Does the Cyprus company need to have an initial paid-up capital?

Yes, however it can be minimal. The owners of the Cyprus company may freely decide as to the amount of the authorized capital to be stated in the formation documents, specifically in the Memorandum and Articles of Association. Furthermore, the owners of the company may decide to subscribe for and pay-up for only part of the authorized capital, the remaining part staying unissued and unpaid. The law also does not prescribe any deadlines as to when the authorized capital must be paid-up – this is for the shareholders to decide. Quite a common amount of authorized capital is either 1000 or 2000 euros.