Since the Accession of Cyprus in the EU in May 2004, Cyprus amended its tax legislation in order to comply with the acquis communautaire. On the 1st of January 2003, the amended tax legislation was enforced. There is no longer a distinction between local and international business companies. For tax purposes, all companies are treated the same and the tax rate of 10% is applicable on their net profit.

Our Law Firm specialises in:

• Registering foreign companies and offering consultancy services to them
• Liquidation of companies, Insolvency, Bankruptcy and reorganization
• Shareholders’ Agreements
• Tax and fiscal services
• Privatisations
• European Companies formation and management
• Incorporation of International Investment Schemes (Hedge Fund, Venture Capital, Mutual Fund)
  

Registration of Companies in Cyprus:

General information:

Our law firm register all kind of companies in Cyprus including public and investing companies . Cyprus is a favourite destination for international companies because the tax is very low only 10% and also  Cyprus has entered in 33 double tax treaties with other counties to avoid double taxation. The general effect of these treaties is that Cyprus registered offshore entities that have tax exemptions in Cyprus will have the same exemptions with the treaties countries.

Legal Forms of Companies Under the Cyprus Law

1. Company Limited by shares which is subdivided into:

(a) Public companies and
(b) Private companies which are also subdivided into:
       i. Exempt Private Company
       ii. Limited Private Company

2. Company Limited by Guarantee:

The Partnerships and Business Name Law, Chapter 116, also provides for two general types of Partnerships:
(a) General Partnership
(b) Limited Partnership

Further, section 347 of the companies Law Chapter 113 provides for the registration in Cyprus of foreign companies under the form of a branch.

The Procedure of Registering a Company

The first step in the process is the choice of the name of the company. An application is filed to the Registrar of Companies with the requested name. The period for the approval of the name is 4-7 business days. Once the name is approved, the Memorandum and Articles of Association of the company are prepared and submitted for registration to the Registrar of Companies together with the information regarding the officers and shareholders of the company. The Registrar of the Companies usually gives a registration number within 4-5 working days and then the corporate certificates are issued either in English or in Greek.

Directors of the Company

The minimum number of directors is one, who can be either an individual or a legal entity. Usually members of our firm are appointed as nominee directors in order to execute the board meetings and resolutions in Cyprus. In this way management and control is made in Cyprus for tax purposes.

Shareholders of the Company

The minimum number of shareholders is one. Foreigners who do not wish  to appear as registered shareholders may appoint nominees to act for them as registered shareholders, whilst the actual ownership shall always rest with the non-resident beneficial owners of the shares. Our firm can provide nominee shareholders services upon request.

Secretary

The existence of the company secretary is required by the Law. The secretary of the IBC must be appointed by the directors. Although the nationality of the secretary is immaterial it is recommended the secretary of the company to be a resident in Cyprus.

Registered Office

The Cyprus Company Law requires the presence of the registered office of the company on the territory of Cyprus. The firm maintaining the IBC offers the services of a virtual office with telephone, fax and all other relevant facilities to assist in the administration of the IBC. The registered office is the place where writs, summonses, notices, orders and other official documents can be served upon the company. The advocate's office is usually declared as the registered address of the company, where fax, telephone and other facilities are provided.

Registering Companies in Belize

With our firm you can register a Belize company formation, form an offshore Belize company and set up Belize offshore bank accounts. Belize is an independent country near Mexico with no capital gains tax or inheritance tax. The tax advantage is for non-residents where their Belize company is not subject to any taxes as long as the income has been generated outside Belize. Formation of a Belize IBC (international business companies) means no tax would be paid on any income generated by the Belize company from overseas activity.

Belize also has a special tax rule for individuals who are resident but not domiciled there: you only pay tax on income derived in Belize. Income is therefore exempt from tax for most immigrants who usually keep their money invested offshore.

Belize offshore companies provide you with the anonymity that you would normally require when setting up offshore companies. Belize business through Belize offshore companies are quite useful since you only pay tax on trade in Belize but not that done outside the country. We can also help you open a bank account in Belize and take advantage of Belize banking rules and regulation which are less than many other countries.

BVI Offshore Company

The British Virgin Islands are one of the most famous tax heavens in the world. BVI IBC companies are wholly exempt from paying BVI tax. In BVI there is no Capital Gains tax, Income tax, Corporations tax, Inheritance tax nor sales tax. BVI uses the same rules as the UK to decide if a company is resident in the BVI or not. Any company that is incorporated there or is managed and controlled from there is treated as BVI resident

Registering Companies in Panama

The Panamanian Republic has been attracting offshore ventures from around the world because, aside from its geographical location, political stability, and economical health, it does not tax foreign income.  The general rule is that foreign investors, Panamanian companies, trusts, and the like are exempt from all taxes so long as they administer transactions and obtain source income outside the country.

Panama laws give superior protection over offshore trusts and assets.  It possesses one of the strongest banking secrecy laws in the world, and all activities of its foundations and trusts are of extreme anonymity and must be kept classified by all persons involved.  It has no understanding with foreign governments about divulging private banking information, and therefore, foreign courts have no jurisdiction in the country unless the matter involves criminal and/or organized crime activities.  Its corporations offer diverse investment options which are not restricted coupled with the best risk-investment qualifications.  Furthermore, these corporations also offer bearer shares to maintain complete anonymity and discretion for its shareholders.  The owners are completely nonexistent in any bank record or registry.  Thus, they may remain totally confidential as if they own nothing at all.