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Cyprus

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Cyprus

In terms of tax planning, Cyprus is one of the most attractive jurisdictions in the world. The key advantages of this jurisdiction are:

  • Not an offshore status that allows you to take advantage of double taxation avoidance agreements;
  • low tax rates;
  • special tax breaks for certain types of income.

Being a prestigious jurisdiction and a member of the European Union, Cyprus allows you to conduct commercial activities and implement effective tax planning through an agreement to avoid double taxation. The profit tax here is 12.5%, being one of the lowest in the European Union.

Features of jurisdiction

  • The need to submit annual financial statements and conduct audits by a licensed auditor;
  • Payment of annual state fee;
  • Possibility of registration of the VAT payer;
  • Open single register of companies;
  • Simplified receipt of a tax certificate.

ways of using the company

Typically, companies in Cyprus are registered for the purpose of using them as an intermediary for the payment of income in offshore jurisdictions, as well as for conducting trading activities. This jurisdiction allows the company to use for transactions with securities, asset protection, and as sources of financing.

COMPANY PROCEDURE FOR REGISTRATION

To register a company, you must provide the following documents:

  1. From one to three planned company names in English for verification.
  2. A package of documents for shareholders, directors and the beneficiary, which includes:
    - a civil passport, a foreign passport or a driving license.
    - confirmed address of residence;
    - constituent documents for legal entities.
  3. Information about the expected type of the company's activities and the geography of the business.

COMPANY REQUIREMENTS (Limited Company Company (Private Company Limited by Shares))

Type of company
Limited Company (Private Company Limited by Shares);
Term of registration of the company
15-20 working days;
AUTHORISED SHARED CAPITAL1000 €;
PAID IN SHARED CAPITALNot established;
TaxationDividends in favor of individuals - tax residents of Cyprus - 17%;
Minimum number of shareholdersOne (natural or legal person, non-resident or resident);
The maximum number of directorsOne (natural or legal person, non-resident or resident); to obtain the tax status of a resident company it is necessary that the director be a resident of Cyprus;
Nominal serviceAvailable;
Availability of information about company membersInformation is available in the open unified register of Cyprus;

Partnership requirements (Registration of Partnership Limited by Shares (Partnership Limited by Shares))

Type of companyLimited partnership (Partenrship Limited by Shares);
Term of registration of the company21 working days;
AUTHORISED SHARED CAPITALMinimum is not established;
PAID IN SHARED CAPITALNot established;
TaxationTax liabilities arise only from partners and in accordance with their residence;
Minimum number of participants to create a partnershipTwo (individuals or legal entities, non-residents or residents); to obtain the tax status of a resident company it is necessary that the director be a resident of Cyprus.

Maximum number of participants to create a partnershipHundred (natural or legal person, non-resident or resident);
Nominal serviceAvailable;
Availability of information about company membersInformation is available in the open unified register of Cyprus;

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