Foreign Nominee (director/shareholder)
When do I need a foreign nominee?
If you have incorporated your company in Cyprus and you personally don’t want to be listed on any public company register, and nor do you want to pay any corporate tax, then you will need to appoint a nominee shareholder and director who are NOT resident in Cyprus. This is a much more expensive service for a startup company; however, if you do your maths then you will see that you don’t need to make a very high profit before you have earned this money back several times over.
What are the downsides of a foreign nominee?
The company can’t be registered for VAT.
Your can’t get a tax certificate in Cyprus for the company.

Local Nominee (director/shareholder)
When do I need a local nominee?
It depends very much on what you are trying to achieve. Many clients want to avoid paying the high tax rate they have to pay in their own country and would rather pay 10 per cent corporate tax in Cyprus than perhaps 20, 30 or even more. In addition, a Cyprus resident company can obtain a VAT and TAX certificate and can also be registered for VAT, which for trading businesses can be a benefit and also necessary from a legal point of view.
It is cheaper for the client to appoint a local (Cypriot) nominee than a foreign one.

For more information about how to incorporate a company in Cyprus and to open a Cyprus bank account feel free to visit CCLOGIC Ltd who is one of the leading Company Service Providers on the Internet.

Citizens of the European Union enjoy many of the associated rights including the right to move and reside feely within the territory of the member states. But, it is getting increasingly tougher to gain the citizenship of the most of the EU member states. This is partially fuelled by the concerned voices raised by the nationals of the EU member states in light of the high unemployment rate and the global financial crisis. One of the EU states which is actively promoting investment and immigration into its country is Cyprus. Cyprus offers Immigration Visas, which can be leveraged by the financially healthy individuals (/ their companies) of the Non-EU Nationals to move to Cyprus permanently with a view to gain Cyprus / European Union citizenship in due course. Of course, there are immigration policies that need to be complied with and these are set below. Please ensure you read and understand the requirements set out below if you are looking to immigrate to Cyprus.

When Cyprus Immigration approves you for a “Category F” Visa permit, you are automatically allowed to stay in Cyprus permanently, for an indefinite period of time – No need to apply for a visa or to reapply for a new Cyprus entry visa. While this offers a route to become a European Union (EU) Citizen, it is also true that Cyprus offers its unique advantages for a healthy and prosperous living through an advanced infrastructure, efficient professional services, highly qualified and multilingual labour force, favourable tax regime, lot of investment opportunities and one of the best climates in whole of the Europe.

If you apply for a Cyprus Category F permanent migration / immigration visa you automatically have the option to become a Cyprus Citizen (you can apply for Full Cyprus Citizenship in the sixth year of residency) which means you can travel to any European Union Country or European Member State and move freely in these Countries. You can also start up your own business, buy a new home and there are no restrictions. For example, if you become a Cyprus Citizen you are free to move permanently into the UK and you will no longer require a visa to get entry into the UK. Cyprus Category F visa also allows your dependants to be included and therefore your whole family can move to any part of Europe e.g. UK (as mentioned in our previous example). In essence, you are also free to further migrate to UK, Germany, Ireland, Spain or any other European Member state Country, if you wish to.

We would suggest you speak to Prosperous Consultants Immigration Visa Specialists in Cyprus who will be able to give you all the advice on how you should proceed.

For further information please contact us 

Therefore, please inform us as soon as possible, if your expectations, whether you will have a taxable profit for the year 2010 and if so, to submit the computation of temporary tax assessment together with the 1/3 of the provisional tax on 1st August.

Failure to make a tax provision of at least 75% of the final year’s taxable profits will result in payment of an additional tax of 10% on the difference between final tax and provisional tax. Failure to pay the provisional tax on time will result in an 8% interest payable on overdue tax.

The installment payable on 1st August can be paid until 31st August 2010 without any interest charged. It is possible to revise an assessment upwards before the end of the year.

Thanking you for your kind co-operation at all times.

CCLOGIC Ltd – Cyprus Company Incorporation

Are you sick of the term “Best Merchant Account” being thrown around when looking for a reliable way to process credit cards and online payments in general or when you are seeking to keep your privacy and are looking for a Offshore Company structure that do what people promise, in fact, there’s nothing Best Merchant Account or Best Offshore Company structure about the system?

Well guess what… our new Best Merchant Account and Offshore Company bundled package really is THE REAL DEAL!

Let’s jump straight to some facts:

Everyone knows that it is not wise to put all your eggs in one basked, why should you then buy offshore company packages which are managed by one and the same company, are you insane? Sorry hard words but I must “call to think” what you will need is to have the Merchant Account in One country, have the Payment gateway in another country, have your bank account in a third country and finally your Offshore company in a forth country, can you see the picture now?

If the answer is no, then please stick to your existing solution and don’t read further.

If the answer is YES, then continue reading, this is going to explode the real facts and how a Online Business can achieve a 0% TAX, 100% Anonymity a reliable Merchant Account and a stable PCI compliant payment gateway.

If you don’t believe this, then look here what we found:

During an many months of investigation and exploring the different services available on the Internet both big and small companies, legit and illegal operations everything came down to 1 conclusion, there is nothing like 0% tax and 100% anonymity when you deal with these companies, you may ask why? Very simple, almost any (if not any) of the so called Offshore Company Packages including offshore bank accounts and merchant accounts are an illusion, an illusion that let everyone think they shot the parrot, found the gold mine, the magic formula while they simply just entered into another trap. Even with an legit operation as the many we have found, it was NOT possible to accomplish the goals of an Offshore company Package which have everything a Online Business needs and which also offers 100% Anonymity and 0% corporate Tax.

So now I am going to tell you why!
Simple because all of the offshore company formation packages are made by people which either have their knowledge in the Offshore Company structuring or in the Payment Processing Industry, both industries are so broad that you MUST end up with a pain package rather than a Offshore Company package. What you want is to find a company who is collecting the Best Merchant Account which pay on Time is inexpensive, one that can find a payment gateway which is reliable and PCI compliant, one who can structure a Offshore Company which connects all this together to 1 package, but where each of the parts from this package are located in different countries and different companies and where know one knows about how things are done, where no one is asking questions and where everything is structured in a way that it is legit and can’t hurt you.

Sounds good to you?

Great, thank you for your attention, I am not going to reveal here how to achieve all this, you will have to contact us and proof that you are an honest and legit business with a real business for this we have made a mechanism which secures both parties, refer to this article when you contact us and I will give you the deal.

In fact, I’m so confident in my system, I’m going to extend to you an unusual guarantee…

If I can’t show you how to implement a complete online business offshore in 60 days then we will give you your money back for the one of fees and let you keep the formula (You will lose whatever offshore company package we created especially for you but the formula lays out the entire plan). And of course, for any reason (or no reason at all), if you want your initial deposit back and don’t want to proceed within the next 5 days after we told you how to accomplish all this and before we started any company registration, just say the word and we will quickly and quietly refund every penny of your deposit.

You can only make this kind of guarantee when you’re absolutely certain your product does everything it claims to do. And my claim in the headline is just the tip of the iceberg. Once you get access to our insider secrets, you’ll receive…

-          A Offshore Company with 100% Anonymity

-          An Offshore Bank Account which let you receive payments from all over the world and also can be used for PayPal accounts.

-          A Debit Card for the bank account

-          A Merchant Account which pays week after week after week, a reliable payment gateway which is PCI Compliant and has a 99.9% uptime

-          Instructions on how to accomplish all this including 5 hours from an expert in the fields to walk you through the entire process (worth EUR 1.500.00)

Our Special “Introductory Offer”

We have big plans for the materials contained in this bundle. We eventually going to start doing coaching and seminars with this stuff. While we finalizing those things, you can get in at a low introductory offer:

Cyprus is famous for its tax incentives and has double-tax agreements with twenty seven countries and major Western ‘high-tax’ countries. This is a very uncommon feature which has made it a perfect place to invest or start a new company. Also, the location of Cyprus in between in the best trading nations in addition to the international ports and international air ports available for the export and import of goods or material from other countries to Cyprus and the manufactured product from Cyprus to other international market is very easy. These are the reasons why many IBC’s are planning to start a unit or a branch unit in the island of Cyprus.

Companies should follow the rules and regulations framed for the registering it in government of Cyprus. Some of the important steps that should be followed during registration are:

Companies should specify two or three names to the Registrar of the Cyprus Company Formation for the approval. Some of the private firms have already registered names. If there is any company registered with the same proposed name, you should change any letter for the security reason and to prevent the duplicates.

The Companies should specify the Share Capital to the Cyprus Company Formation. The objectives should deliver during the registration in order to prepare the Memorandum and related Articles. It helps for the documentation works and registered in both English and Greek Languages. The Companies should apply to the Central Bank for the approval of the Fund Exchange Control.

Companies should have shareholders and should submit during the time of registration. There is no range for the number of shareholders and it depends on the economic condition, activities performed and the duties carried out by the Offshore Company.

Registered Office Address is a basic requirement during the registration on the Company. It can be handled by the Private Companies who has the registered address. It is mandatory since, the documents are forwarded to the stated address.

Every Company should have Directors and Sectary in order to manage the International Business Companies. The Secretary should belong to local private firms, so that the companies can have better legal advices and guidance.

Registration Procedure carried over in Cyprus:

The proposal is sent to Company registrar by the agencies.

Once the company name is approved by it, the articles and the memorandum are prepared for it. You have to wait for about 2 or 4 day for getting the approval for your company’s name.

If the duration has to be reduced then the approved company’s name should be selected and it is sent to Company registrar for registration.

Yearly Requirements:

For every year the final audited statements should be submitted to the Income Tax office. The audition should be supervised by an auditor under the Cyprus Law. The Annual audited statements should be submitted to Company registrar which is translated to Greek and submitted. It should include details about Directors, shareholders and registered office address in Cyprus.

Advantages fiscally:

Considering the tax legislation currently, the lowest regime in Europe is Cyprus. Hence why it has enhanced many companies and it is an International Financial Centre. There is no differentiation between the small companies and the International Business Companies as Single Corporation in tax payment. Cyprus is termed as Tax-Incentive Europe country. And it also free from suspicions which is usually associated to the Tax-Havens.

Cyprus Tax Reform:

If an International Business Corporation is resident of Cyprus then it should pay 10% of its net profit. It is considered as resident of Cyprus if the management and the control of company are in Cyprus. The resident is considered by board meetings where it is taking place and residence of majority directors of the company.

If IBC is non-resident in Cyprus, that is, the management and the control outside of Cyprus then the tax payment is zero. Double Tax Treaty network is available for the resident IBC and not for Non-resident. Cyprus Tax Residence certificate is not provided for the non-resident IBC’s. In payment of dividends, royalties and interests by an IBC cannot withhold the tax payment. Under certain conditions the dividend income is completely exempt from the Cyprus tax. Permanent established abroad, their profit is fully exempt from the Corporation tax. The profits obtained from the dispose of shares are not taxable. In the carry-forward of tax losses there is no restriction. There 32 Double Tax Treaty agreements which is established in 40 countries. Confidentiality and the Anonymity of the Owners are safeguarded.

The first requirement that a company must fulfill is have a unique business name specific for every company. The company is supposed to send this name for approval to the registrar of company names who then must approve the name before application of a certificate of incorporation starts. In addition to the business name, a company must have articles and a memorandum of association. These too are filed with the registrar of companies to help the Cypriot government in solving commercial cases that are related to the company operations. However, Cyprus authorities do not interfere in the running of companies.

A physical address is required before a company is incorporated. This is mainly because the physical address acts as a sign that a company has perpetuity and that there exists a physical premises where the company management may be located. A company must have a recommendation from a credible bank that it is capable of transacting in the capacity that it states in the articles of association. The country must also have a company secretary. The secretary must always be available at the company premises to take care of business when the proprietors are not around. For the people who prefer anonymity when they are registering companies, you can hire agents who then register the company at their behest. Company secretaries should also be hired, but this may be done on a quasi basis where they need not appear at the company premises. However, the name of the secretary has to be forwarded for bureaucratic purposes.

Other requirements before incorporation include the trade licenses from area councils that allow the company to operate in a certain area. A company is also required to register at the income tax department. The corporate tax in Cyprus is a fixed at 10% and all companies are supposed to comply. The time taken to incorporate a company ranges from five to seven days. No fees are charged foreign investors by the government when incorporating a company, which makes Cyprus a favorite destination for the investors who may be interested in doing business in the Middle East. Incorporation comes with a certificate that is evidence that a company has fully met the requirements stipulated by the law and that the management of the company has agreed to conduct business as the Cypriot law requires.

You must first register the company name and get approval from the Registrar of companies. This takes between two and three days to complete. Perhaps one of the most costly steps in this process is where you must prepare the Memorandum and Articles of Association with an attorney, which may take a mere 2 days but it will cost you 1000 CPY. From then you must deliver the documents already processed to the Companies Section of the Registrar of Companies and Official Receiver and the process to approve them will take about 2 to 3 days. You also have to pay for registration and for the certificate you will receive. On top of that, you must pay a little over 1/2% on the set capital for the business. You must then register with the Ministry of Commerce Tax, the Ministry for Commerce VAT, and the Ministry for Commerce for Social Distribution. Each of these processes is free and only takes a day to complete. That is how an IBC company is registered in Cyprus.

As an offshore investor, you have the option to have your company registered Cyprian where you pay tax of 10% and you also get to reap the benefits of being a Cyprus company. You also have the chance to register it as an international business company with a Cyprus office. In both options, you have the choice to have local and international employees. The international employees, if residing in Cyprus as supervisors of the local office, will have a chance to apply for permanent residence. They will be able to reap the benefits of a being a member of the EU. If you incorporate it as an international business company or an IBC, you are exempt from paying tax and you can use foreign currency freely. You also get the chance to have your expenses while in Cyprus marked as tax deduction. The consulting firm will take anywhere between 7 days and 2 weeks to incorporate your company for you.

There are consulting firms that already have registered companies ready for your use. For an agreed upon fee, they will incorporate the pre-existing company into your international company and you can enjoy the advantages that come with it. This includes the added advantage that local authorities are not monitoring your finances. Either way, you are advised to have at least one director and shareholder and a secretary for your company. You also get the benefit of a consulting firm that will take care of your business for you for a small fee and you get to walk away with the majority profit from your company and in the process, your employees, if interested, have a shot at being Cyprus citizens and by extension becoming EU citizens as well.

These taxes could be for its operations in the country or for its employees who may also be taxed separately by the government. Taxes enable the government of the day to run its various operations with ease and as such, each and every individual of a certain country that is considered an adult is required to pay taxes of a certain amount depending on the individual’s earnings and so on. The same applies to companies and organizations operating within the country’s jurisdiction. The level of taxation (the amount payable) that is imposed on an organization differs from country to country and from industry to industry with certain industries being taxed either additionally or higher than others are. To attract investors to the country resorts to tax incentives or rebates and Cyprus has some attractive ones.

The republic of Cyprus has over the years emerged as a leader in off shore company incorporation not only in Europe but also around the globe. Several mechanisms have been put together by the government to attract foreign investors from near and far. Offshore bank accounts and the corporate structures that are already in place help in the reduction of income and corporate tax. This is an extremely attractive incentive to individuals and organizations that are ready, willing, and able to do business in Cyprus. Other taxes that have reduction incentives are the capital gains tax and inheritance tax.

In this country, trading in securities is essentially tax exempt because any part of the profit gained while trading in these securities is considered as part of the profit. This profit is then considered part of the company’s trading activities and is therefore taken to be of a capital nature. Cyprus does not have any specific pricing requirements for products and or services and there are no specific substance requirements. Invoices from off shore companies are also accepted in Cyprus. Another fact is that company books and payments to offshore companies bear no withholding tax. All these things put together; from location to business environment to tax incentives make Cyprus one of the ideal destinations for offshore investments and a prime location to set up shop.

The advantage of registering a company in Cyprus is that they do not need your tax information and hence no need to deal with an auditor. However, you will be charged tax on any income generated in the event of a Cyprus-oriented transaction or deal. You will not be under obligation to follow the Cyprus tax laws, therefore you do not pay tax, but at the same time, you do not stand to benefit from double taxation like a Cyprian. If you wish to, you must ensure that the board of directors is pre-dominantly from Cyprus. Therefore, you will not pay tax based on where the company is registered but where it is actually controlled and run from. A positive thing is that if the company is registered as a Cyprus company then you are charged 10% tax but if its non-Cyprus then the tax is at a clean 0%.

To begin with, you must have a name that is available for registration. Also there are permitted lines of business that you can register your company under like loaners, asset finance, security, stocks, and other related terms in the field of finance. The name must be in Greek or an acceptable Latin language. You must have a minimum of one director and a minimum of one shareholder. You must also have a secretary in your employment manning your Cyprus office. You must submit your tax records yearly to the Tax Department and you must also have a tax number. Also like Belize, there are consultants and agents who can sort out the registration for you for a fee. A company will take between 7 and 10 days to register and approve.

You can register it online with the consultants and let them sort the rest out for you. All you will need to register is a copy of your ID or passport, an agreement that can be sent by you, should they request for one, and a utility bill, be it telephone or electricity, not dating back more than 3 months and it has to be in the English language. You must of course give your contact details in full and state if you have any affiliation with Cyprus businesses. You must also ensure that you have at least one director and shareholder from Cyprus. The shareholders and nominees must also hand in their financial statements. So as has been established, Cyprus is yet another country that you can invest in if you wish to gain from the Cyprus tax laws or open an offshore company in Cyprus and enjoy 0% tax charges and keep more of your profit.