Cyprus

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Cyprus

Cyprus

 

Cyprus Republic is an international business and financial center of the European Union. Cyprus is the member of the EU since 2004, and is very popular among businessmen all over  the world.

  1. Legislation: the company's activity is regulated by Cyprus Companies Law CAP 113.
  2. Forms of the company: Limited Liability Company (LLC), branches of the foreign companies, registered  according to S. 347 Companies Law, CAP 113, Partnerships, registered  according to Partnership Law, CAP 116, trust companies. The most popular form of company is LLC.
  3. 3.      Registration of the company.

The name of the company: the name of the company must end with  word, phrase or abbreviation, that indicates the limited liability of the company.

 Director's information: minimum quantity – one. Natural persons or legal entities can be directors.

Shareholder's information: minimum quantity – one. Natural persons or legal entities can be shareholders. There are no residence requirements.

Information about secretary: there are requirements according having a secretary. Minimum quantity – one. Natural persons or legal entities can be a secretary. The are residence requirements.

Minimum size of share capital: there are no requirements. The amount of issued share capital is usually 1,000 .

Information for general use: information about the company, its registered office, director, secretary, shareholder is available for third parties.

Taxation: corporate tax rate is equal to 12.5% starting from 01.01.2013.

Tax on defense: the rate of a special charge for the defense of the Republic is 5%.

VAT: from the 1st of March 2012 a standard rate is 17%.

Annual duty: beginning from the 2011, annual duty in the size of 350 is obligatory for all the companies, registered in Cyprus Register. The maximum charge in the size of 20,000 is set up for the group of the companies.

Accounting: The company is obliged to submit annual accounting statement, that must be assured by auditors. It must be submitted regardless the fact if the company was doing business or not. If the company was “passive”, than dormant financial statement is submitted and it is also must be assures by auditors.

Currency control: there are no requirements.

Agreements of avoiding double taxation: Cyprus has a great system of signed Agreements of avoiding double taxation, including countries of former Soviet Union.

 

Peculiarities: In spite of the fact, that Cyprus is not longer the classic offshore zone, this country has not lost the interest of people, willing to do business on the most comfortable conditions for them. The main advantages of doing business in Cyprus are stable and supportive business environment, tax preferences, high level of confidentiality and just beautiful nature and high standards of living in this country of the European Union.