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CYPRUS COMPANY INFORMATION

Basic Information about Cyprus Offshore Companies

Type of Company:
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International Business Company
This company can be used for many different purposes, such as:
-Trading
-Holding
-Investments
-Consultants

Company Law:
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Companies Law, Cap.113.
The main body of the Law is in force since 1952 and it was an exact copy of the Companies Act 1948 of the UK. Recently it has been amended to incorporate European Union directives.


Capital requirement:
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Minimum paid up capital CYP1.000. For a company with a fully fledged office in Cyprus, the minimum capital is CYP10.000.

Restrictions on activity:
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Special permission required for banking, insurance and financial services.

Taxation:
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Trading Companies: Tax at the rate of 10% on the net profits of an IBC
Holding Companies: No taxation on income from dividends or disposal of securities
Non-resident Companies: No taxation
Non Cyprus resident shareholders of Cyprus companies are not subject to any tax on dividend distributions by Cyprus IBCs.
Resident shareholders are subject to additional tax on dividends of 15%

Double Tax Treaties:
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Tax treaties with many countries, including the main Western European and North American countries and almost all Eastern European countries. The combination of low or no taxation with the benefits provided by its treaties with many countries, make Cyprus one of the prime locations for international tax planning schemes. See relevant Table of Tax Treaties.

Annual Returns:
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Annual Returns are required to be submitted

Annual Licence Fee:
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CYP7 or CYP15 for late filing

Annual Financial Reporting:
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Annual Financial Statements are required to be prepared and presented to members. A copy is filed with the Registrar of Companies, together with the Annual Returns.

Registered Office & Registered Agent:
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Registered office: Yes, must be situated in Cyprus.
Registered agent: Not required.

Company Secretary:
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Yes. Can be of any nationality and residence and can be a physical person or a corporate entity.

Directors:
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Minimum of one. Can be of any nationality and residence and can be a physical person or a corporate entity.

Shareholders:
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Minimum of one

Disclosure of Beneficial Ownership:
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There is no requirement to disclose the beneficial ownership to any Government Authority. It has to be disclosed, in confidence, to banks, if a bank account is opened in Cyprus.

Bearer shares:
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Not allowed

Exchange controls:
--------------------------------------------------------------------------------

No.

Language of corporate documentation:
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English is almost always acceptable. In certain cases, it is necessary to prepare documents in Greek.

Timescale for incorporation:
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5 working days

Shelf companies available:
--------------------------------------------------------------------------------


Yes

Legislation for Money Laundering Prevention:
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Yes.

Other forms of companies:
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Public companies limited by shares, private companies limited by shares, companies limited by guarantee, overseas companies.

 

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