Indeed, it is not surprising that since 1977 (the year in which the concept of the international business entity was introduced in Cyprus) Cyprus with a population of approximately 750,000 is the island in which over 40,000 international set ups have been established whilst over 1,000 IBC's maintain fully fledged and operational offices on the island.

The information contained on this website is not by any means exhaustive. It does nevertheless provide the reader with a great understanding of what Cyprus International Business Companies are and why so many thousands of businessmen worldwide have chosen Cyprus for the purpose of carrying out and monitoring their international business operations.

In providing this information, it is our prime intention to contribute to the effort of Cyprus to become an even more successful international business centre for the benefit of foreign investors and to the Cyprus economy.

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. Since 1977 over 40,000 international business companies have been registered in Cyprus whilst over 1,000 companies have fully fledged offices in Cyprus.

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/NAME
It normally takes one or two weeks to incorporate a new company, but shelf companies (i.e. already established) are available.  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, issuing of debit/credit cards etc.

DIRECTORS/SHAREHOLDERS
A 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).