Cypriot Company Formation
Cyprus is an ideal country for foreign investors, entrepreneurs and individuals managing operations around the world, since it offers minimal expenses on all financial and professional services for companies. Its strategic position, in the crossroad of three continents, makes Cyprus a superb place for companies to operate at a European and International level.
Being a member of the European Union since 2004, Cypriot companies are not considered as offshore. However, Cyprus offers the lowest (non-offshore) tax jurisdiction in the world.
Corporate tax in Cyprus starts from 0% for shipping companies and it reaches 12.5% for standard limited companies.
Corporate profits are taxed at a flat rate of 12.5%, except those arising from dividends and sale of securities which are tax exempt. The following meet the definition of securities:
Debentures and bonds
Futures, options, forwards, swaps on titles
It offers beneficial schemes for tax losses that can be carried forward indefinitely or passed on to other group members.
Mergers, Takeovers and Restructuring of companies can be achieved easily in Cyprus without any tax burdens.
The maximum personal tax in Cyprus is 30% for an income of more than 36.300 Euro and for income of more than 60,000 Euro is 35%. Cyprus has an extended network of treaties with other countries in order to facilitate transparent tax charges and avoid double taxation of income.
Cypriot social insurance contributions are considered to be very low at only 8.3% of gross salary per employee.
All EU Directives are applied in Cyprus under the Cyprus Tax Legislation.
Tax authorities and government services for companies are efficient, professional and approachable.
Companies in Cyprus can engage in local or international activities without any special authorisation.
The registration of companies in Cyprus is a fast and straightforward procedure. It normally takes up to 15 working days.
English is the most commonly used language for professional purposes on the island. The financial system in Cyprus is in most cases multilingual and very accessible.
The sophisticated and strictly confidential banking system makes Cyprus an ideal place for easy transactions, transfers and business deals to be made.
Bank accounts can be opened under the name of a company or an individual. Moreover they can be opened in Euros, US Dollars, Pound Sterling or any other major currencies.
Exchange control regulations do not apply to legal entities whose beneficial ownership and business activities lie outside Cyprus.
Professional services in Cyprus are inexpensive (administration, accounting, auditing and maintenance) since it costs up to 50% less than any other European country in total.
Cyprus has an outstanding telecommunication system while connections from air and sea are exceptional.
Cyprus is already considered a main business centre for European, Asian and Middle-East companies.
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