Advantages of incorporation in Cyprus

• A fully member of EU (since 01st of May 2004) with the lowest tax regime in Europe;
• Stable economy;
• Well adopted British legal system as background;
• Cyprus has 52 Double Tax Treaty agreements which apply to 40 countries and which can be exploited to minimize taxes;
• Excellent banking facilities;
• Allow nominee shareholder and director structure – beneficiary owner’s identity can be hidden from public company record.

Company type

Limited Liability

Directors/Officers

Minimum One Director, Local advisable for TAX Residency purposes.

Shareholders

Minimum one

Authorised share capital

No minimum required, usually 1000, standard currency - Euro, permitted currencies - Any.

Company Secretary

Required – local requirement to prepare audit requirements.

Accounts

Taxation

• Corporate tax – 12.5%;
• VAT – 19%.

Tax Treaties

Double Taxation Agreements (Material updated from www.mof.gov.cy; Ministry of Finance).

Cyprus Tax Treaty Partners:

Notes:
*7 Denmark - the existing Convention shall cease to have effect as from 1.1.2012;
* The treaty between Cyprus and the Socialist Federal Republic of Yugoslavia is still in force;
** The treaty between Cyprus and the Czechoslovak Socialist Republic is still in force;
***The treaty between Cyprus and the Union of Soviet Socialist Republics is still in force.

Timeframe for incorporation

Shelf Companies

Description of incorporation documents

1. Originals comprising of the following documents:
   1. Memorandum and Articles of Association in Greek;
   2. Memorandum and Articles of Association translated in English with certificate of correct translation apostiled;
   3. Certificate of Incorporation in Greek;
   4. Certificate of Incorporation translated in English apostiled;
   5. Address of Registered Office in English apostiled;
   6. List of directors and secretary in English apostiled;
   7. List of shareholders in English apostiled.
2. Shareholders' resolutions subscriber’s resolution for appointing the company's first directors;
3. Directors' resolution for statutory matters;
4. Letter to shareholders-trustees recognition of trust;
5. Shares:
   1. Blank instrument of transfer and declaration of trust in favor of the beneficial shareholder;
   2. Share certificate in the name of the registered nominee shareholder.
6. Power of attorney in the name of beneficial shareholder.

Price of Cyprus Limited Liability Company

2500 Euro + VAT, including General POA in the name of Ultimate Beneficial Shareholder and first year nominee and administration fees.

Cost of annual support services

1400 + VAT, including full Nominee Service (Registered Address, Director, Secretary and Shareholder costs) costs, annual Government Duty (annual LEVI payable to the Registrar of Companies), renewal of General POA.

Disclosure of Beneficial Ownership to Authorities

The identity of the beneficial owners of a Cyprus Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity.

Information and Documents required in order to register/purchase Cyprus company

• Full Name;
• Date of Birth;
• Nationality;
• Full physical and postal address ( copy of utility bills, or other “official” correspondence addressed to the client);
• Telephone;
• Fax;
• E-mail address;
• Copy of passport or national identity card duly certified by a lawyer or notary;
• One original reference letter from the individual's banker, lawyer or accountant confirming the existence of a satisfactory business relationship with the principal;
• Occupation;
• Nature of Business.