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WHY CYPRUS

Better tax planning is one of the many reasons why so many thousands of businessmen have chosen Cyprus for the purpose of establishing an International Business Company. Cyprus, unlike many offshore jurisdictions is not a 'tax haven' and does not offer 'brass plate' companies. Instead, Cyprus offers great tax incentives due to its favourable tax regime and its wide network of double tax treaties. These tax incentives together with so many other incentives offered by Cyprus, render Cyprus the ultimate international business centre of our planet! 

Indeed, it is not surprising that since 1977 (the year in which the concept of “offshore companies" was introduced in Cyprus which in year 2003 was transformed to "International Business Companies"), Cyprus with a population of approximately 750,000 is the island in which many thousands of international set ups have been established with some even maintaining fully fledged and operational offices on the island. The information contained on this website is not by any means exhaustive. It does nevertheless provide the reader with a great understanding of what Cyprus International Business Companies are and why so many thousands of businessmen worldwide have chosen Cyprus for the purpose of carrying out and monitoring their international business operations.

In providing this information, it is our prime intention to contribute to the effort of Cyprus to become an even more successful international business centre for the benefit of foreign investors and to the Cyprus economy.

Nicosia - Cyprus
 
CYPRUS in Brief
  • Very Low Tax (0% to 12.5%)
  • Able to open a fully fledged office in Cyprus
  • Benefits from Double Tax Treaties
  • Nominee Services
  • Excellent status, location and climatic conditions
  • Excellent Banking and Professional Services
  • Useful vehicle for receipt of dividends, interest and royalties (in many cases at zero tax)  
  • Trading of shares suffers no tax at all (as long as not linked to immovable property held in Cyprus)
  • No capital gains tax on sale of property situated outside Cyprus.
 

BACKGROUND


Situated in the Eastern Mediterranean, the island of Cyprus is at the crossroads of three continents. It has an excellent business and financial structure and offers many tax incentives. Cyprus company law is based on British company law. In year 2003, Cyprus joined the EU and in year 2008 it fully adopted the Euro currency.
 

TAXES AND ACCOUNTS


Cyprus is not a tax haven but a low tax jurisdiction with an annual tax rate between 0% and 12,5% payable in the case of an International Business Company. Cyprus has numerous double tax treaties for the avoidance of double taxation. In particular, extremely favourable treaties have been concluded with many countries for receipt of dividends, interest and royalty payments. Audited accounts under IFRS must be filed with the Commissioner of Income Tax and the Cyprus Registrar of Companies. 
 

INCORPORATION / NAME


It normally takes one or two weeks to incorporate a new company, but shelf companies (i.e. already established) are available by formation agencies (we can recommend one or otherwise one of your choice) within 24 hours. All companies must end with the word "Limited" and there are restrictions on the use of particular words in the company's name, such as "Corporation", "International", "Group", "Financial" etc (For minimum complications we may obtain or provide for you with a list of already approved 'Shelf Company' names or ‘shelf’ fully registered companies).
 

BANK ACCOUNTS


A Cyprus company can open a bank account anywhere in the world. We have strong links with a number of banks in Cyprus, the UK, Greece and elsewhere and can assist you in cooperation with the formation agency / lawyer with opening and maintaining bank accounts, online banking, issuing of debit/credit cards etc.
 

DISCLOSURE OF INFORMATION


During the incorporation process, as part of our due diligence procedures, true copy of a bank or other reference, a curriculum vitae and passport for each beneficial owner must be obtained by our firm together with proof of address (such as utility bill), a description of the main activities intended for the company and expected debit / credit turnover per year etc.
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