Establishing a Cyprus company and setting up a Tax Plan

Setting up your business along with your taxation scheme is our specialty! 

01

Why Cyprus? 

Answer

Commercial and other non-tax reasons

  • Membership of European Union as from 1 st May 2004

  • Anonymity of the beneficial owners of a company

  • High standard of banking system

  • Freedom from exchange control

  • Strategic geographical location being at the cross-roads of Europe, Asia & Africa

  • No formalities are present for obtaining work permits for EU citizens

  • Low operating costs

  • Availability of English speaking schools

  • High quality standards of professional services

  • Excellent telecommunication system

  • Provision of professional services at competitive & reasonable prices

  • High level of standard of living

  • Low crime level

  • Pleasant climate being an island in the northeastern basin of the Mediterranean Sea

  • Excellent health care system

  • English language is widely spoken

Tax reasons

  • One of the lowest tax system in the European Union at 12.5 % on taxable profits

  • One of the most favorable Holding company jurisdiction

  • Availability of Group losses relief without any time restrictions, under certain conditions

  • No withholding tax on dividends paid to non-residents shareholders

  • Exemption from taxation of capital gains apart from the disposal of immovable property situated in the Republic of Cyprus

  • A sophisticated network of double tax treaties in operation

  • Non resident companies are taxed only on the income derived in the Republic of Cyprus

  • Sales of shares and securities are tax free

  • No taxation on dividend income

  • VAT optional registration allowing them to claim back any VAT imposed on local expenditure and services offered

  • Salaries from services outside Cyprus for more than 90 days in a non-Cypriot resident employer or in the permanent establishment of a Cypriot resident employer are not taxed in Cyprus

  • Low income tax rates for expatriates

  • No inheritance tax

02

Why Cyprus is different from the rest?

Answer

One of the cheapest places in EU for fiduciary services and maintaining International companies, trusts and collective investment schemes in comparison to Luxembourg, Switzerland, Netherlands, and Malta.

03

Is  Cyprus and offshore jurisdiction?

Answer

Cyprus is not an offshore jurisdiction; it is a member of EU with low tax regime, offering sophisticated /planning structures combined with the formation and administration of International trust and collective investments schemes empowered by Corporate, collective investments schemes and Trust laws based on UK legal system.

04

What quality of services  I can get in Cyprus? 

Answer

High quality professional services; Cyprus accountants and lawyers are mostly UK educated and members of professional bodies governed by ethical codes of UK or International organisations. 

05

How long it takes to set up a Cyprus Company?

Answer

Cyprus business can be initiated within few working days by: 

1) Incorporate or acquire a Cyprus company (shelf Company) transfer the shares to nominees who will hold the shares on behalf of the ultimate beneficial owners thus keeping identity secret and preparation of deeds of trust by the nominees declaring that they hold the shares in trust on behalf of the ultimate beneficial shareholders. 

2) Open a Cyprus bank account in the name of Cyprus Company by obtaining from the beneficial owners, copy of passport, utility bill and a bank reference letter. You may also open bank accounts anywhere in the world and in any currency. 

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Tags: #Offshore company Cyprus #Accounting Services Cyprus #Cyprus company formation #Certified accountant Cyprus #Tax in Cyprus

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