Cyprus incorporation services
General information
Cyprus is the third largest island in the Mediterranean after Sicily and Sardinia. Located in the north-eastern end of the Mediterranean Sea Cyprus is effectively a crossroads linking Europe, Asia and Africa. It covers an area of 9,251 sq km and lies 65 km south of Turkey, 96 km west of Syria, 385 km North of Egypt and some 980 km south-east of Athens. The capital is Nicosia. The principal topographical features of Cyprus are the two mountain ranges running along the centre and north-east of the Island, separated by a wide and fertile plain. Cyprus has a pleasant climate with dry, hot summers and mild winters.
Population
The population of Cyprus is about 802,500. Greek Cypriots form the largest ethnic community representing approximately 85%; Turkish Cypriots comprise the second largest community representing 12% and the remaining 3% representing other minorities.
Political structure
Cyprus became an independent Republic in 1960. The political system is modelled on Western democracies in which individual rights are respected and private enterprise is given every opportunity to develop. Under its Constitution, Cyprus has a presidential system of Government. The President is the Head of State and is elected for a five-year term of office.
The executive arm of the Government is the Council of Ministers to which the President appoints members. The Ministers are responsible for the administration of all matters falling within the domain of their ministries and for the implementation of legislation. Legislative power is in the hands of the House of Representatives, which consists of 56 elected members who hold office for a period of five years. A multi-party system operates in Cyprus and the electoral system is based on proportional representation.
The legal system is based on that of the United Kingdom and all statutes regulating business matters and procedure are based on English Law. Most laws are officially translated in to English.
Infrastructure and Economy
Cyprus is readily accessible by air and sea. The major port facilities are those of Limassol and Larnaca, situated along the south coast of the Island.
The economy of Cyprus is based on a free enterprise system. The Government’s role is limited to regulation, planning and the provision of public utilities. During the last fifteen years, the economy of Cyprus has demonstrated spectacular growth and its currency has enjoyed relative stability.
Language
Currency
Euro.
Type of law
Main corporate legislation
Cyprus company any information
Type of company for international trade and investment
- a) Public companies and
- b) Private companies which are also subdivided into:
- i. Exempt Private Company
- ii. Limited Private Company
Company Limited by guarantee
The Partnerships and Business Name Law, Chapter 116, also provides for two general types of Partnerships:
- a) General Partnership
- b) Limited Partnership
Procedure to incorporate
Restrictions on trading
Language of legislation and corporate documents
Registered office required
Time to incorporate
Name restrictions
Language of name
Names requiring consent or license
Suffixes to denote Limited Liability
Disclosure of beneficial ownsership to government authorities
Compliance
Authorised and issued share capital
Classes of shares permitted
Directors
Company secretary
Licenses fees
Financial statements required
Every company must prepare a full set of financial statements in accordance with International Financial Reporting Standards, and every parent company that has one or more subsidiaries, other than a company which is itself a wholly owned subsidiary, should present consolidated financial statements.
Under article 120, every company must complete an annual return within a period of 42 days from the date of its Annual General Meeting and must file immediately with the Registrar of Companies, a copy of the annual return, signed by a director and the company secretary. Under article 121, the annual return filed with the Registrar of Companies must be accompanied by the full set of financial statements.
Shareholders
Key corporate features
General
- Type of entity – Private (Resident/Non-resident)
- Type of law – Common
- Shelf company availability – Yes
- Our time to establish a new company – 5 days
- Minimum government fees (excluding taxation) – €350
- Corporate taxation: Resident Limited – 12.5%
- Non-resident – 0%
- Double taxation treaty access – Yes
Share capital or equivalent
- Standard currency – Euro
- Permitted currencies – Any
- Minimum paid up – €1,000
- Usual authorized – €5,000
- Minimum number – One
- Local required – No, but advisable for purposes of tax residency
- Publicly accessible records – Yes
- Location of meetings – Anywhere, but Cyprus advisable for purposes of tax residency
Members
- Minimum number – One
- Publicly accessible records – Yes
- Location of meetings – Anywhere
Company secretary
- Required – Yes
- Local or qualified – No, but Cyprus advisable for residency and compliance
Accounts
- Requirement to prepare – Yes
- Audit requirements – Yes
- Local Auditor – Yes
- Requirement to file accounts – Yes
- Publicly accessible accounts – No
Other
- Requirement to file annual return – Yes
- Change in domicile permitted – No
NOTE: When wholly foreign-owned, a private company is referred to as an International Business Company.
In resume
Cyprus, one of the smallest European low tax jurisdictions, is a suitable place for locating an intermediary company due to the island’s combination of tax treaties and low-tax regime. Dividends can flow through the Cyprus company totally tax free and the company can be used to take advantage of the extensive network of double tax treaties.
Our company licensing services
— What we do and do not do
Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency or financial related business activities.
TBA & Associates Tax Business Advisors does not provide or carry out any sort of Cryptocurrency or Financial services!
Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.