INCORPORATION
CYPRUS (Republic of Cyprus)
Company formation on Cyprus, Legal and Taxation Aspects
| Company Type: | Limited Company (LTD) |
| Name: | The company name must end with "Limited" or "Ltd.". |
| Capital: | 1000 CYP for companies without offices in Cyprus; 10 000 CYP for companies with offices in Cyprus; there is no obligation to pay up shares. |
| Shares: | Shares in the company |
| Shares Index: | Shareholders are entered in the commercial register. |
| Registered Agent Requirement: | Yes |
| Registered Headquarters: | Yes |
| Entry in the Public Register: | Shareholders and Managing Director must be named in the public register. However, anonymity can be retained by appointing nominees. |
| Shareholders: | Minimum of 1 shareholder. |
| Directors: | Minimum of 1 natural or legal person, irrespective of nationality. |
| Secretary (Commissary): | Yes |
| Incorporation Period: | 2 weeks; shelf companies are common. |
| Disclosure of Beneficial Owner: | Yes, but protected by law |
| Disclosure of Shareholders: | Yes |
| Disclosure of Directors: | Yes |
| Trading Restrictions: | None; Approval must be obtained for some business activities. |
| Taxation: | Companies with offices in Cyprus pay 10% corporate income tax on net profits. Offshore companies are exempt from tax on income provided 1. the directors are non-residents, 2. all business decisions are made outside Cyprus, and 3. the company generates no income in Cyprus. However, these tax exemptions do not apply if a) 50% of the company's profits originates from investment income, or b) the tax rate in the company domicile is considerably lower than that in Cyprus. |
| State Tax Charges: | None |
| Double Taxation Agreements: | Yes, over 34 |
| Financial Statements: | Yes |
| Tax Returns: | Yes |
| Accounting: | Yes |
| Annual Reports: | Yes, must be submitted by an independent external auditor |
Acquisition Fees Limited Company Cyprus
| Incorporation (Share capital up to the sum of 8.700,00 Euros) + Complete firm kit | |
| TOTAL | 2.290,00 Euros |
Annual Fees Limited Company Cyprus
| Included: + Registered Office in Limassol + Shareholder Service / Nominee Shareholder + Registered Agent / Secretary + Directorship service / Nominee Director + Company Maintenance + Professional Virtual Office in Berlin or Luxembourg (including address, phone and fax numbers, personal phone call answering) + Legal fees payable in advance + Bookkeeping + Tax declaration + Balance sheet | |
| TOTAL | 5.940,00 Euros |
General Information
| Area: | 9 251 sq km |
| Capital: | Nicosia |
| GDP per capita: | 13 500 € |
| Unemployment Rate: | 4,4% |
| Population: | 760 000 |
| Language: | Greek in the southern part of the island of Cyprus (Republic of Cyprus) |
| Currency: | Cyprus Pound (CYP) |
| Rate of Inflation: | 4,2% |
| Political Risks: | None |
| Communications: | Good |
| Residence Permit: | Easily acquired |
| Legal System: | The legal system is largely based on the Anglo-Saxon legal system. |
| Exchange Control: | No control of companies domiciled abroad. |
| Patent Law: | Yes |
| Tax Information Exchange Agreement: | Yes |