Things that have to be taken care while registering a Company in Cyprus
For International Business Companies (IBC), Cyprus is one of the important sites to establish their offshore branch to improve the growth and profit of the Company. The Companies are attracted because of the flexibility in the taxation and many facilities regarding the share profits. Cyprus has made double tax treaty with many foreign countries including major countries like China, India, Russia, United Kingdom and Canada. Cyprus offers many opportunities to the share holders of the investing Company.
Some of the advantages for the Companies which are planning to have an offshore branch in Cyprus are:
Effective and Excellent Double Tax treaties, Secured Banking Facilities, Limited control over the fund exchange, Privacy for the share holders and Annual Tax rate is around 10%.
Cyprus allows International Banks to have their offshore branches and operates in worldwide. Currently more than 30 banks are operated in Cyprus and have customers from all over the world. There are more benefits to the individual business man who is having their properties in Cyprus.
Many private firms are welcoming the foreign investors with various packages which are perfectly legalized and some are already registered.
Each IBC should register their company in the Cyprus Government and should follow the rules and regulations which are frames particularly for the offshore companies. There are also options to setup new company in Cyprus with new share holders from different countries. Some of the important procedures that should be carried out during registration are:
I. The first and foremost requirement for the registration is the Company Name. The Registrar checks the name, compares with the previously registered companies and grants approval for the further legal movements. If there are two companies with same name, it leads to problem of duplication.
II. The Company should submit the detail article about the company proprietors and share holders and how they are related to the company. It is mandatory to specify the number of shareholders and the important details about them. The basic requirement is 1000 shares and each valued as 1 euro.
III. The Directors and Secretary of the Company should be appointed from the local private organization, so that they know more about the legal system of Cyprus and helps more in fund transaction.
IV. The Company should posses the reference number which is mandatory for the fund exchange between the Central Bank of Cyprus and other International Banks.
V. All the Offshore branches of the IBCs should have a registered office address which serves for the administrative purposes.
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