1989 - 2018 29 years in business Saturday, 20th January 2018

CYPRUS



 

Features of Cyprus International Business Corporations (IBCs)

BUSINESS TRANSACTIONS

  • Cyprus IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.

 

TAXATION

  • 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 FILING

  • 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.

 

CONTINUATION

  • 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.
Population 1,000,000 (estimated)
Climate Sub-Tropical
Official Language Greek with English widely spoken
Government Presidential Republic
Living Standard High
Banking International banking centre with major worldwide banks
Legal Tender Euro
Industry Shipping, banking, tourism, metal products

 

 

 

Cyprus Double Taxation treaties

Azerbaijan Mauritius
Armenia Moldova
Austria Norway
Belarus Poland Qatar
Belgium Romania
Bulgaria Russia
Canada San Marino
Czech Republic Serbia
China Montenegro
Denmark Seychelles
Egypt Singapore
France Slovakia
Germany South Africa
Hungary Sweden
India Syria
Ireland Tadzhikistan
Italy Thailand
Kuwait Ukraine
Kyrgyzstan United Kingdom
Lebanon United States
Malta Uzbekistan
Yugoslavia

 

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