OFFSHORE COMPANIES - CYPRUS
Please click here to place your order for a Cyprus Company.
ABOUT CYPRUS
Location
Cyprus is located in the eastern Mediterranean, surrounded by three continents – Europe, Asia and Africa. It has a nice Mediterranean climate with dry, hot summers and mild winters.
Population
The population is about 770 000. Cypriots represent 78%, Turkish – Cypriots 18% and the remaining 4% represent other minorities.
Languages
The official languages are English, Greek and Turkish. English is almost spoken by all of the population and is frequently used in commercial and government sectors.
Political Structure
Cyprus has been an independent republic since 1960. The government structure is similar to other western countries, where free speech, political freedom, human rights and private property are safeguarded.
Cyprus has a presidential system where the President is the Head of State. He is elected for a five-year term. The executive power is in the hands of the Council of Ministers. The President has appointed the members of the council. The legislative body of Cyprus is the House of Representatives, which consists of 56 elected members who serve for five-year term. The legal system is based on English Law. Cyprus is a member of the Commonwealth, UN and the Council of Europe.
Membership in the European Union
On 1st May 2004, Cyprus became a full member of the European Union. The membership is expected to improve the stability and security in Cyprus.
Economy and Infrastructure
Cyprus has first-class telecommunications, air and port connections. There are two international airports, one in Larnaca and one in Paphos, but the major ports are located in Limassol and Larnaca.
Cyprus has a free-enterprise economy, where the government’s role is limited to supervision, regulation, planning and provision of public utilities.
The banking facilities available are excellent with a number of onshore banks, offshore banking units (OBU’s) and other licensed financial institutions operating on the island.
ABOUT CYPRUS COMPANIES
Main Key Features & Advantages
Today, Cyprus has the lowest tax regime in Europe and its role as an international financial and business centre is growing day by day. There is no longer a difference in the tax treatment of local companies or International Business Companies, since a single corporation tax is applicable for all companies.
The main tax and fiscal incentives may be outlines as follows:
* International Business Companies pay a tax of 10% on its net profits if it is a Cyprus resident. A resident IBC is a company with management and control in Cyprus. In order to determine the management and control of the company, look at the residence of the majority of directors and where board meetings normally take place. Resident IBCs may obtain full access to Cyprus double-tax treaty network.
* An IBC that is not considered to be resident in Cyprus, will pay zero tax.
* A non-resident IBC does not have access to the double-tax treaty network.
* Cyprus has no withholding tax on payment of dividends, interest and royalties by an IBC to non-resident individuals or companies.
* Dividend income received by a Cypriot IBC is 100% exempt from tax in Cyprus (under certain conditions).
* Profits earned from branches/daughter companies abroad are 100% exempt from corporation tax. Profits from the sell of shares are not taxable for all Cyprus tax residents.
* 50% of interest bearing investments received is exempted from tax. The interest that arises in the ordinary course of business (e.g. interest on overdue debtor balances) is not exempted from tax.
* There is no restriction how many years you can carry-forward tax losses. You can bring them forward indefinitely to be set off against possible future profits.
* Group relief is available whereby losses from a company can be set off against taxable profits accumulated by another company in the same group.
* There are no tax implications on reorganizations, amalgamations, mergers and acquisitions of companies.
* Exemption from capital gains tax (except on sale of real-estate in Cyprus).
* No exchange control restrictions - an IBC can open a bank account in any currency in any country.
* Cyprus has 32 Double Tax Treaty agreements, which apply to 40 countries. They can be used to minimize tax.
* Confidentiality and anonymity of beneficial owners is safeguarded (true identity is only disclosed to local banks, if a local account is opened and information is not disclosed to any third party or to other countries, except in the case of properly authorized criminal investigation (drugs, terrorism, e.t.c.).
Other advantages of more general nature that Cyprus can offer:
* Geographical location (in the middle of three continents)
* Excellent infrastructure
* First-class banking facilities
* A stable, western-type economy
* Legal system based on English Law
* Readily available and highly educated local staff
* Low cost of living in comparison with most Western European countries
* Low crime level * Excellent schools incl. universities.
* Excellent climate
From 1895 EUR
+ Add Nominee director (provisioned by a corporation) 395 EUR
+ Add Nominee shareholder (provisioned by a corporation) 245 EUR
+ Add Corporate bank account with local bank in Cyprus 295 EUR
Please click here to place your order for a Cyprus Company.
Procedure
Go to the order form. Fill in your details, place the order, choose to pay by credit card or bank wire. Within minutes you will receive an invoice to your e-mail, and login details to our client area. Login to our client area, and upload details regarding the benficial owners and the directors or the one holding the power of attorney. Also upload the required documentation specified down below (or send it by e-mail).
Normally within 1-2 weeks from the date that we have received the payment and you have uploaded all the documentation and details, your company will be registered. We will send you the company documents, together with the bank account opening forms and instructions (if you have ordered that service) by courier (1-3 days, depending on your location). You sign the bank account opening forms and return it to us by courier together with the required documentation:
LPCS Ltd.
Attn: Due Diligence Dept.
16 Kyriakou Matsi Avenue
3rd Floor
1082 Nicosia
CYPRUS
Normally within 1 weeks we will get back to you by email with your account details.
Required documentation from all beneficial shareholers:
* Certified passport copy by a notary public/embassy or bank with the text "HAVING SEEN THE INDIVIDUAL AND THE IDENTIFICATION DOCUMENT AT THE SAME TIME I CERTIFY THIS IS A TRUE COPY AND THE PHOTOGRAPH A REASONABLE LIKENESS"
* Certified national id-card/driver license copy by a notary public/embassy or bank with the text "HAVING SEEN THE INDIVIDUAL AND THE IDENTIFICATION DOCUMENT AT THE SAME TIME I CERTIFY THIS IS A TRUE COPY AND THE PHOTOGRAPH A REASONABLE LIKENESS"
* A bank statement or credit card statement in original or certified copy prooving your home address. NOT OLDER THAN 3 MONTHS
* A bank reference