Cyprus has fast become one of the more popular places for offshore company formation.
Cyprus was occupied by the United Kingdom from 1878 until they relinquished it back in 1960, however this has left a positive 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 relies 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 joined the European Union in 2004 and adopted the Euro in 2008 replacing the Cyprus pound.
Corporate Advantages of Cyprus:
Cyprus has many other attractive qualities which make it one of the more appealing choices for International Business, such as it’s low corporation tax rate of just 10%, the lowest in the EU as well as numerous other tax benefits specifically designed to promote foreign investment in Cyprus. – Click here for more information on Cyprus Taxation.
In addition to the numerous tax benefits Cyprus also has double taxation treaties with over 40 other countries including most of the high tax countries in Western Europe and are continuing negotiations to further extend their network of treaties. Check this article for a full list of Cyprus double taxation treaties.
Cyprus is a full member of the EU and its central location make it ideal for interaction with Europe. Cyprus has a modern and competitive infrastructure along with an efficient and sophisticated business environment.
Cyprus Registry and Laws
The Cyprus registrar of companies has been in existence for over one hundred years and has developed a modern and sophisticated system including electronic filing on forms. Cyprus Company Registration can be done quickly. 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.
Cyprus has been implementing laws and regulatory requirements in connection with our industry which are now on par with many other EU states and has now announced that any company wishing to provide fiduciary services in Cyprus must be regulated which furthers adds to its reputation as being a respected jurisdiction – Check the following article for Cyprus to become regulated
Cyprus is home to many reputable Banks as well as numerous International Banks with a permanent base so there is a lot of choice. The National currency has been the Euro since 2008 following Cyprus’s inclusion in the EU, but banking may be done in various currencies. Cyprus banks have modern sophisticated international systems and are able to transact with Europe efficiently. Chesterfield can liaise with several banks in Cyprus to fast track accounts in order that they may be opened within a few days. – Check this article for more information on Cyprus banks
Cyprus first introduced VAT in 1992 and largely based this on the British VAT legislation of 1983. This has been amended several times since this date to comply with the EU VAT directive. It has a modern and respected tax regime and as it is a full member of the EU so is a good choice when looking for a reputable jurisdiction for your VAT Registration. It has a competitive VAT rate when compared to other EU Countries and registration and credits can be processed quickly. Chesterfield can assist you in every aspect of Cyprus VAT Registration.
For more information on some of the more popular company types please follow the links below;
Cyprus Intellectual Property
Intellectual Property Law or IP law as it is more often referred to is the Legal entitlement in connection with creative ideas and works such as literary works, artistic works, designs and inventions. Cyprus Intellectual Property Law is in line with the European Union and Cyprus is a member of the Office for Harmonization in the Internal Market for the registration and protection of Trade Marks and Industrial Designs within the European Union. Cyprus is also a member of the World Intellectual Property Organization and is party to numerous International Conventions and Treaties – Check this article for more information regarding Cyprus Intellectual Property
Permanent Residency in Cyprus
This has led to an influx in of wealthy families and businessmen, predominantly Chinese, Russian, Middle Eastern and beyond buying property or investing in Cyprus in order to gain permanent residency so that they can travel visa-free throughout the European Union. Permanent Residence holders can also apply for a Cypriot passport after seven years – Check this article for more information regarding permanent Residency in Cyprus
Chesterfield and Cyprus
Chesterfield established 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, was completed in early 2013 to accommodate our ever increasing business . Our base in Cyprus has been a significant factor in Chesterfield’s success.
Chesterfield can help you every step of the way from initial structuring including tax structuring and Asset Protection. To Incorporating a Cyprus Offshore Company, Opening a Bank Account, Providing corporate Services including dealing with the Cyprus Registrar of Companies and any Cyprus VAT Registration.