Cyprus is a natural choice for international business and is widely used in international tax planning, within and outside the European Union.
Among the benefits which accrue in using Cyprus as a corporate vehicle are: (a) EU member state, (b) low corporate taxation of 12.5% on net profits, (c) income from the sale of securities (shares, bonds, etc.) is tax free, (d) extensive Double Tax Treaty network both with capital exporting countries and emerging markets, and (e) favorable tax provisions which render Cyprus a premier holding company jurisdiction. Furthermore, 100% foreign participation is permitted, and nominee services are provided.
Facts & Info about: Cyprus
- Minimum Share Capital: One share
- Minimum Number of Shareholders: One
- Minimum Number of Directors: One
- Bearer Shares: Not allowed
- Corporate Directors Permitted: Yes
- Company Secretary Required: Yes
- Shelf Companies & Approved Names Available: Yes
- Possible Name Endings: Limited, LTD
- Registered Office in Cyprus: Yes
- Local Directors: No (But, a Cyprus company is resident for tax purposes in Cyprus if the management and control of the company is carried out in or from Cyprus. Management and control means that all important decisions regarding the Company are taken in Cyprus, the majority of the Board of Directors are Cyprus residents and the meetings of the Board of Directors take place in Cyprus. Companies which are classified as Cyprus tax resident take advantage of all Cyprus tax benefits).
- Local Secretary: No
- Local Meetings: No (see above, for "management and control" requirements).
- Government Register of Directors: Yes
- Government Register of Shareholders: Yes
- Submission of Annual Returns: Yes
- Submission of Audited Accounts: Yes
- Annual License Fee (Special Levy): EUR 350, payable every June
- Corporate Income Tax: 12,5% on net profits of Cyprus resident company, or 0% for Cyprus non-resident company
- Capital Gains Tax: 20% on immovable property situated in Cyprus, 0% on movable property (other than shares representing immovable property situated in Cyprus).
Average 10 days
Available - Immediate delivery.
The shareholders/subscribers of the company sign the Memorandum & Articles of Association which is then submitted with the Registrar of Companies for the registration of the company.
Upon registration, the Registrar issues a Certificate of Incorporation, together with the Certificates of Directors and Secretary, Shareholders and Registered Office Address. The original documents are in Greek language but the certificates can be issued in either Greek or English language according to the request.
The Companies Law, CAP 113