EXCHANGE
CONTROL
 Yes,
but does not apply to offshore companies.
TYPE OF LAW
Civil
code with many English Common Law influences.
PRINCIPAL CORPORATE LEGISLATION
Companies
Law, Cap. 113, as amended.
COMPANY FORMATION
PROCEDURE TO INCORPORATE
By submission
of the Memorandum and Articles of Association to the Registrar of Companies, together
with an affidavit before a Court and the appropriate registration fee.
TYPE
OF COMPANY FOR HOLDINGS, INTERNATIONAL HOLDING, 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.
RESTRICTIONS
ON TRADING
Cannot
undertake to the business of banking, insurance or the rendering of financial
services to the public unless special permission is granted, and cannot trade
with resident individuals or companies situated in Cyprus other than in relation
to the maintenance of premises, banking and professional services.
PROCEDURE
TO INCORPORATE
By
submission of the Memorandum and Articles of Association to the Registrar of Companies,
together with an affidavit before a Court and the appropriate registration fee.
SHELF COMPANIES AVAILABLE
Yes,
but allow ten business days for receipt of documentation.
RESTRICTIONS
ON TRADING
Cannot
undertake to the business of banking, insurance or the rendering of financial
services to the public unless special permission is granted, and cannot trade
with resident individuals or companies situated in Cyprus other than in relation
to the maintenance of premises, banking and professional services.
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, the following words or their derivatives: asset management,
asset manager, assurance, bank, banking, broker, brokerage, capital, credit, currency,
custodian, custody, dealer, dealing, deposit, derivative, exchange, fiduciary,
finance, financial, fund, future, insurance, lending, loan, lender, option, pension,
portfolio, reserves, savings, security, stock, trust or trustees.
POWERS
OF COMPANY
The
powers and objects of a Cyprus company are contained within the Memorandum of
Association and have to be specific.
LANGUAGE OF LEGISLATION AND CORPORATE
DOCUMENTS
English
and Greek.
REGISTERED OFFICE REQUIRED
Yes,
must be maintained in Cyprus.
SHELF COMPANIES AVAILABLE
Yes,
but allow ten business days for receipt of documentation.
TIME TO INCORPORATE
Approximately
two days, subject to name approval, plus additional ten business days for receipt
of documentation.
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, the following words or their derivatives: asset management,
asset manager, assurance, bank, banking, broker, brokerage, capital, credit, currency,
custodian, custody, dealer, dealing, deposit, derivative, exchange, fiduciary,
finance, financial, fund, future, insurance, lending, loan, lender, option, pension,
portfolio, reserves, savings, security, stock, trust or trustees.
NAMES
REQUIRING CONSENT OR A LICENCE
The
following names or their derivatives: bank, trust, building society, insurance,
assurance, reinsurance, their foreign language equivalents or any name that the
Registrar considers may have a connection with the aforementioned.
LANGUAGE
OF NAME
Names
may be expressed in any language using the Latin alphabet if the Registrar is
in receipt of a Greek or English translation and the name is not considered undesirable.
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SUFFIXES
TO DENOTE LIMITED LIABILITY
Limited
or Ltd.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
Yes,
only to the Central Banks of Cyprus where strict confidentiality is legally protected.
SHARES, TAXATION AND OTHER MATTERS
AUTHORIZED AND ISSUED SHARE
CAPITAL
The
share capital must be expressed in Cyprus pounds. The minimum authorized, issued
and paid up share capital of a Cyprus offshore company is CYP 1,000. For companies
wishing to establish a physical presence in Cyprus, the minimum is CYP 10,000.
CLASSES OF SHARES PERMITTED
Registered
shares of par value, preference shares, redeemable shares and 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 concluded 26 double tax treaties so far with Canada, China, the Czech Republic
and Slovakia, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland,
Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, (including all the CIS
countries except for Kazakhstan) Sweden, Syria, United Kingdom, USA and the former
Yugoslavia.
LICENCE FEES
Not
applicable.
FINANCIAL STATEMENT REQUIREMENTS
Audited
financial statements have to be submitted to the Cyprus Taxation Authority and
to the Central Bank of Cyprus annually.
MANAGEMENT STRUCTURE
DIRECTORS
The minimum
number of directors is one. They may be natural persons or bodies corporate, be
of any nationality and need not be resident in Cyprus.
COMPANY
SECRETARY
All
Cypriot companies must appoint a company secretary, who may be a natural person
or body corporate. It is advisable to appoint a resident company secretary.
SHAREHOLDERS
The minimum
number of shareholders is two.
CORPORATE HIGHLIGHTS
GENERAL
Type
of Company - Offshore
Political Stability - Good
Common
or Civil Law - Common
Disclosure of Beneficial Owner - Yes, but
confidential
Change of Domiciled Allowed - No
Tax on Offshore
Profits - 4.25%
CORPORATE REQUIREMENTS
Minimum
Number of Shareholders - Two
Minimum Number of Directors - One
Bearer
Shares Allowed - No
Corporate Directors Permitted - Yes
Company
Secretary Required - Yes
Standard Authorized Share Capital - CYP
1,000
LOCAL REQUIREMENTS
Registered
Office/Agent - Yes
Company Secretary - No, but advisable
Local
Directors - No
Local Meetings - No
Government Register of
Directors - Yes
Government Register of Shareholders - Yes
ANNUAL REQUIREMENTS
Annual
Return - Yes
Submit Accounts - Yes
RECURRING GOVERNMENT
COSTS
Minimum
Annual Tax/License Fee - N/A
Annual Return Filing Fee - CYP 7
SHELF
COMPANIES
AVAILABLE
Please contact us for prices.
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