Features of Cyprus International Business Corporations (IBCs)
- Cyprus IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
- A company is taxed if its is a resident of Cyprus and is considered a tax resident if it is managed and controlled in Cyprus. A resident company is taxed in Cyprus on its worldwide income.
AUTHORIZED CAPITAL / SHARES
- Minimum of one shareholder
- No Minimum or maximum capital requirements. However customarily companies are set up with a standard authorized capital of EUR 1,000. A company may denominate its capital in any major currency
DIRECTORS, OFFICERS AND SHAREHOLDERS
- A Minimum of one director is required to be appointed – there is no maximum number of directors.
- Shareholders or directors can be either a corporate entity or physical person.
- Nominee directors and shareholders are available providing anonymity and confidentiality.
- Initial or ongoing changes in directorship and shareholding structure of the companies must be field with the Cyprus registrar of companies.
- Directors may grant general or special powers of Attorney
- Annual returns must be field with the Cyprus Registrar of Companies.
- Annual returns are field with the details of the directors and shareholders.
- The First annual general meeting must be held within the first 18 months after registration of the company and every year thereafter. The annual general meetings are held for the purpose of the approval of the financial statements.
INCORPORATION AND ADMINISTRATION
- An IBC can either be resident in Cyprus (provided its management and control is in Cyprus), or it can be non-resident ( if its management and control is outside Cyprus). Either it can operate from a full-fledged office with permission to employ expatriate staff or it can have its registered office at a local accountant or lawyer or registered agent’s office.
- Incorporation documents are drafted and submitted in Greek and documents to clients are printed in English.
- Speedy incorporation procedures and simple ongoing administration.
- Incorporation procedure can usually be completed within 5 working days once a company name is approved.
- Shelf Companies are available
- Comparatively low set-up and maintenance costs.
- Strict confidentiality with the local authorities and banks.
- Legal System is very similar to UK’s
COSTS AND FEES
- Reasonable formation and maintenance costs and fees.
- Foreign companies can re-domiciled to Cyprus.
USES OF A CYPRUS IBC
- Since its accession into the European Union in 2004, Cyprus has become one of the most important and reputable centers for setting up an International Business Company.
- Lowest corporate tax rate of all EU member countries.
HIGHLIGHTS OF THE REPUBLIC OF CYPRUS.
- Excellent common law system
- Political and economic stability
- Advantageous geographical location and time zone
- English as a Business language
- EU member since 2004
- High standard of living
- Highly developed and efficient accounting and legal services
- Excellent transport and telecommunication facilities
- High level of professional services
- Readily available and highly trained local staff
- Relatively low cost of living
- Low crime rate
- Serviced by major airlines
SOCIAL AND ECONOMIC INDICATORS
|Location||Eastern Mediterranean, crossroads between Europe and Asia|
|Area||9,251 Square Kilometers.|
|Official Language||Greek with English widely spoken|
|Banking||International banking centre with major worldwide banks|
|Industry||Shipping, banking, tourism, metal products|
Cyprus Double Taxation treaties