The recent days, the centre of business attractions is being concentrated towards the Cyprus. Cyprus is an island existing on the eastern Mediterranean lying in between the three major continents of Asia, Africa and Europe. All these three major continents are already started emerging as business continents and a lot of multinational or international business companies are being set up there in order to make them more powerful in term of financial as well as growth aspects.
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.