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

A holding company does not produce any goods or services of its own. Its entire purpose is owning shares in other companies. A holding company is used as a strategy for minimizing the risk of loss of assets, equity and finances.

A Cyprus Holding Company is able to enjoy a large list of legal and tax benefits that can keep more of its profits in the Company, which will allow it to grow at a faster rate. If the holding company is being used as a place to hold and store wealth then moving to a favourable tax regime, such as Cyprus, can allow you to grow your money faster as you are able to pay less tax on your profits.

Read more here

The regulations of carrying out business in Cyprus include having a number of business names that you intend to use to register your company. These names are sent to the offices of the registrar for searching of the register of company names. If the names are used, the government is kind enough to suggest a number of names that you can use but the company owner must consent to the use of these names. The business name serves as the company’s brand.

In addition to the business name, the Article and Memorandum of Association are also a requirement. This serves as an indicator of the business that the company has been registered. It shows the operations of a company as well as the management procedures. Depending on the size and type of company, other documents might be required. These include the minutes of the meetings held to discuss setting up a company in Cyprus. The letter given to the director at the time of appointment is also important. This is because most of the times the people who cause business downfalls are the directors as they are the decision makers.

The law in Cyprus requires every company to have a secretary. Their definition of secretary is an individual who spends time in the company premises at all working times. Such a person is required to maintain a record of the company transactions that occur daily. To ascertain all these requirements, the process of incorporating a company could take a week or more depending on the documents of the company that need vetting and the level of investment that a company plans to set up.

Before a company is incorporated, it must have achieved all the stipulated requirements. These include tax certificates and licenses. A huge percentage of the GDP in Cyprus accrues from the payment of licenses and tax. Due to this reason, every company in the country has to register at the income tax department so that they can be remitting tax on the incomes. The taxation rate is uniform for all companies. A trading license is issued for all the companies. With all these requirements, a company receives an official certificate that shows that it is incorporated and it can begin operations.

Another requirement for the incorporation of a company in Cyprus is the articles and memorandum of association. These documents give a clear outline of the objectives of a company, the management structure and how the business plans to conduct its activities. It outlines the duties of every shareholder in the company and ensures that there is a system followed in the company operations. For a company to be incorporated in Cyprus there must be a bank reference. This reference serves as security and assures the government that the company has a capacity of transacting in the range that they have stated in the articles of association.

Cyprus has set a standard share capital that all the companies should have before incorporation. The share capital stands at 10,000 shares that are issued at a minimum price of one Euro. The number of shareholders is not important but there must be at least one shareholder. This makes sure that there is a beneficiary of the company. Cyprus allows the incorporation of companies through agents. This is mainly for the foreign countries where they allow the investor company to register as a company but under the name of another company that already exists in Cyprus. These services are mainly offered for the people who prefer anonymity.

An important document that is required in the incorporation of a company in Cyprus is an affidavit that is issued after paying a certain amount in a court of law. This shows that the company’s owners are ready to work under the regulations of the state and that they will comply with all the company requirements. For foreign investors, Cyprus restricts the operation of financial, insurance and banking services in the country. This is done in protection of the country’s interests. Unlike other countries, it is not a requirement that a company should get a seal in Cyprus. However, some business titles must be consented to before they are registered. These are mainly related to the financial sector and other critical industries like healthcare and teaching.

Before incorporation, a company must register with the income tax department, which ensures that it remits its tax on income after every financial period.

In certain countries around the globe, there are taxes that are imposed on a persons net worth. This means that the greater an individual’s or company’s net worth, the higher the taxation. In certain cases, this usually leads to tax fraud as the individual or company may see this as an extreme form of taxation. In other cases, the individuals simply omit certain aspects of their wealth that is deemed taxable in order to avoid paying taxes. In Cyprus, this is eliminated because the taxation on ones net worth is non-existent in this country. This is definitely a huge incentive to both individuals as well as organizations, be they local or international. It should be noted, however, that this tax exemption only applies to real estate in Cyprus.

In Cyprus, the European rules on taxation apply. This is beneficial to the individual or company because one can take advantage of this double tax treaty available in Cyprus to reduce their payable taxes. Tax losses incurred by the company are also carried forward indefinitely and can be surrendered as group relief. This country also charges low duty for the establishment of companies within its jurisdiction. Interest deduction for borrowing costs is provided for all off shore companies. Unilateral tax relief is granted to all the companies within Cyprus. This is for all the foreign tax the company may have incurred while establishing itself in this country.

This is provided irrespective of the absence of the double tax treaty. There is also a very low expense fee for financial and professional service provision in this country compared to the charges in the European Union member countries. This applies for any charges from lawyers and or financial institutions that may have been used during this process or for any independent valuations that may have been done on behalf of the organization in Cyprus. This country also provides low personal tax rates that act as an added incentive for the individual opening any sort of company.

This taxation reaches a maximum of thirty percent (30%) for income over 20,000 Cypriot Euros. There are also low social insurance contributions that the individual is bound by law to pay to the government at regular intervals, as is the case in every other country in the world. This type of insurance is usually calculated at 6.3% of the individuals’ gross salary. All these tax incentives are both local and international and they allow for businesses in Cyprus to operate under a very conducive environment that is almost unrivalled in the European Union and indeed anywhere else in the world.

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:

There are a lot of reasons why international business companies are focusing toward Cyprus Island. The main reason is because of the land available in low cost and the cost of taxation is very in the Cyprus. The rules and regulations framed by the Cyprus government favor many companies for their profits. This has increased several organizations branches to be established in Cyprus. Private companies in Cyprus are limited by guarantees offered and available limits of shares of that company. Tax regime which seemed to be favorable for many companies because of which those companies are focusing to establish one of their firm in Cyprus.

Apart from the benefits of Government of Cyprus, there are some more benefits provided by the geographic location of Cyprus. Cyprus has built two international ports and international air ports suiting trade and import and export facilities. Also there are several banks providing them financial support as well. Cyprus has both offshore and onshore banks.

What should be done in order to establish an international business company in Cyprus?
First, after deciding to establish a company in Cyprus, fill up an application form available in Cyprus quoting your need to start your firm there. All the details of your company, product, and type of manufacture should be clearly known.

The owner’s identity proof needs to be mailed to the corresponding government office in Cyprus. It can either be scanned and mailed or just sent using fax machine.

You must frame the name of your organization. You will be asked give any three names in order of priority from which any one will be selected based on the availability.

For getting approval it will take about a week or few days. After this a memorandum needs to be prepared for the company and should be there while registration process.

The activities which the company is going to perform in Cyprus should be available. Activities include all the type of process, products produced, services offered to people, their import and export details, etc.
The company should have shares as mandatory while registering and a local director for governing the company as they are made necessary by the Law of Cyprus.

Among the three continents lies the company lays Cyprus, which is the birth of many new companies. The land and its resources gives it the maximum advantage to be the leading business networks every to be formed. They give all the companies a chance to set foot and also prove themselves in their area experience. The advantage for the companies is the double tax agreement made by Cyprus government. The rules say Cyprus does not ask for shares or hidden costs. The finishing time of a company providing necessary documents takes around 10 -15 days.

Cyprus is one of the best places for investment in offshore and has many tax reduction choices for the companies, and many other facilities. The wide range of options is given to the companies who are ready to set foot at Cyprus city. The law enforcement is strict so as to avoid misuse and problems other than that it is very flexible towards its investors. Apart from the advantage of tax reduction, Cyprus also has several other geographical advantages that suits best for setting up an international business company in the island of Cyprus. There are two international class ports and two international class air ports are available that enhances the import and export facility with ease. It also has several financial institutions like banks funding the investing company to set up their firm or a branch here in the island of Cyprus.

Rules to be followed during registering:

• For a new company there should be a name and two or three names are suggested and sent for approval.

• But, if the name is already registered, another name has to be given without re-registration.

• A detailed description about the company and activities are to be given which should be typed in Greek and English.

• The share holder is suppose to revel themselves with their passport and photographs. It is also important for the share holders to give details about which company they hold.

• The company should have a registered office address to send the documents and have their private area under their control.

• The company should hold a reference no. that can be useful for transaction, and other purposes.

Documents to be submitted:

• Articles and memorandum of the association is prepared in the language of Greek and English.

• Incorporation, shareholders, director and registered office certificate are provided.

• The shareholder’s declaration of the trust is a must.

• Signed share transfer documents and signed resignation letters which are undated is provided to the owner.

In order to have a firm in the island of Cyprus, the concerned Company should be registered to the Government of Cyprus. There are lots of companies, which helps the investing company to register in the government of Cyprus and to become a part of the Cyprus Company Formation. Each company offers different options for registration and provides better guidance to achieve the requirement. The companies have legal experts and professionals to guide you under the Cyprus Laws and make everything legal.

Let us have short look on the necessary requirements for a company to register in the Cyprus government. There are some basic steps to be done during registration and all the information provided by the registering company should be authorized by the native country.

Proposed Name of the company:
The Company should propose two or three names to the Registrar of the Companies for the authorization. There should not be any company previously with the proposed name and also the proposed name should come under the Cyprus Company Formation.

Objects and Activities of the company:
A detailed description of the activities carried out by the company in the country, in which the business will be carried out, should be submitted during the time of registration. Based on the activities of the company, the transaction details notes and articles of Corporation are prepared.

Standard Share Capital of the company:
The Companies should submit the information about the shares and the capital of the company. There are no strict requirements for the number of shares, but it is recommended to have 10,000 shares during registration process.

Reference number:
Reference Number is very important to register a company in the Cyprus Island, since it is mandatory as per the Laws of Cyprus.

Company Directors and Secretary:
For the sake of taxation, it is recommended to have local directors for the incoming International Business Companies. Also the company should accomplish the names of Secretaries, since it is one of the basic requirements for registration of the Company.

Registered Office Address:
The company should have a registered Office Address while registration process. This will be handled by the private agencies, since they provide their address for the registration.

About share holders:
The Company should deliver the information about the share holders and there is an option to register as anonymity with the Trustees.

Cyprus Location:

Cyprus has paved the pathway for many successful companies in the recent past. It has been a resource for these companies to be well established all over the globe. The geographic location of Cyprus also helps a company to be a developed one. It is located across the three major continents of Europe, Asia and Africa. The population is about 770, 000, in which 78% represents Greek-Cypriots, 18% Turkish-Cypriots and the remaining 4% represents the minorities.

Mode of communication:

The official languages in Cyprus are English, Greek and Turkish. The English language is most widely used and very essential in business sector.

History:

The Cyprus has become independent since 1960 and the government system is similar to the western countries democracies in which human rights, private property and political freedom are safe guarded. Presidential system of government is followed in Cyprus. His duration is of five year term and considered as the Head of the State. In 1st May 2004 it became full member of the Europe Union.

Infrastructure and Economy:

There are excellent communications in Port and Air connections. There are two airports in Larnaca and Paphos. Limasso and Larnaca are the major port facilities. Cyprus has excellent banking facilities with many onshore banks and offshore banking units. These Onshore and Offshore banks maintains International networks.

Companies:

Companies can be resident, that is control and management in Cyprus and can be non-resident if its control and management outside of Cyprus. Any company can be registered in Cyprus and the procedure is standard for all.

Agency:

Many agencies are available to do the registration of a company in Cyprus. They help the company to be assured and registered legally in Cyprus.

Registrar of Companies:

The proposal of the clients whose companies has to be established in Cyprus can be sent to Registrar Of Companies or it can be sent to the agencies and they will sent to Registrar Of Companies and will get it registered.

Procedure:

The application or the questionnaire should be filled and submitted to the agency.
The photocopy of Shareholder’s passports along with each individual’s reference for each shareholder by the bank, that is, the bank assurance letter along with it should be produced. These specified documents should be sent to the agency by courier or should be mailed.
The proposed company’s name is sent by the agency to Company registrar for approval. Usually it takes about 2 to 4 days. But this duration can be reduced by choosing the company’s name from the list.

When the company’s name is approved, then the articles and the memorandum are prepared for it and sent again to the registration.

The Other Requirements:

A short description about the company’s activities is required, for preparing the articles and memorandum of the company.

There should be at least one shareholder and one director foreign or local should be appointed.
The registered office address should be specified and a secretary is needed.
The registration of a company ends within 8 days and this can be reduced to 5 days if we select an approved company’s name.