Formation of companies in Cyprus and other jurisdictions
Procedure to set up a Company and Information required:
1. The most time – effective solution is to choose a ready – made company from our large off-the-shelf stock.
2. If no ready-made company is suitable, the procedure for setting up a company in Cyprus normally takes between five (5) to ten (10) working days.
3. In most cases there are no restrictions on the size of the company’s authorised and issued share capital.
4. There is no need for the shareholders of the company to come to Cyprus. They do not have to sign any documents. If the company is to open a bank account in Cyprus the signature of the authorised signatories to that account will be required on the appropriate bank mandate forms for the opening of such account.
5. Every company in Cyprus must have a registered office in Cyprus and a company secretary. We can provide the company with registered office, secretarial facilities, nominee shareholders and two directors. Our current fee schedule is available upon request. Read more about our company services.
6. Every company in Cyprus must prepare Annual Financial Statements under the International Financial Reporting Standards (IFRS). An Annual Tax Return must be submitted to the tax authorities.
7. Companies which are resident in Cyprus for tax purposes are subject to a 12.5% corporation tax on their annual taxable profit. Companies which are not resident for tax purposes in Cyprus are not subject to tax in Cyprus and as a result cannot obtain the benefit of Cyprus double tax treaties with other countries. A company which is a resident of Cyprus for tax purposes may, depending on its activities, also have to register with the VAT authorities.
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