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Cyprus

Main corporate features
General
Type of Company Limited, Ltd
Type of Law Common Law
Company Registration Period 2 weeks
Corporate Taxation 12,5 %
Double Taxation Treaty Access  Yes
Automatic Information Exchange Agreement Yes
Shelf Company Availability Yes
Share capital 
Minimum Paid-Up Capital EUR1.00
Standard Currency EUR
Permitted Currencies Any
Bearer Shares No
Directors
Minimum Number One
Residency Requirement No
Publicly Aсcessible Records Yes
Board of Directors’ Meeting Location Anywhere
Shareholders
Minimum Number One
Publicly accessible Records Yes
Place of holding of Meetings of Shareholders Anywhere
Company Secretary
Secretary Appointment  Yes
Reporting
Preparation Requirements Yes
Audit Requirements Yes
Annual Return Yes
Account Filing Requirements Yes
Publicly Accessible Accounts No
Recurring Government Costs
Incorporation Fee (regardless of share capital size) 350 EUR 
Annual Fee (regardless of share capital size) 350 EUR 

Corporate Legislation 

Decree of Companies in 1968, Amendments in 1977, 1979, 1985, 1986, 1990.
Type of company used for international business and investment.
The name of the company in Cyprus must end with Limited or Ltd.

Business Activities  
Any activity allowed, except for banking, insurance and trust activity which requires for the companies to obtain a special license.

Obligatory Requirements to Offshore Company
LTD should have a Registered Office in Cyprus and hire a local Secretary.

Taxation
Companies are subject to Profit Tax (income tax) at the rate of 12.5% - the lowest income tax in Europe. If Cyprus, a company should sell products and services to EU residents and pay VAT.

Authorized Share Capital
The minimum capital requirement EUR 1.00
The proposed share capital is 1000 EUR, divided into 1,000 shares of nominal value of EUR1.00 each.
Payment of the authorized capital is not required.

Bearer Shares
Not allowed.

No par value Shares
Not allowed.

Shareholders and Directors
The minimum number of Shareholders - one (physical or legal person). 
The minimum number of Directors - one (physical or legal person). 
If the majority of the Directors are residents of Cyprus, the company is regarded as a resident and can use all the advantages of double taxation avoidance (DTA) agreements. If the Director is not a resident of Cyprus, all the taxes are paid at source of income. 

One and the same person can be director and shareholder. Registers of directors and shareholders are open, nominee service can significantly increase the level of privacy.

Company Secretary
Secretary is required by law.

Provision of Fiduciary Services 
Yes.

Disclosure of Information on the Beneficial Owner and Bank Operations
Information is not available to the third parties. 

Shareholders/Directors Meetings
Meetings of shareholders and directors can be carried out worldwide.

Filing of Annual Accounts
Yes.

Filing of Annual Return
Yes.

Audit report 
Yes.

Keeping of Documents of the Company
The place of keeping of operational documentation (resolution, minutes of meeting entc) of the company is up to the decision of the directors.

Registration Time Frame
The company can be registered within 2 weeks.

Shelf Company Availability
Available. 

 

General Information 

Cyprus is an island in the Mediterranean Sea with a population of less than 900,000 people, the third largest one in the Mediterranean Sea located to the west of Syria and to the south of Turkey.
Official languages: Greek, Turkish and English. About 80% of the population speak English, many speak Russian. Therefore, there are no communication difficulties in this jurisdiction.
Today, Cyprus is part of the European Union and uses Euro as the main currency. There is no exchange control in the country.
Cyprus has a long history of being an international financial center. It has the lowest corporate tax in Europe - 12.5%.

 

 

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