Cyprus

Cyprus

Cyprus

OFFSHORE ON CYPRUS A company on Cyprus is a good solution if you need a reputable company in the European Union. Opportunity to open a bank account on Cypr

1. GENERAL INFORMATION ABOUT CYPRUS

The Republic of Cyprus is and island state in the eastern part of the Mediterranean Sea. It has been a member of the European Union since 1 May 2004.

After 1974 the island has been essentially divided into two parts: 60% of the territory are jurisdiction of the Republic of Cyprus and the majority of the population is Greek, and the rest of the territory is occupied by the Turkish Republic of Northern Cyprus where the majority of the population is Turkish.
      •   Population: around 800 thousand.
      •   Area: 9,250 square kilometers.
      •   Official languages: Greek and Turkish.
      •   Currency: euro (EUR).

2. THE TIME IT TAKES TO REGISTER A COMPANY ON CYPRUS

The time the registration takes depends on whether the company to be registered will have an original name or will be chosen from a list of checked names or shelf companies. Checking the name may take up to two weeks. If the company is chosen from the list of checked names, it takes 3–5 business days to enter it in the registry; notary certification and apostilling take 1–2 business days, and forwarding documents by courier takes 2–3 business days.

3. SHAREHOLDERS

 at least 1 natural or legal person.

4. DIRECTORS

      •   Only one director necessary that can have any citizenship and be a natural or a legal person.
      •   The director and the shareholder can be the same person.
      •   A nominee can be used for the purpose of confidentiality.

5. ADVANTAGES OF COMPANIES ON CYPRUS

      •   A reputable European country, member of the European Union; numerous agreements on avoiding double taxation.
      •   The lowest income tax in Europe: 10% of net profit.
      •   No income tax on internal and external dividends or capital growth; no tax on sale of securities.
      •   Opportunity to receive a VAT identification number.
      •   No requirements for the presence of a resident director, but a resident director is required for resident status.
      •   Opportunity to use a nominal director and a registered shareholder.
      •   Opportunity to open a bank account on Cyprus.

6. DISADVANTAGES OF COMPANIES ON CYPRUS

      •   Necessity for submitting audited financial reports; the costs may vary from 1,000 to 3,000 euros.

 

THE REGISTRATION OF AN OFFSHORE ON NEVIS INCLUDES THE FOLLOWING STAGES
      •   Checking and confirming the company name in the registry – preparation of and entering information in all the necessary documents (Memorandum and Articles of Association, various resolutions).
      •   Paying the necessary registration dues and charges.
      •   Incorporation of the company in the Companies Registry.
      •   Notarising and apostilling the documents (if necessary).
      •   Delivering the documents to the customer by courier service (DHL, UPS).

DOCUMENTS TO BE SUBMITTED:
      •   Memorandum and Articles of Association.
      •   Certificate of Incorporation.
      •   Shareholder certificate.
      •   Registered office certificate.
      •   Director and Secretary certificate.
      •   Minutes of the First meeting of Directors.
      •   Seal.

Apostilling is available for documents listed in point 1–5.

If the nominal service (the complete package) is used, an apostilled letter of authority, the declaration of trust of the registered shareholder, the dateless letter of the director’s resignation and the share transfer form that has been signed but not filled in must also be submitted.