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Cyprus is an island situated at the North-Eastern corner of the Mediterranean Sea at the cross-roads of Europe and Africa. Salient Features The principle corporate legislation is the Companies Law, Cap. 113, as amended.  The type of company used for international trade and investment are companies incorporated under the Companies Law, Cap. 113, as amended, who have obtained exchange control permission from the Central Bank of Cyprus to acquire offshore company status.  Such companies cannot undertake the business of banking or insurance and cannot trade with resident individuals or companies situated in Cyprus.  The powers and objects of a company are contained within the Memorandum and Articles of Association and have to be specific. Cyprus Company needs one director and shareholder.  They may be natural persons or corporate.