Posts Tagged business
Open Cyprus Bank Account – Advantages
Posted by Offshore Expert in Cyprus Bank Account on January 4, 2010
Cyprus is an important and well-established offshore business destination of Europe. After it’s joining in European Union on 1st. May 2004, many emerging business entrepreneurs have started treating Cyprus as a strategic location. Banking and Finance are the most dominating factors to attract investments to boost economy that transforms a country into prosperous, wealthy and powerful. Read the rest of this entry »
Benefits of an Offshore trust formation in Cyprus.
Posted by peter in Cyprus Company Formation, Trust Formation on November 19, 2009
Basically, most of the business men in Cyprus use an offshore trust to protect their privacy either on their assets or their investments. They achieve this simply because offshore trust is the highest level in terms of privacy. Read the rest of this entry »
Offshore Trust formation Cyprus; what about it
Posted by peter in Cyprus Company Formation, Trust Formation on November 18, 2009
Most people steeped in business activities outside their home countries always look for anonymity, complete asset protection and full proof privacy. The Offshore Trust formation Cyprus offers all this beneficial needs and much more. Read the rest of this entry »
Cyprus company formation fees
Posted by peter in Cyprus Company Formation on November 13, 2009
Options are always there for people who would want to give them a try no matter how risky the options may be. For example there are options for cheap bullet-proof vests, cheap parachutes, and cheap brain surgery services. The question to ask however is; can you go for these options. For reputation and name sake, it may be difficult for one to go for some options. The price will definitely reflect on the reputation and reliability of an offshore company. to register an offshore company by employing the most knowledgeable and experienced personalities to keep up with the latest legislative developments, maintenance of reliable quality control and a robust data security strategies.
Cyprus company formation fees include Cyprus company formation or registration fees which stands at United States dollars 1.975. However a ready made shelf companies goes at USD 2.375. The registration fees include Power of Attorny (POA), Memorandum of association and articles and registration certificates, official company certificate and apostilled registration document and shareholder certificate.
After the company has been set up, further payments are to be made in different lines annually. The lines include company secretary which is required by the Cyprus company formation law and rates at USD 525.00; registered office as is required by law of USD 525.00; nominee directors’ fee of USD 525.00 per nominee carried out by the business corporation; nominee shareholder’s fee of USD 525.00 per nominee, foreign nominee shareholder fee of USD 525.00 per nominee; and foreign nominee cost of USD 525 Per nominee. It is important to note that nomination of both foreign and internal shareholders, directors is optional.
Once all the required information and costs have been settled, Cyprus company formation will take between one to two weeks duration to fully incorporate a company. however if you go for companies on the shelf, you are required to wait for one day to get started with your acquired company documents and other necessary requirements.
Cyprus company formation’s accounting records are usually kept by all companies in its territory as is required by the law. Financial statements must also be submitted to the Inland Revenue and registrar of companies within its boundary for auditing purposes. All the companies under its jurisdiction are required by law to pay 10 percent TAX on all profits, however if the company is registered by IBC no tax is charged.
Unlike other companies, Cyprus company formation demands passport or any picture ID copy, phone or electricity utility bills usually presented in English, and an n agreement sent on request to the client.
Finally it is worth noting that the cost of annual accounts preparation for the company depends on the amount of transactions made on your behalf. These services are providing by practicing accountants and auditors who are offering these services at affordable rates. Apostilling of the documents outside the country will cost euro EURO120 due to foreign bank requirements. All the proceeding payments for offshore company address and secretary are set at euro EURO690.
Cyprus Company Formation for clients worldwide
to register a Cyprus Company isn’t any difficult, we have specialized in the Cyprus Company formation and the opening of Cyprus Bank Accounts for businesses and individuals worldwide, no need to visit Cyprus.
Essentials in Cyprus Company Formation
Posted by peter in Cyprus Company Formation on November 10, 2009
Having your business registration completed is a very essential move towards establishing your company’s identity. There are very many things to note in Cyprus company formation. The notable things include:
Company name:
Make sure it is clear that your company is a private limited company. Add the word limited or simply its short form ltd at the end of your company name. In case you register your company in Wales, add the word cyfyngedig or cyf instead of limited. If the name is similar to another company name, includes the name endings in between or at the start, is offensive, has sensitive words, or hints of imagined connections with the government then it will not be accepted. The company must display its name conspicuously using clear letters and good spacing.
Articles of association:
This is a mandatory requirement for your company to have an article of association showing how people for example shareholders and company directors relate to one another and rights or obligations in the company. It also has some rules concerning the company shares and what can be done with the shares.
Memorandum:
This serves to regulate the activities of the company with outsiders. It defines the relationship of the company with the objects of power, office address, its name, its type as well as specifying the authorized shares of the company.
Share certificate:
For the formation of a company to be possible in Cyprus, there is need for the company owners to have a minimum of 2000 shares valued at 1 euro per share.
Certificate of Shareholders and directors:
Foe any offshore company to be deemed fit for establishment or registration in Cyprus, it must have a minimum of one shareholder. In case the beneficial shareholder require full anonymity, then it is possible for our business corporation to use its own nominee companies to hold shares in trust without having to displaying to the public the names of the shareholders.
However, if the shareholder does not want to be dealt with as anonymous shareholder the shares can be put in the shareholder(s) names.
On the other hand there is need for at least one director for a shelf company to be registered in Cyprus. If the business is of the category of international business company, not more than one director is required a broad.
Local directors and the director appointed a broad can run the business activities with the help of beneficial shareholders in order to facilitate the smooth flow of activities.
Secretary:
According to Cyprus laws, at least one secretary is required for the establishment of the company to be effected. You ca also get your secretary nominated to you by the corporation if you so wish.
Bank reference:
It is mandatory for all beneficial shareholders to have a bank reference.
Office address:
All companies operating in Cyprus must have an office address that is registered, which can serve for administrative usage.
Finally, it is better to note that the span of carrying out a registration exercise may run between seven to ten days. After this duration you can be sure to have your own company’s certificate of incorporation/shareholders/registered address/director and secretary, memorandum and articles of association, share certificate and trust deed and any other required document.
Cyprus Company Formation for clients worldwide
to register a Cyprus Company isn’t any difficult, we have specialized in the Cyprus Company formation and the opening of Cyprus Bank Accounts for businesses and individuals worldwide, no need to visit Cyprus.
What You Need to Know Before Setting up A Company in Cyprus
Posted by peter in Cyprus Company Formation on November 9, 2009
If you are planning to own an offshore company in Cyprus there is a lot of information that you need to bear in mind concerning Cyprus company formation. There has been a change in the registration and taxation rules which need serious consideration. This is especially important if you plan to set up a company in Cyprus.
Cyprus is a former British colony having received its independence in 1960. It is an island in the Mediterranean Sea located somewhere near the south of Turkey. Cyprus joined and became a part of the European Union in 2004 which has led to the change in its company registration and taxation policies. With the incorporation into the European Union everyone carrying a Cyprus passport gained the status of European citizenship.
Initially taxation of the offshore companies controlled by foreign investor’s mostly depended on the place that the companies were registered. With the introduction of the country’s new legislation the taxation now depends on where the company is controlled and managed from.
The companies controlled and managed from abroad but registered in Cyprus are only taxed on the income that is made in Cyprus. The offshore companies enjoy tax exemption on foreign interest and dividends together with any income from a stable company located abroad and all foreign tax credit and loss offsets acquired abroad. The companies will not be allowed benefits by the double taxation treaty. They will, however, not be subjected to the trade of information rules under those treaties.
Therefore the offshore companies in Cyprus might as well be known as international business companies. In the Cyprus company formation guidelines the approval and acceptance of company names expressed in Greek or any other Latin language but words like asset manager, asset management, assurance, banking, bank, broker, deposit, brokerage, derivative, capital,, credit, fiduciary, financial, finance, fund, insurance, future, pension, reserves, portfolio, security, savings, stock, trustees, trust, lender, loan, custodian, currency, or custody.
The number of directors and shareholders has also been revised. The companies should have a minimum of one director. The director can be a single person or a corporate body. They don’t have to be Cyprus residents. The least number of share holders required is one.
All the companies incorporated in Cyprus should have an office registered in Cyprus. All the Cypriot companies should appoint a secretary to the company. The company secretary may be a single person or a corporate body. The share capital generated for the company should be in Cyprus pounds. The authorized minimum capital share of an offshore company that is issued and paid up is 1000 Cyprus pounds.
Every offshore company in Cyprus is required to obtain a tax number which should be stated in the company invoices after the company has been registered in Cyprus.
The company’s financial statements that have been audited need to be submitted to the central bank of Cyprus and the Cyprus Taxation Authority every year. You can consult the Cyprus government for any more information on Cyprus company formation.
Cyprus Company Formation for clients worldwide
to register a Cyprus Company isn’t any difficult, we have specialized in the Cyprus Company formation and the opening of Cyprus Bank Accounts for businesses and individuals worldwide, no need to visit Cyprus.
Offshore Company Experts
