regime”. With regards to the registration process of the years to come, this is to be estimated on an annual basis and in strict relation to the turnover of the interested individual/ legal entity that is to be involved in such activities.
After the conclusion of all the aforementioned steps the competent authority to be involved therein in terms of supervision of the way the company shall be operating is the National Wholesale Market Directorate.
Main features of such business activities of a company operating in Cyprus
The main such features sum up to the following:
- Statute and Terms of Operation
A crucial procedural thing in terms of a company’s shape and operation, given that it entails its activities and the scope among other necessary details, as well as the company’s identity in general
In terms of Cyprus there is no such commitment as to the payment of a minimum amount with regards to the establishment of a company. The only precondition necessary is the payment of a percentage around 0.6% with regards to the nominal value that has to be paid accordingly in order for the proper operation of the company to take place, to the Company’s Register, which is to remain the same, i.e. 0.6%in every occasion when any amendment of the sort with regards to increasing nominal capital is to take place
There is always the option of establishing a company only with the participation of merely a single member, be it natural or legal person. There is also the option of anonymity in the sense that the company’s shares may be owned by a company that shall be operating as a trustee of the owners, without the latter being in any way obliged to disclose their identity. If a judicial authority within the framework of its mandate decides to conduct a research and disclose any such data, then a proper permit of a sort and to that end needs to be issued.
Board of Directors
Anyone could be appointed as member of the Board of Directors, however in principle and according to what it is usually recommended, if someone wishes to get involved in Cyprus, then he/ she needs to appoint consultants engaged in the local market in order, even in terms of solely taxation, to dismiss any doubts regarding the seat of the company, due to the fact that the tax regime of Cypriot Companies is especially favorable to them
Please be aware that such a precondition is compulsory for Cypriot Companies
It is for practical, nonetheless corporate and tax reasons a well, that the Company must have its seat in Cyprus
Name and Logo
Before elaborating in the case of logo, it is probably for the best – and quite necessary – to first deal with the conclusion of the following procedures that need to be tackled accordingly:
- Company name
- Scope/ activity
- Distinctive title and possessor of that
However, the element that needs to be perceived as vital in order for the name registration to take place, something which by all means essentially assists the promotion of its business scope, is a profound research with regards to the name-to-be-registered with the Registered Names Register so as to confirm whether this name has been involved or not in any other business entity.
It needs to be pinpointed that the aforementioned research does not merely entail the names of national/ local companies, but also those of foreign entrepreneurs or entities that find themselves involved in the Cypriot market
As far as we are concerned we always recommend such kind of research in light of the fact that a word, or a term of some sort may fall within these terms that Cypriot-wise have been restricted, thus their use shall be allowed only after a relevant permit will have been issued.
The application for the name to be confirmed must be submitted electronically, however the traditional way of submitting an application, i.e. in person, is by no means declared null, whereas in both cases, such an application must be accompanied by a certain permit issued by a competent Cypriot Authority, as well as by a receipt of payment for each of the names to be registered, while there is also the prospect of going forward with the procedure by way of emergency after having deposited an extra amount for each name separately.
Trade name registration
This is a procedure which may take place only after a month’s time after such a registration of the company has occurred, which –as a matter of fact – may take place either electronically, via internet, or via the actual sending of the necessary documents by traditional post office.
The procedure of registering a name is to be taking place electronically via the Electronic Company Registration System of the Companies Supervisor
The necessary documents to that registration read as follows:
- Official Statement of the Interested Party
- Written Statement, consent, pre-approval already prepared by a competent governmental authority in light of the fact that a use of words, or terms is to be taking place which, essentially, need to become officially available before such a use is to be taking place
- Receipt of payment of the necessary amount that has to be paid through credit card, an amount which shall be further additionally increased in case someone wishes to expedite the whole procedure
Confirming the registration with the Chamber of Commerce
Given that the Chamber of Commerce confirms the prompt fulfilment of all necessary preconditions, then the trade name as such is to be registered and followingly it shall be published in the Official Gazette, by also issuing a relevant Certificate where the registration number as such is to be noted along with trade name itself.
In case someone wishes to acquire from the aforementioned authority any kind of certified copy in order to use it for some reason as the ones to be mentioned below, there’s going to be a relevant cost as it is most often the case; the certified copies could be of the following sort:
- Certified copy of a Registration Certificate
- Certified copy regarding entrepreneurial seat
- Certified copy regarding EU Form1
Such certified copies are of a ninety-days’ duration limit, as of the day of issuance, while it has to be noted that they are to be issued, as it is usually now the case, electronically.