Cyprus company registration

PKF Cyprus gives you the opportunity to register a company in Cyprus which can have its own Cyprus bank account

In more detail:

The process of Cyprus Company registration and relevant documents required:

To speed up the Cyprus Company registration process, our firm maintains a list of already approved names from the Cyprus Registrar of Companies. Choosing one of the names, within a week we can deliver a fully registered Cyprus company that is fully in operation.

For setting up a Company in Cyprus for each shareholder / beneficial owner we will need the following:

–  Copy of Passport / Identity Card

–  Prove of residence address. For example a less than 3 months utility bill – electricity bill, telephone bill, etc

Bank account opening process in the name of the Cyprus Registered Company and relevant information required: 

For Cyprus banks, the presence of the customer is not a requirement if the customer is represented by an approved professional service provider such as PKF Cyprus. This is important, as this will save valuable time, unnecessary expense, inconvenience, and travel to Cyprus. We take full responsibility for the process and data collection needed by the Cypriot banks for the opening of a Cyprus bank account.

Cyprus company set up benefits and advantages

– Cyprus registered company Corporate tax rate is 12.5%

– Cyprus is well established as an international business center

– Transparent legal framework, EU member and Tax system fully compatible with the EU and OECD

– An extensive network of double tax treaties

– Full compliance with European directives such as the EU parent / Subsidiary directive/interest, royalties’ directives, etc.

– Cyprus Registered Company’s Taxation of dividends – 0%

– Cyprus Registered Company’s distribution to shareholders’ taxation – 0%. No withholding tax

– Cyprus Registered Company’s gain on sale of securities – shares – 0%

– Handling tax paid abroad – deducted from the Cyprus tax

– Minimum capital required for Cyprus Registered Company formation – 1 euro

– Cyprus Registered Company’s dividends

+ Tax-free in foreigner shareholder’s hands (taxed only in shareholder’s country of residence)

+ They can be distributed in time chosen by the shareholder

+ Can be reinvested without limitation

– Shareholders protection – Cyprus limited Liability Company

– Flexibility in heritage issues (transfer of shares, there is no inheritance tax, etc.)

– Cyprus Registered Company’s foreign shareholder has the right to manage the company through his appointment in the Cyprus Company board

– Cyprus Registered Company’s bank accounts can be controlled outside Cyprus

– Foreign shareholder asset protection

– Cyprus exporting companies or Cyprus international trade companies can do  without restrictions on capital movements

– Ability to open a personal bank account, bank card, etc. and withdraw money from any country in the world.

– Cyprus Registered Company’s running costs can be paid with a bank card from any country in the world, for example, travel expenses, etc.

– Cyprus Registered Company’s corporate expenses can be paid with bank cards and accounted in the books of the Company

– Cyprus Registered Company’s costs are deductible from Cyprus Registered Company taxable income. General rule – Costs associated with income are deducted, for example,

+ Accounting and audit fees

+ Interest expenses, exchange losses,

+ Rent

+ Entertainment / transportation costs

+ Travel abroad

+ Wages and salaries including directors’

+ Related supplies

+ Depreciation of equipment (Computer, etc.)

– Surplus earnings of the Cyprus Registered Company can remain undistributed or reinvested from Cyprus to other countries and profits can be remitted again in Cyprus Company.

Cyprus Company formation is not an offshore Cyprus company formation 

Since Cyprus joined the EU,  the incorporation of a Cyprus company is not an offshore or tax haven  Cyprus company incorporation. Cyprus Registered Company is not a Cyprus offshore company but it is a common European Company. For many people, there is confusion about the status and use of a Cyprus Registered company, a fact which affects negatively the decision of entrepreneurs to register a Cyprus company.

Important

Once the Cyprus company registration process is completed, in order to apply the Cyprus tax regime, it is vital that after the Cyprus company formation, Cyprus Registered Company should always ensure that management and control reside in Cyprus, and adequate Cyprus substance can be demonstrated.

Register a Company in Cyprus – Other important

–  Cyprus company registration can be achieved without visiting Cyprus

–  The Cyprus registered company needs to have at least one director and a secretary

–  The Cyprus registered company needs to have at least one director being a tax resident of Cyprus

–  The Cyprus registered company  every year must file audited financial statements

–  Cyprus Registered Company needs to pay an annual levy to the Cyprus Registrar of Companies of 350 Euros to maintain the Cyprus Registred Company active.

 

Services other than setting up a Cyprus company that PKF Cyprus can provide through its affiliates:

Along with the Cyprus Company Formation and Cyprus Registered Company ongoing  services PKF Cyprus through its affiliates can provide:

–  Cyprus company secretarial services, maintaining Cyprus Company’s registry, etc.

–  Cyprus Company Cyprus banking administration services, handling of correspondence with banks, execution of bank payments, etc

–  Through our legal services division, we can provide legal services for Cyprus companies. Through PKF Cyprus Nicosia office legal division, we can provide services like preparation and review of agreements and contracts i.e. provision of services agreements, loan agreements, etc

How can we help

+ We undertake all relevant arrangements to help you with Cyprus company formation and Cyprus Substance

+ Once Cyprus Company formation process is completed we can help you to open a Cyprus bank account with any local bank in Cyprus

Contact us

Please contact us for a free personal consultation on the Cyprus company set up.

Contact email: info@pkf-nic.com

Contact telephone Number: +357 22760100

 

The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.

PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.