BACKGROUND
Situated in the Eastern Mediterranean, the island of Cyprus is at the crossroads of three continents. It has an excellent business and financial structure and offers many tax incentives. Cyprus company law is based on British company law. In year 2003, Cyprus joined the EU and in year 2008 it fully adopted the Euro currency.
TAXES AND
ACCOUNTS
Cyprus is not a tax haven but a low tax area with an annual tax rate between 0% and 10% (see FAQ's) payable in the case of an International Business Company. Cyprus has numerous double tax treaties for the avoidance of double taxation. In particular, extremely favourable treaties have been concluded with many countries for receipt of dividends, interest and royalty payments. Audited accounts must be filed with the Commissioner of Income Tax and the Central Bank of Cyprus.
INCORPORATION/NAMEIt normally takes one or two weeks to incorporate a new company, but shelf companies (i.e. already established) are available within 24 hours. All companies must end with the word "Limited" and there are restrictions on the use of particular words in the company's name, such as "Corporation", "International", "Group", "Financial" etc (For minimum complications we may provide you with a list of already approved 'Shelf Company' names).
BANK ACCOUNTS
A Cyprus company can open a bank account anywhere in the world. We have strong links with a number of banks in Cyprus, the UK, Greece and elsewhere and can assist you with opening and maintaining bank accounts, online banking, issuing of debit/credit cards etc.
DIRECTORS/SHAREHOLDERSA minimum of one director, one secretary and one shareholder is required. To fully benefit from the various double taxation agreements, it is advisable to appoint at least one local Cypriot director. (All of these nominee officers and shareholders may be provided by Global Eye professional Advisors Ltd
)
DISCLOSURE OF INFORMATION
During the incorporation process, a bank or other reference, a curriculum vitae and a passport copy for each beneficial owner should be submitted together with proof of address (such as utility bill), a description of the main activities intended for the company and expected debit / credit turnover per year.
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