Cyprus Branch/registration incorporation procedures
The setting up of a Cyprus Branch can be achieved by submitting an application with the Cyprus Registrar of Companies. The application for the setting up of a Cyprus Branch is submitted by an authorized person acting on behalf of the foreign company (foreign head office) through a power of attorney.
The following documents are required in order to file an application for registering a Cyprus Branch:
– Certificate of incorporation of the foreign company
– Memorandum & Articles of Association of the foreign company
– Details of directors and secretary i.e. certificates etc of the foreign company
– Details of a person resident in Cyprus to represent the Cyprus Branch
Note: All documents should be certified and legalized by an Apostille or Notary Public and be translated into the Greek language.
Cyprus Branch taxation
– A Cyprus Branch is taxable in Cyprus only if management and control is exercised in Cyprus i.e. the same way as Cyprus tax resident companies;
– A Cyprus Branch can enjoy the same taxation benefits with those of a Cyprus Company;
– Cyprus does not impose any additional taxes on Cyprus Branch profits remitted to the foreign company;
– If Cyprus Branch is expected to make losses at the beginning of its operations, the foreign company may offset such losses against its taxable profits however, this is subject to the tax treatment applicable in the jurisdiction of the foreign company;
Statutory reporting of a Cyprus Branch
– Audited financial statements are required by the Cyprus Companies Law 113 (if in a foreign language a certified translation in the Greek language is required)
– The tax return needs to be filed with the Cyprus Tax Department
– Cypriot Branch needs to have the same name and activities with those of the parent company
– Cypriot Branch liability rests with parent company
Please contact us to help you with how to incorporate a Cyprus Branch or on the choice between setting up a Cyprus Branch or a Cyprus Company.
Tel.No. + 357 22 462727
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.