Cyprus Company Key Features
KEY FEATURES TABLE
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General
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Political Stability
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Good
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British Based Legal System
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Yes
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Type of Company
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Offshore
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Disclosure of Beneficial Owner
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Yes
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Migration of Domicile Permitted
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No
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Tax on Offshore Profits
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4.25%
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Non-English Language Names Allowed
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Yes
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Corporate Requirements
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Minimum Number of Shareholders
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Two
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Minimum Number of Directors
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One
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Bearer Shares Allowed
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Yes
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Corporate Directors Permitted
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Yes
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Secretary Required
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Yes
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Standard Authorised Share Capital
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C£10,000
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Local Requirements
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Registered Office/Agent
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Yes
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Company Secretary
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No
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Local Directors
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No
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Local Meetings
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No
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Government Register of Directors
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Yes
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Government Register of Shareholders
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Yes
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Annual Requirements
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Annual Return
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Yes
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Audited Accounts
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Yes
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Recurring Government Costs
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Annual Tax/License Fee
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Nil
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Annual Return Filing Fee
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Nil
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COMPANY FORMATION
Type of Company for International Trade and Investment
Companies incorporated under the Companies Law, Cap 113, as amended, who have obtained Exchange Control permission from the Central Bank of Cyprus to acquire offshore company status.
Procedure to Incorporate
By submission of the Memorandum and Articles of Association to the Registrar of Companies, together with a Declaration of Compliance and the appropriate registration fee.
Restrictions on Trading
Cannot undertake the business of Banking or Insurance and cannot trade with resident individuals or companies situated in Cyprus.
Powers of Company
Cannot undertake any business that is not contained in the company's object clauses.
Language of Legislation and Corporate Documents
English.
Shelf Companies Available
Yes.
Time Scale to Incorporate
Approximately 1 week, subject to name approval.
Name Restrictions
Any word that the Registrar considers undesirable. Any name that is identical or similar to an existing company. Any name that implies illegal activity or implies Royal or Government patronage.
Language of Name
Names may be expressed in any language using the Latin alphabet provided that the Registrar is in receipt of a Greek or English translation and the name is not considered undesirable.
Names Requiring Consent or a License
"Bank", "Trust", "Building Society", "Insurance", "Assurance", "Re-Insurance", their foreign language equivalents or any name that the Registrar considers may have a connection with the aforementioned .
Suffixes to Denote Limited Liability
Limited or Ltd.
Disclosure of Beneficial Ownership to Authorities
Yes, upon incorporation and thereafter if beneficial ownership changes.
SHARE CAPITAL, TAXATION, LICENSE FEES AND COMPLIANCE MATTERS
Authorised Share Capital
Must be in Cyprus pounds. The minimum authorised share capital of a Cyprus offshore company is CY£1,000. For companies wishing to establish a physical presence in Cyprus the minimum is CY£10,000
Classes of Shares Permitted
- Registered Shares of par value.
- Preference Shares.
- Redeemable Shares.
- Shares with no voting rights
Bearer Shares Permitted
Not permitted.
Taxation
By virtue of special provisions in the Cyprus Income Tax Laws, the net chargeable profits of Cyprus Offshore Companies are taxed at a rate of 4.25%.
Double Taxation Agreements
Cyprus has an extensive double taxation treaty network, to include:
Austria
Ireland
Bulgaria
Italy
Canada
Kuwait
People's Republic of China
Malta
CIS
Norway
Czech and Slovak Republics
Poland
Denmark
Romania
France
Sweden
Germany
United Kingdom
Greece
United States
Hungary
Yugoslavia
License Fees
Not applicable.
Financial Statement Requirements
Audited financial statements have to be submitted to the Cyprus Taxation Authority annually.
STRUCTURE OF MANAGEMENT
DIRECTORS
Minimum number of Directors
One
COMPANY SECRETARY
Company Secretary Required
Yes
SHAREHOLDERS
Minimum number of Shareholders
Two.
For more information about Cyprus, please Contact Us
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