Cyprus has fast become one of the more popular places for offshore formation.

Cyprus was occupied by the United Kingdom from 1878 until they relinquished it back in 1960, however this has left its mark on the Island, in particular that it follows British Common law especially when it comes to corporate law. The majority of the Island is English speaking making it a more friendly option for English speaking business to be transacted.

The Island relays heavily on tourism for its economy, but light manufacturing contribute along with its good location and advanced physical and social infrastructure making Cyprus one of the most prosperous Islands in the Mediterranean region. Cyprus adopted the Euro in 2008 replacing the Cyprus pound.

Cyprus has many other attractive qualities which make it one of the more appealing choices for offshore incorporation, such as it low corporation tax rate of just 10%, the lowest in the EU. Cyprus also has double-taxation treaties with over 30 other countries including most of the high tax countries in Western Europe. Incorporation can be done quickly.

Chesterfield opened an office in Cyprus ten years ago. The number of staff quickly increased and a new office location had to be located within the first year. Chesterfield has expanded significantly in Cyprus and is at the forefront of the industry. A new purpose built office will be ready in early 2013 to accommodate future growth. Our base in Cyprus has been a significant factor in Chesterfield’s success.

Cyprus has been implementing laws and regulatory requirements in connection with our industry which are now on par with many other EU states.

Cyprus does have a publicly accessible records, but this is only on the named Directors, Secretary and Shareholders of the company. Chesterfield’s common practice is to use in house nominee Directors, Secretary and Shareholders on our companies. There is no requirement to disclose the ultimate beneficial.