Cyprus is a place located in the Eastern Mediterranean exactly at the cross roads of the three continents namely Asia, Europe and Africa. It has both hot and cool climates. The area covered by Cyprus is about 9251 sq. km. Some of the languages that are spoken in Cyprus are Turkish, Greek and English. Many business companies are being established in Cyprus. Cyprus government has framed a law such that it permits the formation of many business entities. Cyprus branches of foreign companies, limited partnerships, private companies limited by guarantee, private companies limited by shares are some of the companies that are formed in Cyprus.

The reason why millions of business men have chosen Cyprus for establishing an international business company is because of its better tax planning. Cyprus will never offer brass plate companies. Greater tax incentives are offered by Cyprus because of its worldwide network of double tax treaties and also because of its favorable tax regime.

Specialty of Cyprus

Excellent air and port connections and telecommunications are available in Cyprus. Paphos and Larnaca are the two international airports available in Cyprus. It also has its ports which are located in Larnaca and Limassol. Cyprus may be regarded as a free enterprise economy. Apart from airport and port facilities, excellent bank facilities are also available in Cyprus. Both offshore and onshore banks are available.

Steps involved in registering a company in the island of Cyprus

• Application procedure for formation of an IBC

• The application form should be filled completely and mailed to them.

• The proposed share holder’s passport and bank reference (photocopy) should be sent to them using fax.

• Next the number of companies who proposed their names will be taken to the register of companies for approval. This generally takes about two to four days.

• After getting approval from the register of companies, the articles and memorandum of the association of the company are need to be prepared and should be sent to the register of companies for registration.

• To enable drafting, a detailed description about the main activities of the company is required.

• Some of the conditions includes that there must be a minimum of one share holder, at least one foreign or local director, etc.

• Finally a company secretary should be appointed and also the address of the registered office should be specified. These specifications are required by the law.

Certificates required:

Once the company is registered in the register of companies, some of the documents and certificates should be produced. Some of them are mentioned below:

• Certificate of share holders
• Certificate of directors
• Certificate of registered office
• Certificate of incorporation
• Declaration given by the nominee share holders

Cyprus Company Formation
|Cyprus Bank Accounts| Offshore Company Formation

Cyprus has paved the pathway for many successful companies in the recent past. It has been a resource for these companies to be well established all over the globe. The geographic location of Cyprus also helps a company to be a developed one. It is located across the three major continents of Europe, Asia and Africa. The population is about 770, 000, in which 78% represents Greek-Cypriots, 18% Turkish-Cypriots and the remaining 4% represents the minorities.

Mode of communication:

The official languages in Cyprus are English, Greek and Turkish. The English language is most widely used and very essential in business sector.

History:

The Cyprus has become independent since 1960 and the government system is similar to the western countries democracies in which human rights, private property and political freedom are safe guarded. Presidential system of government is followed in Cyprus. His duration is of five year term and considered as the Head of the State. In 1st May 2004 it became full member of the Europe Union.

Infrastructure and Economy:

There are excellent communications in Port and Air connections. There are two airports in Larnaca and Paphos. Limasso and Larnaca are the major port facilities. Cyprus has excellent banking facilities with many onshore banks and offshore banking units. These Onshore and Offshore banks maintains International networks.

Companies:

Companies can be resident, that is control and management in Cyprus and can be non-resident if its control and management outside of Cyprus. Any company can be registered in Cyprus and the procedure is standard for all.

Agency:

Many agencies are available to do the registration of a company in Cyprus. They help the company to be assured and registered legally in Cyprus.

Registrar of Companies:

The proposal of the clients whose companies has to be established in Cyprus can be sent to Registrar Of Companies or it can be sent to the agencies and they will sent to Registrar Of Companies and will get it registered.

Procedure:

The application or the questionnaire should be filled and submitted to the agency.
The photocopy of Shareholder’s passports along with each individual’s reference for each shareholder by the bank, that is, the bank assurance letter along with it should be produced. These specified documents should be sent to the agency by courier or should be mailed.
The proposed company’s name is sent by the agency to Company registrar for approval. Usually it takes about 2 to 4 days. But this duration can be reduced by choosing the company’s name from the list.

When the company’s name is approved, then the articles and the memorandum are prepared for it and sent again to the registration.

The Other Requirements:

A short description about the company’s activities is required, for preparing the articles and memorandum of the company.

There should be at least one shareholder and one director foreign or local should be appointed.
The registered office address should be specified and a secretary is needed.
The registration of a company ends within 8 days and this can be reduced to 5 days if we select an approved company’s name.

Cyprus Company Formation for clients worldwide
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How to Register Cyprus Company?

An IBC can be resident or non resident of Cyprus, that is it can has control and management in Cyprus or outside respectively. According to the respective wishes an IBC can work from a well settled office with much number of staffs or it may have the registered office in local.

The application procedure is as follows:

• The registration can be done with an aid of an agency.

• The questionnaire or the application form should be filled and sent to the agency by fax or email to the agency.

• Various documents are received as proves they are, photo copy of the shareholder’s passports by fax and also bank reference for each individual share holder. From their appropriate banks the bank reference letters should be enclosed along with proposer’s questionnaire.

• The passport original copy and the reference letter from the bank should be couriered to the agency.

• Then from the agency the Proposed Company’s name will be sent to Company registrar for approval. The duration for this step will be about 2 to 4 days. If this approval should be done earlier then the company will provide approved names of the company in a list from where it can be selected.

• When the company name is approved by Company registrar, the articles and the memorandum of the company are prepared and this is submitted to Company registrar for registration.

The Important Points Are

• Certain brief information about the activities taking place in the company for preparing memorandum and articles of the company should be known.

• Minimum of one shareholder is required. The shares can be held by a nominee or trustee, if anonymity is required. A Director who may be foreign or local is required.

• A secretary should be appointed for the company and the address of the registered office in Cyprus should be specified.

• The registration procedure can be completed within the duration of 8 working days and if a company name is approved then it takes only 5 days for the procedure completion.

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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.

Registration Procedure carried over in Cyprus:

The proposal is sent to Company registrar by the agencies.
Once the company name is approved by it, the articles and the memorandum are prepared for it. You have to wait for about 2 or 4 day for getting the approval for your company’s name.
If the duration has to be reduced then the approved company’s name should be selected and it is sent to Company registrar for registration.

Yearly Requirements:

For every year the final audited statements should be submitted to the Income Tax office. The audition should be supervised by an auditor under the Cyprus Law. The Annual audited statements should be submitted to Company registrar which is translated to Greek and submitted. It should include details about Directors, shareholders and registered office address in Cyprus.

Advantages fiscally:

Considering the tax legislation currently, the lowest regime in Europe is Cyprus. Hence why it has enhanced many companies and it is an International Financial Centre. There is no differentiation between the small companies and the International Business Companies as Single Corporation in tax payment. Cyprus is termed as Tax-Incentive Europe country. And it also free from suspicions which is usually associated to the Tax-Havens.

Cyprus Tax Reform:

If an International Business Corporation is resident of Cyprus then it should pay 10% of its net profit. It is considered as resident of Cyprus if the management and the control of company are in Cyprus. The resident is considered by board meetings where it is taking place and residence of majority directors of the company.

If IBC is non-resident in Cyprus, that is, the management and the control outside of Cyprus then the tax payment is zero. Double Tax Treaty network is available for the resident IBC and not for Non-resident. Cyprus Tax Residence certificate is not provided for the non-resident IBC’s. In payment of dividends, royalties and interests by an IBC cannot withhold the tax payment. Under certain conditions the dividend income is completely exempt from the Cyprus tax. Permanent established abroad, their profit is fully exempt from the Corporation tax. The profits obtained from the dispose of shares are not taxable. In the carry-forward of tax losses there is no restriction. There 32 Double Tax Treaty agreements which is established in 40 countries. Confidentiality and the Anonymity of the Owners are safeguarded.

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.

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. Among these English is the major language used widely, which helps very efficiently in business sector. Excellent mode of communication by Air and Port connections are available for the companies to make use of. It also provides efficient banking facilities.

How to Register a Company?

• It can be registered through agencies which are now available in large number.

• The proposal is sent by the agency to Registrar Of Companies.

• First, the application should be filled and submitted to the agency.

• The required documents mentioned should be disclosed along with is, that is photocopy of shareholder’s passports along with the bank reference letter.

• The proposed company names are submitted to the Company registrar which takes two to four days.

• If an approved name is selected then the duration can be reduced for registering.

• As soon as the company name is approved the articles and memorandum for the company is prepared.

Important Points:

• A brief description about the activities taking place in the company should be provided to prepare articles and memorandum.

• At least one shareholder is required.

• At least one director is required for the company who may be foreign or local.

• A registered office address in Cyprus must be specified as well as a secretary is needed for each company.

Administration:

Records should be maintained by each company in Cyprus and also the yearly audited statements should be submitted to Company registrar and Inland Revenue.

Following documents are produced following the registry of the company:

• Articles and memorandum of the association is prepared in the language of Greek or it can be translated into English also.

• Incorporation, shareholders, director and registered office certificate are provided.

• Signed share transfer documents and signed resignation letters which are undated is provided to the nominee.

• The shareholder’s declaration of the trust is a must.

• The Deed of Indemnity is also provided in this. The owners indemnify the nominee for their actions.

Bank Accounts:

The bank accounts can be opened for the company by submitting the photocopy of above documents, with the owner’s passport copy, with the bank reference letters and also the bank account for the company can be opened in any part of the world.

Thus it provides a great efficiency in opening a company in Cyprus.

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.

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.

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.

Cyprus is a place located in the Eastern Mediterranean exactly at the cross roads of the three continents namely Asia, Europe and Africa. It has both hot and cool climates. The area covered by Cyprus is about 9251 sq. km. Some of the languages that are spoken in Cyprus are Turkish, Greek and English. Many business companies are being established in Cyprus. Cyprus government has framed a law such that it permits the formation of many business entities. Cyprus branches of foreign companies, limited partnerships, private companies limited by guarantee, private companies limited by shares are some of the companies that are formed in Cyprus.

The reason why millions of business men have chosen Cyprus for establishing an international business company is because of its better tax planning. Cyprus will never offer brass plate companies. Greater tax incentives are offered by Cyprus because of its worldwide network of double tax treaties and also because of its favorable tax regime.

Specialty of Cyprus

Excellent air and port connections and telecommunications are available in Cyprus. Paphos and Larnaca are the two international airports available in Cyprus. It also has its ports which are located in Larnaca and Limassol. Cyprus may be regarded as a free enterprise economy. Apart from airport and port facilities, excellent bank facilities are also available in Cyprus. Both offshore and onshore banks are available.

Steps involved in registering a company in the island of Cyprus

• Application procedure for formation of an IBC

• The application form should be filled completely and mailed to them.

• The proposed share holder’s passport and bank reference (photocopy) should be sent to them using fax.

• Next the number of companies who proposed their names will be taken to the register of companies for approval. This generally takes about two to four days.

• After getting approval from the register of companies, the articles and memorandum of the association of the company are need to be prepared and should be sent to the register of companies for registration.

• To enable drafting, a detailed description about the main activities of the company is required.

• Some of the conditions includes that there must be a minimum of one share holder, at least one foreign or local director, etc.

• Finally a company secretary should be appointed and also the address of the registered office should be specified. These specifications are required by the law.

Certificates required:

Once the company is registered in the register of companies, some of the documents and certificates should be produced. Some of them are mentioned below:

• Certificate of share holders
• Certificate of directors
• Certificate of registered office
• Certificate of incorporation
• Declaration given by the nominee share holders

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.

For more information on a Ready-Made Cyprus company from 2009, please do not hesitate to contact us. We have also a few ready-made Cyprus companies left from 2007 and 2008!