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.

The major benefits by choosing to register a company in Cyprus are that Cyprus is part of the European Union which opens the door for a large number of banks and financial institutions. It is important that when you register you company in Cyprus then you can’t open a business bank account before the company has been registered, some might think it can be made in one task (both company registration and the opening of a bank account in Cyprus) however, you will have to wait until the company has been approved for registration with the authorities in Cyprus which often is a process of 7 days.

Further, it is important to make it clear to your offshore company registration agency what you plan to use the company for and how it should be structured. For instant in Cyprus it is possible to have the company registered with nominee directors and shareholders which will gives you another level of protection and hide the beneficial owner of the Cyprus Company from the companies house in Cyprus.  When using nominee shareholders and director you can still open a business bank account in Cyprus for the company and you will still have control of the company as if you would be the official director and owner of the company, it makes no different, this is ensured through a P.O.A. a power of attorney which give you the rights to act and close business deals on behalf of the company and will not limit you in any way.

When registering a company in Cyprus with nominee shareholders and directors it also means it is like
anonymous company, when this company opens a Cyprus bank account it means the bank account will also become anonymous which as another level of security is protected by the banking secrecy in Cyprus.

Compared to many other offshore jurisdictions and low tax countries, a company registered in Cyprus will give you more benefits, more freedom to act and no limitation on whatever company structure you might need or whatever business you want conducting through this company. Furthermore a Cyprus Company Formation gives you the largest number of banks and financial institutions available that also really would like to enter into any agreement with your company

CCLOGIC LLC is specialized in the registration of companies in Cyprus and the opening of Cyprus bank accounts. Please do not hesitate to contact us for more information or visit our website.