Cyprus! A Favourable Jurisdiction To Companies, Individuals And International Trusts.
Cyprus is a Member State of the European Union and has established a reputation as a “Centre of Excellence” for international business activities.
Cyprus, proved to be a favourable jurisdiction for a company which operates in e-commerce, or is a service provider or conduct triangular trade, shipping or ship owning company or crew management company but also if it retains copyright / property etc.
CYPRUS BOASTS AN IMPRESSIVE LIST OF DOUBLE TAX TREATIES
Along with a favourable tax system these treaties can be fundamental to tax planning and the establishment of a business.
In addition, Cyprus offers impressive infrastructure for businesses and a legal system based on English common law.
CYPRUS LIVING AND WORKING ENVIRONMENT IS UNIQUE!
Since Cyprus is a beautiful island, has an excellent climate, low criminal record, large foreign community and infrastructure to support such a cluster including a good number of foreign speaking schools.
Both air & sea connections and communications are excellent. Greek is the official language however English is widely spoken.
There is availability of high skilled workforce mastering other languages.
TYPES OF CORPORATE ENTITIES
Form a company in Cyprus can take the form of a private or public limited liability companies by shares and companies limited by guarantee which are all incorporated pursuant to the Cyprus Companies Law. A company may also take the form of a European public limited liability company, more commonly known as Societas Europaea or SE, or a partnership or a Cyprus Branch of an overseas company.
CYPRUS COMPANY FORMATION
|Company Law||Companies Law Cap. 113|
|Registration||A company must be registered to the Registrar of Companies.|
|Capital requirements||Minimum authorised and paid up capital is €1. If such companies have a fully- fledged office in Cyprus, minimum capital is €10.000.|
|Company Name||Name approval is required by the Registrar of Companies|
|Shareholders||One minimum either physical or legal entity. No bearer share may be issued shares on behalf of the beneficial owner(s).|
|Beneficial Disclosure/ Nominees||If confidentiality is required, a nominee/trustee company can hold the shares in trust for owner.|
|Directors||Minimum one Director. Cyprus tax resident companies must appoint majority of local directors.|
|Secretary||Every company must have a Secretary and if the company is a tax resident in Cyprus, Secretary must be local. A director can also act as Secretary. For practical purposes, a corporate body may be appointed Secretary.|
|Registered office||A company need to have a registered office in Cyprus.|
|VAT Registration||Companies registered in Cyprus and whose income derive exclusively from sources outside Cyprus, are in general exempt from VAT registration. Cypriot registered companies however which have trading activities within the EU, may be required or voluntarily register for VAT and / or VIES purposes.|
CYPRUS INTERNATIONAL TRUSTS ARE WIDELY USED FOR AS AN EFFICIENT TAX PLANNING VEHICLE
Main Benefits of a Cyprus International Trust
Tax benefits of Trust are many and certainly an efficient tax planning vehicle.
- No formal registration is required. The only fee paid is a one-time stamp duty for the creation of the trust to the Inland Revenue Department.
- An international trust is irrevocable unless a specific provision to the contrary in practice during the creation of the trust.
- There is no restriction on the type of investments and assets to put on the international trust.
- Trusts are valid and enforced either by the founder/settlor or by his authorized representative (trustee), or the person designated in the trust that it has the right to impose (who may be the owner).
- If warranted by the terms of the trust, the Cyprus International Trust can be transferred to another jurisdiction.
- The Cyprus International Trust does not get affected if its founder/settlor go bankrupt, except if the purpose of the transfer of assets to the trust was to mislead the creditors of the founder.
- Anonymity of ownership of a company can be accomplished if its shares are transferred to a discretionary trust.
- There is no disclosure of the trust financial information.
- A person, through a trust, may designate the persons who will inherit him, that otherwise due to the law of the country may not be able to inherit.
REGISTER A COMPANY IN CYPRUS OR FORM A CYPRUS INTERNATIONAL TRUST, OR CYPRUS BRANCH
This is a clear and simple process. Contact us for further information and proposal.
Cyprus, as a Member State of the European Union, has a long reputation as a “center of excellence” for international business activities and maintains a unique cluster of experience in various sectors of commerce and industry.
Company Formation & Integrated Company Management Services
Our services include:
- Selection of appropriate legal corporate form/structure.
- Select the right jurisdiction.
- Company incorporation or formation of branch or marine / shipping company or trust or a combination thereof.
- On-site representation of the corporate entity abroad.
- Tax Residency registration (TIC) and / or VAT.
- Legal management for full compliance