Cyprus Offshore Company Formation

Cyprus International Business Company (IBC)

Cyprus Offshore Company Incorporation Package

Includes:

1. Government Registration Fee (First year)
2. Registered Office Address (First year)
3. Registered Agent Services (First year)
4. Company Secretarial Maintenance
5. Certificate of Organisation
6. Articles of Organisation
7. Minutes of First Organisers Meeting
8. Ownership Certificates
9. Register of Members
10. FREE Phone and/or email consultations

Requirements for Cyprus Company Registration

The requirements to form a Cyprus IBC are as follows:

• Valid passport
• Personal contact details
• Bank reference letter
• Proof of residential address

(Details are needed of every beneficial owner/Director of the Company)

Once the Registrar approves the company name, the company files the appropriate forms together with the company’s Memorandum and Articles of Association to the Cyprus Registrar of Companies

Tax Rates of a Cyprus Offshore Company

Cyprus Companies are identified as being resident or non-resident for taxation purposes. Therefore, a company is taxed only if it is tax-resident of Cyprus, and if its management is performed locally in Cyprus.

Upon entering the EU, Cyprus had to conform to a number of financial regulations; however, the IBC most embodies the tax breaks and structure formerly had by other Cyprus companies.

A Cyprus IBC enjoys a number of tax benefits including:

• No tax on profits
• No tax of dividends
• No royalty payments
• No capital gains
• No withholding tax
• No wealth or inheritance tax

Corporate Details of a Cyprus Offshore Company Formation

Anonymity, Confidentiality and Disclosure

The details of the shareholders, directors as well as the company’s financial statements are publically accessible, and though the details of the beneficial owner are disclosed they are not made publically available. Nominee services are available for use, which ensure anonymity for the director or shareholders.

Company Shares

An IBC may use registered shares, preference shares, redeemable shares and shares with or without voting rights.

Required Capital

There is no minimum capital with a usual authorized capital of €1,000

Financial Statements required

Financial statements are required and are not made publicly available

Directors

One Director is required for a who may be from any nationality, except Cyprus, and may be either an individual or legal entity

Company Secretary

A Cyprus IBC must appoint a Secretary. The Secretary can be an individual or a company. If the company is a single under single ownership then the Director can also be the Secretary.

Company Meetings

Company meetings are required and may take place anywhere in the world

Principal Corporate Legislation

The Cyprus IBC is regulated through the Companies Law, Cap. 113. The law has been in force since 1952 and modelled off of the UK Companies Act 1948, though since then it has been amended when the country was incorporated into the European Union.

Type of Law

Mixed legal system (Civil and Common law)

Shareholders

A Cyprus IBC must have at least one shareholder and not more than 50. Shareholders may be of any nationality and a resident of any country, except Cyprus, and may be an individual or a corporate body.

Exchange Controls

There are no exchange controls in Cyprus

Language of legislation and Corporate Documents

Greek, with certified English translation

Registered Office required

A registered office is required for a Cyprus IBC

Local Presence

An IBC must have a local registered office. No local secretary, director or any other presence is required.

Audit Requirements

A Cyprus IBC must have their financial accounts audited every year and submitted to the Cyprus Inland Revenue department. Audited financials are not made publicly available.

Annual Reporting

Audited financial accounts need to be prepared and submitted annually, in accordance with the International Financial Reporting Standards (IFRS), to the Cyprus Tax Authorities

Shelf Companies available

Shelf Companies are readily available

Time required to form offshore company

5 – 10 days

Name Restrictions

A Company must not use words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Europe”, “International”, and “Trustee Company” or any other words that are deemed offensive or undesirable by the Register.

Language of Name

Name may be in any language using the Latin alphabet

Names of Company requiring a special LICENSE or permission

A Company must receive permission for some types of services, including but not limited to banking, insurance and financial services.

Access to Double Tax Treaties

Cyprus has signed Double Taxation agreements with over 40 countries, however, DTT’s are not accessible for non-resident companies

Government Annual Tax

€400

Cyprus Offshore Company Registration

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