Cyprus is a popular destination for investment as it is a European Union member offering significant tax benefits.
The corporate tax rate in Cyprus is 12.5% and provides for a range of incentives.
The procedure is as follows:
The Memorandum carries the name and object of the business and it provides the amount of share capital, the name of the subscriber and the number of shares and the address of the subscribers, whereas the Articles of Association provides the internal regulations based on which a company will be conducted in its daily operations, provisions about the rights, duties and responsibilities of the company’s shareholders and directors and voting rights of members.
7. The client will receive signed Certificate of Incorporation, Memorandum and Articles of Association by the Registrar of Companies, Certificate of directors and secretary, Certificate of Shareholders, and Certificate of Registered office.
After the submission of the document, it usually takes five (5) working days for the incorporation.
No. There is no need for the beneficial owner of the Company to be present for alll pre-incorporation and post-incorporation procedures. All forms and other documents can be received in paper-form by mail. However, clients are always welcome to visit our office to get to know us and establish a more trustful relationship.
Only if that person is also the shareholder of the Company. As per the Article 173 of the Law, it is not permitted for one person to act both as a secretary and a director, if the shareholder of the company is a different person or an entity.
There is no actual requirement of the Director being local Cypriot person, however it is of vital importance since is one of the criteria that determines the location of the tax-residence of the company itself. There are, of course, many other but the location of the board is just one of them. So, it must be viewed in context. For the avoidance of any Controversy IBCCS TAX advises to engage Cyprus-based directors (individual or corporate).
As for the Secretary, although it is not required by law for the secretary to be local Greek speaker, IBCCS TAX advises though for the purpose of efficiency and smooth operation of the Company, since the secretary will be directly liaising with the authorities in Greek language.
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Since 2014 we’ve continually explored new ways of finding viable solutions. Our vision is to keep doing business that inspires us to create more. Our mission is to create a better everyday operating life for the businesses and to offer a wide range of tailor-made solutions.
We assist our clients in relocation and at all stages of their entrepreneurship adventure: from structuring the business in a tax-efficient manner, through the daily administration and operations of the companies.
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