Posts Tagged cyprus company registration
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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?
Cyprus registration formalities for a company
Cyprus has provided a great basement for many companies to be in a successful pathway. Its population consists of 770, 000, with Greek-Cypriots and Turkish-Cypriots of 78% and 18% and remaining 4% of minorities. English, Greek and Turkish are the languages used by the people in Cyprus. Read the rest of this entry »
The requirements to register a company in Cyprus are pretty easy to apply to, when you decided to register a company in Cyprus you will only need to provide a utility bill in English and a copy of passport.
When you register a company in Cyprus you will need to be aware of that the beneficial owner will be visible in the public register of companies in Cyprus, to avoid this you will need to have some nominee service which includes a Nominee Shareholder and a Nominee Director.
A Nominee Shareholder is often a person which is local (Cyprus) or foreigner and which is used to hide the beneficial owners personal information of a Cyprus Company.
A Nominee Director is often a person which is local (Cyprus) or foreigner and which is used to act on behalf of the Cyprus Company and which protects the beneficial owner from be listed on the public company register in Cyprus.
In order to register a company in Cyprus there is no need to visit Cyprus, everything is handled electronically and through the Internet, the important thing to note is that the original copies of the above documents need to be send to the Cyprus Company Formation agency by courier service (Fedex or DHL).
Who can register a Cyprus Company?
Everyone can register a Cyprus Company, it doesn’t matter where you live or which country the beneficial owner comes from, the only impotency is that you can comply with the above mentioned requirements.
How long does it takes for a Cyprus Company Formation?
It depend very much on the setup of the Cyprus Company, often a Cyprus company formation can take place in as little as 7 days depending on the Cypriot authorities.
I’m in a hurry and need a Cyprus Company fast, what can I do?
We understand that some are in a hurry to become a Cyprus Company registered as soon as possible and for any reason needed it yesterday, therefore we have always min. 10 pre registered (Ready-Made) shelf companies available, those companies are ready to change ownership and can be trading immediately.
It can be very overwhelming to get a picture of the TAX and Legal issues there might be when you register a Cyprus Company.
Some of the questions we often receive from clients interested in registering a Cyprus Company with us are the following:
Do my Cypriot Company has to pay TAX ?
Will the beneficial owners be subject to Double Tax treaties?
Which country will the dispute resolution are handled?
A few good questions which we will try to outline here and which we think is of high interest for many that consider to register a company in Cyprus and in any other offshore jurisdiction.
To the first question, then it is depending very much on how you go and register your Cyprus company, will you be using nominee shareholders and directors or will you use foreigners, or is it the beneficial owner which often is a foreigner that is going to be both the shareholder and director in this company.
By using local nominee shareholders and directors you Cyprus Company will be subject to 10% TAX of net profits! This can be of benefit if you are going and do local business for instant in Cyprus where you need the director of your company to be able to make business decisions on your behalf.
If you make use of foreign nominee shareholders and directors the Cyprus Company will not be subject to any TAX ( 0% TAX) this requires of course that all income of the Cyprus Company is coming from outside of Cyprus. This also applies if you as the beneficial owner and as foreigner is chosen as shareholder and director. The benefit of becoming a foreign nominee shareholder and director is that you can register the company anonymously and your name will not appear in the Cyprus public register of companies.
To the second question, it depends on if you country has a double taxation agreement with Cyprus, if so the beneficial owner is subject of tax in your home country. This is one of the reasons why many people choice to become the company anonymously.
The third question, this depends only on your company’s policy and which country you set forth to handle disputes in your legal documents and has nothing to do with the type of company you are going to register or which country it is. For instant even when your Company is registered in Cyprus you can choice to incorporate a term in your Terms and Conditions or business policies that a dispute is handle by the courts of the UK or US and that’s what apply then.
We advice all our clients to get in touch with their Lawyers/attorney and Advisors for an in depth explanation of above since this is the right place to ask such questions; it might be that other regulations applies which could benefit you.
If you are considering to take your company offshore we will be more than happy to help you, please contact CCLOGIC LLC today and let’s get things started.
While I started a new business for years ago I was thinking of just to register a local company and get my business started without in any way to consider going offshore.
Since the business I was doing at the time involved many customers and business partners from outside my country, then I was slowly introduced to the Offshore World because many of the partners I had already knew about the benefits, it was only me that just found it strange with all these different tax haven countries.
I started to do some investigation about how to get a company in a tax haven, to find information by my local authorities and made some research on what others have to say about it. The response was massive and not to mention people were freaking out while asking this question, is there any benefit for me to incorporate a business in Cyprus?, I should never have asked.
People which conduct regular business as usual and which trust their government and the political stability in their country will never participate with such activity.
I decided to go my own path and started with an Agent I found through Google, it was one of those links on page 1 searching for Cyprus company formation, I was lucky and the guy helped me to get everything done, it was a seamless process I just need to provide some ID a reference letter and then sign a few documents and return them by post mail. A few weeks later I got all the documents and Apostil and took them to my lawyer, since I wanted him to verify everything was ok, and it was.
Now I had my first Offshore Company in Cyprus and I decided to use it as my Holding company for some extra protection in my future business venture. I registered the Cyprus Holding Company with the authorities in my country, so that they were aware of it and to avoid any troubles in the future. Next step was to have my Cyprus Holding company to register a local company which was a LTD , and everything was approved by the authorities no questions asked at all.
Today I have still my Cyprus Holding Company and I still use it for the same, I have several local and International companies registered by this Cyprus Holding Company and without any troubles, if some of the business vehicles don’t do well I just liquidate them.
So now what is my point?! Well, the point is, it is not rocked since to get a Offshore Company in a Tax haven, nor it is complicated to have it registered, and the possibilities are many not to speak the protection and anonymity you become if you are doing it right.
If you are looking for an easy and not expansive way to get your Offshore Company registered I would defiantly go with cclogic.com they are capable to do the registration fast and they are also reliable.
If you look for a Cyprus Bank Account with a Debit or Credit Card, then they are also able to help you, they work with one of the largest banks in Cyprus and you get everything you need and as you know from your local bank, from Internet Banking to Multi Currency bank account.
Much have been said about Offshore Company Formation and especially company formation in Cyprus, we have been through the topics of assets protection, how to establish an Offshore Company for instant in Cyprus and Offshore companies in other countries.
While we try to give you in depth going information about the phenomena “offshore company” to prepare you for starting your own offshore company in all areas of the world and of course also for establishment of Cyprus Companies, then we decided to highlight a few things which we think are of interest for you and has some grade of importance.
It is a fact that you are able to hide and shielding assets from creditors and other claimants and that it is an efficient way to use an offshore corporation for this purpose, many will define this step as illegal and unethical, however this isn’t your problem, since to operate a offshore company is not illegal as long as you comply with the local regulations in the jurisdiction the company formation take place.
Some say “ Corporate vehicles can also be misused to hide and shield assets from creditors and other claimants, such as spouses, heirs, and tax authorities” Again true. And they continue
“ The obscurity provided by certain types of corporate vehicles can be exploited to conceal the existence or ownership of assets in order to keep them out of the reach of creditors and other claimants. In some bankruptcy cases involving individuals, for example, funds have been siphoned out of one jurisdiction through shelf companies and trusts incorporated in other jurisdictions where it was extremely difficult to trace beneficial ownership”
So you are good Sherlock and I think in many cases it is not ethical right to hide and protect your assets from other peoples, creditors or any claimants, however, there are circumstances in which I believe it is a great to use your offshore vehicle as for this purpose. I have seen some cases where a 100% legit company was driven by an entrepreneur and which only hardly got the thing to take off, so he decided to take in partners which was people from the big business, what they did, they cheated the a.. out of my client and he was left with only a few percentage left of the company he started and with a huge load of owing money to others. If something would go wrong he would have lost everything if the client hasn’t protected his assets through an advanced offshore company structure before he started. The business partners took over the business and threw him out, in the believing that they could manage the business themselves.
I advised my client to strike off his position as manager and to leave the company and go. So what this story tells is that it would have been a disaster for this person if he wasn’t able to use an offshore corporation as instrument for protecting the assets.
Some examples of misused offshore vehicles are below and which the author of this article of course not comply to or in any way find acceptable, but it gives an idea of why authorities worldwide are chasing offshore corporations driven by experienced business people.
For instant it has been reported that former Philippine President Ferdinand Marcos used a number of Lichtenstein foundations to hide money stolen from the Philippine treasury. This is obviously not correct and something he needs to be punished for by court order.
Thank you for your reading and we hope to be able to serve you once in a while when you decide to register a Cyprus Offshore Company or need a Cyprus Bank Account or just want to Accept Credit Cards on your Website. Then please contact cclogic.com | Please also feel free to visit our Merchant Servise Discussion Forum
Actually they are no different, most people know better the term offshore company since it is the term which is used by many people to describe companies which are located in countries with TAX benefits.
To manage a Cyprus company it isn’t different then managing any other company in any other country, however there is a great benefit for having a Cyprus Company or also called Offshore Company for businesses which trade their gods and service online or which want to make investments.
Most likely people do a Cyprus Company Formation because they want to protect their assets and because it often is easier to have a Cyprus Company / Offshore Company then a local company due to TAX reporting and of course due to TAX treaties. Also in many European countries you must have about EURO 17.000 in share capital to start a company, which isn’t necessary with a Cyprus Company or Offshore Company most often such companies can be established with a share capital of EURO 1.000.
What you also should consider is if you start a new business and you don’t know how things will go then it is much easier to liquidate a Cyprus Company or an Offshore Company in general than any other European Company since the highly regulated countries in Europe will require you to report TAX and Liabilities before you can close / liquidate the company which often is connected with additional costs.
Some may say that an Cyprus Company or an Offshore Company in general isn’t the way to go due to difficulties to trade with other companies because of the limited liabilities such an company has, but this isn’t true, Cyprus is a full member of the European Union and has a good and strong regulated Banking infrastructure which shut down some of the red lights in many people’s opinion.
If you are going to sell your products and services through the Internet, then an Cyprus Company formation or a Offshore Company formation in general is the way to go, you can get started easy and with less costs then with a local company and most important, with your Cyprus Company or Offshore Company in general you will have more protection in regards to liabilities and assets then with a local company formation.
If you are interested to register a Cyprus Company or Offshore Company in general then CCLOGIC LLC can help, contact them today.