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Overseas Territory: Cyprus
Region:Island in the Mediterranean Sea
Language: Armenian; Cypriot Arabic
Currency: Euro (EUR)
Time Zone: GMT+2
Dial Code: +357
Tax Rates in Cyprus
Corporation Tax in Cyprus: 12,5%
Income Tax I n Cyprus: 35%
VAT Tax in Cyprus: 19% (Reduced rates 5% + 9%)
Main Characteristics and the basic rules of Company registration in Cyprus
If expanding an existing venture to another country is on your mind, Cyprus could be a good choice. A number of companies from the US and EU have already expanded operations in the country. Cyprus happens to be the third largest Island located in the Mediterranean region. However, you should not assess a country for business operation expansion based on its size alone. Cyprus does have many factors which may motivate you to spend in the country for venture expansion.
When you assess a country for business investment and expansion, the economy needs to be analyzed well. In this respect, Cyprus is a safe choice. The economic stability of Cyprus is something you cannot overlook. If you are looking for the right investment gateway to access the EU market, Cyprus fits in the bill really well.
Unless your venture is related to any kind of financial services, you should not have to face too many hassles in starting business in Cyprus. In other cases, you will not have to put up with restrictions like minimum investment amount and a local Cypriot partner. So, your Cyprus Company Formation dreams may be realized without facing too many hurdles.
A lot of companies expanding into Cyprus deal with niches like property investment, catering, leisure, hospitality, food and sports activity services etc. The communication means are adequate in Cyprus and the transportation system is top notch. Two international airports, extensive port facilities and good road network are ideal for business needs apart from traveling. Even the telecommunication setup is excellent which is required for expanding any business these days.
The legal norms prevalent in a country should be analyzed before you think of investing in it. Thankfully, the legal system in Cyprus is much like that of the UK. The legal system here is deemed as business-friendly and regulations are transparent. The tax regime of Cyprus is also favorable for the majority of businesses. The corporate tax rate here is among the lower ones you get in the EU. This should also act as a reason to think of Cyprus Company Formation.
While Cyprus may have stable governance and economic situation for business expansion, you may still benefit from taking expert aid. You need an exert agency for handling legal norms and getting updates on tax related stuffs. BRIS group is your apt companion for such needs. Call us today for details on Cyprus business expansion.
|Cyprus Company Formation||Financial Advantages|
|Taxation:||12, 5% Taxation for tax resident companies. (from 2014); 0% Taxation for NON tax resident companies|
|Double Taxation Treaty Access:||Yes Treaty Access|
|Cyprus Tax Information Exchange Agreements:||Yes, Cyprus signed Exchange Agreements|
|Account Filing Requirements:||Yes accounting / reporting requirements|
|Annual Return Filing Requirements:||Yes annual return/ reporting requirements|
|Audit Requirements:||Yes audit required.|
|Cyprus Company Formation||Registration Requirements|
|Share Capital:||EUR 1,000. Minimum paid up share capital EUR 1|
|Classes of Share Available for Cyprus company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value.|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes required and must be maintained in Cyprus.|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is one. Can be any nationality and need not be resident in Cyprus (but advisable) Corporate directors are allowed.|
|Your Company language:||English|
|Name of your Company must be ended:||“Limited”/Ltd|
|Documents required for Cyprus company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Cyprus Company Formation||Restrictions|
|For Cyprus company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Cyprus Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||Yes, accessible|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere (Cyprus advised)|
|Stability:||Secure jurisdiction and renowned reputation.|
|Region:||The Republic of Cyprus occupies the southern part of the island of Cyprus in the eastern Mediterranean.|
|Political System:||A parliamentary representative democratic country, whereby the prime minister is the head of government, and of a multi-party system|
|Governing corporate legislation:||Companies Law, Cap 113, as amended|
|Type of Law:||Civil with many English Common Law influences|
|Language of Legislation and Corporate Documents:||English and Greek|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.