Cyprus business incorporation is one kind of offshore company formation, the type of which is mainly offshore company and local company. Cyprus is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean. Cyprus has a subtropical climate - Mediterranean and semi-arid type (in the north-eastern part of the island), with very mild winters (on the coast) and warm to hot summers. The average annual temperature on the coast is around 24 °C.
I. AUTHORIZED AND ISSUED SHARE CAPITAL
1. A company pays a small stamp duty, based on the authorised share capital;
2. The minimum authorised, issued and paid up share capital of a Cyprus IBC company is €1;
3. Share Capital is in Euros and only one share required.
II. DIRECTORS AND SHAREHOLDERS
The company only requires one director who may be of any nationality, and there is no requirement to appoint a Cypriot director. Only one shareholder is required to form your company in Cyprus who may be of any nationality, and Corporations are allowed as shareholders. Cypriot companies require a company secretary. If you need to establish tax residency for the company, your company needs to demonstrate that management and control of the company takes place in Cyprus. For this reason, as well as for ease of administration, it is advisable to have a secretary.
III. FORMATION PROCEDURE
1. Approval of the company name;
2. Application to the Central Bank for Exchange Control approval;
3. Preparation and printing of the Memorandum and Articles of Association of the company in both Greek and English;
4. We will draft and file the following documents with the Registrar of Companies: Memorandum and Articles of Association of the company (in Greek); approval of the Central Bank and the payment of the registration duty;
5. Cypriot Company Law states an application for the formation of a company must be carried out through a Cyprus Law Office.
IV. ADVANTAGES OF INCORPORATING IN CYPRUS
1. Obtain a European VAT number without the complications of many other countries;
2. One of the lowest rates of Corporation Tax;
3. Full stamp duty exemption on contracts entered into for assets outside Cyprus;
4. Cyprus is not considered to be a tax haven but a tax incentive country;
5. Ease of opening a bank account there;
6. Freely transferable accounts of any currency may be kept either in Cyprus or anywhere abroad without any exchange control restrictions;
7. No exchange control restrictions once the approval for the registration of the company is granted by the Central Bank of Cyprus.
If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Singapore hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to email@example.com. You are also welcome to talk with Tannet online by simply joining our MSN: firstname.lastname@example.org.
Previous：BVI Company Formation
Next：Labuan Company Formation