You can setup the company as non resident so you won't have to pay any taxes, this would require you to find banking somehwere else for this company. Otherwise you will have to setup a company including a real office, utility and real person director and shareholder nominees.
So you will have to pay 12,5% corporate tax and have options to get banking in Cyprus.
The next thing is that you need to visit Cyprus for this to be possible. The banks there are scared about remote account opening so unless you already know an agent in Cyprus it's going to be tof.
First solution you look at 2k - 3K in setup fees, aprox 3K renewal ongoing fees.
Second solution you look at 5 - 6K setup fees and 4K renewal ongoing fees.
Unless you have a profitable business running it's not worth it.