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:
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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:
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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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