Country’s geography & information in brief: The Republic of Cyprus is an island in the Eastern Mediterranean. It is a country with a presidential democracy system of government. Member of the European Union. National currency – Euro.
Entity type: Private company limited by shares
Directors: The minimum number of directors to incorporate companies in Cyprus is one. They may be natural persons or bodies corporate; they do not need to be Cyprus residents, however usually advisable for tax purposes.
Shareholders: Cyprus company has to have minimum one shareholder.
Secretary: All Cypriot companies must appoint a company secretary, who may be a natural person or a corporate body.
Authorized capital: The share capital can be expressed in any currency. The minimum paid up share capital of an Cyprus offshore company is Euro 1,000.
Names’ restrictions: Names may be expressed in Greek or any language using the Latin alphabet. The following words will be unacceptable: asset management, asset manager, assurance, bank, banking, broker, brokerage, capital, credit, currency, custodian, custody, dealer, dealing, deposit, derivative, exchange, fiduciary, finance, financial, fund, future, insurance, lending, loan, lender, option, pension, portfolio, reserves, savings, security, stock, trust or trustees.
Information about the beneficiary: The names of the shareholders and directors, their address and nationality must be submitted to the Registrar together with copy of their passports. Information about Beneficiary not available for public, but has to be submitted to the Cyprus company formation agent.
Audit & financial reports: All companies in Cyprus have to submit audited financial statements to Tax authorities and the Registrar of Companies in Cyprus.
Taxation: Companies registered in Cyprus but managed and controlled from abroad (Cyprus non-residential companies), will only be taxed in Cyprus on their income generated in Cyprus. Offshore company in Cyprus will enjoy exemption from tax on foreign dividends and interest and income from any permanent establishment abroad, as well as all foreign tax credits and offsets of losses incurred abroad. They will not be entitled to benefits under the double taxation treaties, but will not be subject to the exchange of information rules under such treaties. Cyprus companies qualified to be residential can enjoy very low corporate tax rates and use all double taxation treaties.
Shelf companies: Cyprus shelf companies are available.
Additional information: In the case where a Cyprus company does not have management and control in Cyprus then the company is not subject to taxation in Cyprus. However, it should be noted that in such a case the company might not take advantage of Cyprus double tax treaties network. Further it should be noted that in some rare cases the company may be subject to taxation at the jurisdiction were management and control is exercised.
Cyprus company formation
Cyprus company incorporation takes about a week. Legalization of corporate documents with Apostile in Cyprus also not a long process. However companies in Cyprus before formation has to approve desired name, if it is similar to existing companies, or contains sensitive words it might be rejected, in this case name check and approval will have to be done again what take additional time. If Cyprus company name is not vital for you, but terms is more important, we can offer to choose one of Cyprus shelf companies. Contact us to request list of recently registered Cyprus shelf companies or aged companies, if you require date of company formation to be year ago or earlier.
Cuprus company formation process is simple, but Cyprus is not classical offshore jurisdiction. All companies in Cyprus has to file financial reports and do Audit, therefor keeping Cyprus company is more expensive, compare to classical offshore companies, where no requirements to file financial reports or do Audit. Companies in Cyprus also subject to minimum government fees of EUR 350, as well as taxes. LowTaxCompany.COM stuff will help with all this necessary things and make sure your Cyprus company incorporation and further keeping is not creating any problems.
Taking it all on account, Cyprus company formation is still beneficial for many international business, as Cyprus can offer one of the lowest taxes in the EU, stabile business oriented law, professional stuff speaking different languages and 300 sunny days a year. Cyprus is one of few jurisdictions where possible to have effective tax system, bank account in the same country as company, VAT number, EORI number, Trade Mark or anything else required for trading entity.
Please contact LowTaxCompany.COM for Cyprus company formation or Cyprus shelf company, and we make the process clear and simple.