It is very easy to set up a Cyprus company in Cyprus. Here are those steps in short.
1-Approval of the name of the company
2-Application to the Central Bank for Exchange Control approval
3-Preparation and printing of the Memorandum and Articles of Association of the company in the Greek and English languages
4-Filing with the registrar of companies the memorandum and Articles of Association of the company in the Greek language together with the forms HE1, HE2 and HE3 and another 2 documents. They are (A) A copy of the approval of the Central Bank and (B) The receipt of payment of registration duty.