Archive for October, 2009
Pricing and Fees in Cyprus Company Registration
Posted by peter in Cyprus Company Formation on October 12, 2009
Cyprus is the third largest island on the Mediterranean Sea. The economy of Cyprus is well-off and is a suitable base for offshore business due to is efficient infrastructure. The local or off-shore companies have to be registered by the government so as to perform any business transactions in the country. Company registration in Cyprus is no hard task and the prerequisites required for one to register are not exaggerated. The registration process can take a week or less. The Cypriot authorities have authorized the Cypriot nationals, European nationals as well as the non- European nationals to register Cyprus Company.
The process of registering a company in Cyprus does not require that the shareholders or beneficiaries be on the island. The shareholder can choose anonymity by appointing a nominee shareholder, nominee director, or else a nominee secretary to represent him or her. This is possible since the Cypriot authorities issued a declaration of trust by the nominee so that interests of the beneficiary shareholder are safeguarded in support of the beneficiary shareholder(s). For that reason, the public records at the registry about the ownership of the company indicate the name of the nominee and the actual owner is not disclosed. While you register Cyprus Company one has the right to request for equal treatment whether you are a non-European national or a Cyprus citizen.
Some of the expenses that are expected to be incurred in the process of registration are; the set up fee, annual fee for nominal services incase of anonymity, accounting fee/ auditing fee, annual expenses payable to the registrar of companies, document charges, taxes and incase of consultancy; consultancy charges and so forth. The registration fees (set up fee) and charges are paid once; they are the company creation charges, normally affordable. Registering a company in Cyprus could cost from 1200 euros to 3000 euros approximately, depending on who you register with. When one submits the company name for approval they are charged 8.54 euros for the search, incase the name is urgent the fee is higher, up to 25.63 euros.
The accounting and auditing fees differ from time to time, that is depending on the variety of dealings the company carries out each month or year, and it also depends on the accountant that you use that is if it is a miniature accounting firm or one of the big companies. A registered company must have annual returns each end year which includes any changes on the company ownership or directors and so forth. The stamp used on these documents costs around 100 euros.
There are two means that one could use to register Cyprus Company which are either expedited or non-expedited. It is estimated that the time taken to register is about a week or so but this period is dependant on the amount of workload the registration department of the registrar of companies has. The first step is to give the company name to the registrar for approval, then afterwards you can fill in the forms for registration.
Cyprus Company Formation for clients worldwide
to register a Cyprus Company isn’t any difficult, we have specialized in the Cyprus Company formation and the opening of Cyprus Bank Accounts for businesses and individuals worldwide, no need to visit Cyprus.
Cyprus Bank Account, where to open?
Posted by peter in Business Banking, Cyprus Company Formation on October 12, 2009
Cyprus banks are completely licensed and serve Cypriot private customers as well as enterprises with all the required banking services. The banks are now open to all clients, both local and international, to access extremely flexible services. Read the rest of this entry »
Important Steps in Setting Up A Company in Cyprus
Posted by peter in Cyprus Company Formation on October 1, 2009
Setting up a company is not an easy task there is a lot involved; there is a series of steps that one has to go through before setting up a company in Cyprus. The law in Cyprus is one that allows the formation of companies such as public companies limited by shares, exempt private companies, private companies limited by guarantee and private companies limited by shares.Trusts, sole proprietorships, limited partnerships and general companies are other types of companies that one can form in Cyprus. There are, however, popular types of companies that people form in Cyprus like trusts and private companies. For Cyprus company formation, it is important to understand the legalities and requirements of opening a business or company, every legal detail should be adhered to. The growth of companies in this place has been fast with even foreign companies enjoying a flexible structure for formation of companies.
For smooth registration services in Cyprus it is necessary to get all the support required especially when it comes to legal maintenance of a company in this place. When forming a company there are several things you need to have and all of them are offered by the present registration company. Some of the provisions in company registration are: provision of registered agent, provision of a registered address, provision of shareholders and nominee secretaries, filling and preparation of the necessary returns. The formation of the company may take twelve to twenty days immediately after applications and submissions have been made by the registration company.
The statutory requirements such as a registered office address and a registered agent are included in the registration process. There are various packages offered when looking to form a company, you can choose to open a company with your own officers, if you do not have a required number of minimum officers, there is a package that can work right for you. Among the Cyprus company formation provisions, the registering company will act as a nominee director for the company. In the process one can be helped to create an account in Cyprus for the company. Cyprus is a place with great tax incentives and hence the need for better planners when it comes to company formation. Having knowledge on the powers and jurisdictions granted to the Cyprus companies is very important.
The best thing about the registration companies is that the registering and application process very reliable, affordable, easy and fast, you can get all these registering services online. Instead of going round wondering where to register your company there is an easy way to do it. A reputable registering company that gives you all the information on the registration packages, renewal services, legal general requirements and the extra services available is the best to contact and that is exactly what you need; information about the charges will also be explained. All the valuable information you need on the requirements involved in formation of a company are available. Cyprus company formation has never been so easy.
Cyprus Company Formation for clients worldwide
to register a Cyprus Company isn’t any difficult, we have specialized in the Cyprus Company formation and the opening of Cyprus Bank Accounts for businesses and individuals worldwide, no need to visit Cyprus.
Cyprus company formation fees
Posted by peter in Cyprus Company Formation on October 1, 2009
Options are always there for people who would want to give them a try no matter how risky the options may be. For example there are options for cheap bullet-proof vests, cheap parachutes, and cheap brain surgery services. The question to ask however is; can you go for these options. For reputation and name sake, it may be difficult for one to go for some options. The price will definitely reflect on the reputation and reliability of an offshore company. to register an offshore company by employing the most knowledgeable and experienced personalities to keep up with the latest legislative developments, maintenance of reliable quality control and a robust data security strategies.
Cyprus company formation fees include Cyprus company formation or registration fees which stands at United States dollars 1.975. However a ready made shelf companies goes at USD 2.375. The registration fees include Power of Attorny (POA), Memorandum of association and articles and registration certificates, official company certificate and apostilled registration document and shareholder certificate.
After the company has been set up, further payments are to be made in different lines annually. The lines include company secretary which is required by the Cyprus company formation law and rates at USD 525.00; registered office as is required by law of USD 525.00; nominee directors’ fee of USD 525.00 per nominee carried out by the business corporation; nominee shareholder’s fee of USD 525.00 per nominee, foreign nominee shareholder fee of USD 525.00 per nominee; and foreign nominee cost of USD 525 Per nominee. It is important to note that nomination of both foreign and internal shareholders, directors is optional.
Once all the required information and costs have been settled, Cyprus company formation will take between one to two weeks duration to fully incorporate a company. however if you go for companies on the shelf, you are required to wait for one day to get started with your acquired company documents and other necessary requirements.
Cyprus company formation’s accounting records are usually kept by all companies in its territory as is required by the law. Financial statements must also be submitted to the Inland Revenue and registrar of companies within its boundary for auditing purposes. All the companies under its jurisdiction are required by law to pay 10 percent TAX on all profits, however if the company is registered by IBC no tax is charged.
Unlike other companies, Cyprus company formation demands passport or any picture ID copy, phone or electricity utility bills usually presented in English, and an n agreement sent on request to the client.
Finally it is worth noting that the cost of annual accounts preparation for the company depends on the amount of transactions made on your behalf. These services are providing by practicing accountants and auditors who are offering these services at affordable rates. Apostilling of the documents outside the country will cost euro EURO120 due to foreign bank requirements. All the proceeding payments for offshore company address and secretary are set at euro EURO690.
Cyprus Company Formation for clients worldwide
to register a Cyprus Company isn’t any difficult, we have specialized in the Cyprus Company formation and the opening of Cyprus Bank Accounts for businesses and individuals worldwide, no need to visit Cyprus.