WHAT YOU NEED TO KNOW.
One of the many reasons that corporations from around the world, choose Cyprus as their base of operations is the significant tax advantages, the important tax exemptions and the straight-forward incorporation procedure.
Other advantages are:
· Corporate tax rate of Cyprus 12.5% net on profits, which is one of the lowest tax rates in Europe.
· Dividends paid to a Cyprus Company are exempt from corporation tax.
· 0% tax on dividends for non-Cypriots.
· It can be incorporated with 100% foreign ownership.
· Sale of shares is tax free.
· Double taxation relief.
Types of Cyprus Companies
· Private Limited Company
· Public Limited Company
· Limited by Guarantee
· Branch
· S.E
The most common type is the Private Limited Company.
Requirements and Procedure
· Approval from the Registrar of Companies of the proposed Company name.
· Preparation of Memorandum and Articles of Association.
· Filing of nominal capital of Company, information of Shareholders, Directors and Secretary.
· Filing of the proposed address of the Company’s registered office.
The formation of Cyprus Company is fast and easy and can be done completely remotely.
Annual and legal obligations
· Annual levy of 350 euro
· Board of Director’s meeting once a year
· Preparation and filing of audited financial statements to the Registrar.
· Registered to the Tax Department.
· Submission of annual return form.
Timeframe
Up to 10 working days.
How we can help you:
· Advise on the incorporation of a Cyprus Company
· Preparation and filing of all relevant forms for the incorporation.
· Provision of Nominee Services (Director, Secretary, Registered Office).
· Assistance with opening of bank accounts.
· Legal and Secretarial Services (annual packages).
This article is written for information purposes only and it does not constitute legal advice.
For further information, legal advice and assistance please contact us at zena@zsm.law or call us at +357 25-252282.