Cyprus Company Information
Types of Cyprus company available:
International Business Company (IBC)
This company can be used for many different purposes, and can be treated as:
- A Cyprus Trading Company
- A Cyprus Holding Company
- A Cyprus Investment Company
- A Cyprus Consultancy company
Companies Law, Cap.113.
The main body of the Law in Cyprus has been in force since 1952 and it was an exact copy of the Companies Act 1948 of the UK. Recently, it has been amended to incorporate European Union directives.
Capital requirement of a Cyprus company:
There is no minimum capital requirement. The money for the company’s share capital does not have to be paid in a bank account of the company. In case the fees that are paid for the registration and set-up of the company exceed the share capital amount, this automatically means that the share capital has been paid.
Method of incorporation:
Approval of company name and then submission to the Registrar of Companies of the Memorandum & Articles of Association signed by the initial subscribers together with the Declaration of Compliance signed by practicing advocate.
Annual fees paid to authorities
All registered companies must pay an annual fee of €350.00 to the Companies Registrar.
Restrictions upon the activities of a Cyprus company:
Special permission is required for some types of services, including banking, insurance and financial services.
Annual Meetings
The first Annual General Meeting must be held within 18 months from incorporation and thereafter at least once a year.
Annual Tax Returns:
Annual Tax Returns have to be submitted
Annual Financial Reporting of a Cyprus company:
Annual Financial Statements are required to be prepared. A copy is filed with the Registrar of Companies, together with the Annual Returns.
Registered Office & Registered Agent in Cyprus:
Registered office in Cyprus: Yes, it must be situated in Cyprus. Registered agent in Cyprus: Not required.
Company Secretary in a Cyprus company:
Yes. Can be of any nationality and residence and can be a physical person or a corporate entity.
Directors in a Cyprus company:
Minimum of one for private companies and two for public companies. Can be of any nationality and residence and can be a physical person or a corporate entity.
Shareholders in a Cyprus company:
Minimum of one for private companies and seven for public companies.
Disclosure of Beneficial Ownership of a Cyprus company:
There is no requirement to disclose the beneficial ownership to any Government Authority. It has to be disclosed, in confidence, to banks if a bank account is opened in Cyprus.
Bearer shares in a Cyprus company: Not allowed.
Exchange controls in a Cyprus company:
No.
Migration of companies:
Yes. LLC formation:
Yes. Language of corporate documentation in a Cyprus company:
English is almost always acceptable. Sometimes though, it is necessary to prepare documents in Greek.
Taxation of a Cyprus company:
Taxed at the rate of 12.5% on the net profits of an International Business Company.
No taxation on income from dividends or disposal of securities
Double Tax Treaties between Cyprus & other countries:
Cyprus has tax treaties with many countries, including the main Western European and North American countries and almost all Eastern European countries (see website section on International Tax Planning for a full list of countries). The combination of low or no taxation with the benefits provided by its treaties with many countries make Cyprus a highly desirable location for international tax planning.
Time frame for incorporation:
7 days
Legislation for Money Laundering Prevention in Cyprus:
Yes.
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