Cyprus is an island located in between the continents of Asia, Africa and Europe. It is suited finely on the way between the three continents, that is, when you take a trip across these continents, you have to reach Cyprus for sure. The extensive land cover and facilities provided in Cyprus for material transport, import and export makes it more suitable for many companies to land their foot in Cyprus. Already the population of Cyprus is growing because of the invasion of international business companies in good number. Also there are many resident international companies also available which are there for supporting the other foreign investing companies to set up their company in Cyprus.
The international business companies are invading Cyprus because of many reasons. The main reason for their invasion is that the tax levitation in their home countries are very high, which directly affect their profit rates. Apart from this, they find it difficult to transport materials from other countries to their home country, as there are lots of restrictions for import and exporting materials.
But here in Cyprus, only the resident companies need to pay a percentage of their profit for the Cyprus Government. Usually they have to pay about 10% of their total profit. For other international companies setting up in Cyprus from abroad does not have to pay any tax for Cyprus Government. Cyprus already has a Double Tax Treaty which makes other international companies to avail 0% tax regime.
The registration procedure to register a company in Cyprus:
The registration form should filled first after deciding to start an international business firm in Cyprus. After submitting the form to the registrar office, you need to select a name for the company. You should select at least three different names for your firm from which a name will be given to your firm depending on the availability. Usually the approval for the name of your company will take at least a week or few days.
After the approval of your firms name only you will take up other registration procedures. Your company should have decent number of shares and share holders in which certain number of share holders should be in Cyprus. Apart from the director staying in foreign country, your company should have a local director to manage all the process taking place here. The entire details of your company’s activities should be documented and filed to the government of Cyprus. Every year auditing statements should be produced to the Cyprus Government.
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