CYPRUS COMPANY FORMATION BANK ACCOUNTS
Cyprus Company Formation Tax Haven
KGN Services specializes in Cyprus company registration and opening bank accounts.
Cyprus Company Formation – Overview
Advantages of Cyprus Company Formation
- European jurisdiction
- Advantageous vehicle for International Tax Planning and use
- 0% tax on Dividends received (Dividends received by a Cypriot Company, on certain conditions, are free of tax making Cyprus the most competitive jurisdiction for holding companies)
- 0% withholding tax on Dividend payments (Dividends payable by a Cypriot resident company to its foreign shareholders (whether a company or individual) are not subject to any withholding tax in Cyprus)
- Full tax exception on the payment of dividends to its non-resident shareholders and has a real advantage over the other traditional holding jurisdictions
- No capital gains tax is paid on the transfer of immovable property owned by a Cypriot Company abroad (outside Cyprus)
- 12, 5% Taxation for tax resident companies.
- Double Tax Treaties (Cyprus has signed a considerable number of Double Taxation Treaties with various countries, to avoid the double taxation of income earned in any of the two contracting states)
- A minimum of one director is required for a Cyprus company formation. Director can be of any nationality and need not be resident, but Cypriot advisable for purposes of tax residency corporate directors are permitted
- A minimum of one shareholder is required for a Cyprus company formation
- Nominee Shareholders and Nominee Directors Allowed
Cyprus Company Formation. Legislation
Principal Corporate Legislation
Companies Law, Cap 113, as amended.
Type of Law
Civil with many English Common Law influences.
Language of Legislation and Corporate Documents
English and Greek.
Cyprus Company
Type of Company for International Trade, Investment & Tax Planning
Cyprus Private Limited Company.
Share Capital
Standard authorised share capital is EUR 1,000. Minimum paid up share capital is EUR 1.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Each Cypriot company must have a Registered Office in Cyprus.
Secretary
Each Cypriot company must have a Secretary in Cyprus.
Directors
A Cyprus company requires a minimum of one director. Director can be of any nationality and need not be resident, but Cypriot advisable for purposes of tax residency Corporate directors are permitted.
Shareholders
A Cyprus company requires a minimum of one shareholder.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere, but Cyprus advisable for purposes of tax residency.
Personal Presence Required
No.
Taxation
The corporate tax rate is 12.5%.
VAT
A Cypriot company trading from Cyprus may be registered for VAT purposes and the VAT prefix will be ‘CY’.
Double Taxation Treaty Access
Azerbaijan, Armenia, Austria, Bulgaria, Belarus, Belgium, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyzstan, Malta, Mauritius, Moldova, Norway, Poland, Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, Sweden, Syria, Thailand, Ukraine, United Kingdom, USA, Uzbekistan.
Requirements to File Accounts
Yes.
Audit Requirements
Yes.
Exchange Control
None.
Time required for Cyprus Company Formation
Two weeks, subject to name approval.
Cyprus Company Registration – Name of a Company
Language of Name
English.
Restricted Words
Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.
Name of a Cyprus Company
The name of each Cyprus company must end with the word “Limited” or “Ltd”.
Questions? Need Advice?
Make an enquiry or request a confidential callback or chat with us.
Cyprus Company Registration Prices
Cyprus Company Formation Package Includes:
- Company Name Check
- Initial Business Approval
- Preparation of Application Documents
- Registration of a standard company with a maximum share capital of €1.000 inclusive of legal fees and stamp duties
- Transfer of subscribers’ shares
- Allotment of new shares appointment of directors
- Arranging of the registered office
- Filing statutory returns and issue of share certificates
- Nominee Director (Cyprus Resident)
- Secretarial Services for 1 year
- Register of shareholders
- Register of directors
Starting at: €2790
Why Choose KGN Services?
We’ve been helping business owners since 1996
Incorporating your business is our focus
We make a complex process fast and easy
We work closely with Companies Registries to guarantee our service
Fastest offshore companies & accounts – Most competitive pricing worldwide
People Also Ask
How much does it cost to register a company in Cyprus?
Cyprus company registration costs starting at 2790 EUR
How do I register a company in Cyprus?
The formation of the company must be finalised before registering a company. Afterwards, an application must be submitted to the Cyprus registrar.
Is Cyprus Offshore?
Cyprus is not offshore. Cyprus is not a tax haven, so it’s not considered to be an offshore jurisdiction.
How much tax do you pay in Cyprus?
There’s a corporate tax that a company would need to pay in Cyprus. Since it’s not a tax haven, this low and favourable tax is required and must be paid.
Services related Cyprus Company Formation
KGN Services provides the following services related Cyprus Company Registration:
- Cyprus Company Formation
- Registered Office Services
- Secretarial Services
- Nominee Shareholder / Nominee Director
- Opening of Bank Accounts
- Full Cyprus Company Administration Services
- Mailing Address
- Virtual Office
- Bookkeeping & Audit
- VAT Registration
- EORI Registration
- Trademark Registration
- Family Office
Cyprus Company Formation – Set up a company and open a bank account in Cyprus
Cyprus has become a target for individuals and corporations who want to start their businesses in places with low taxation rates. Cyprus is among the many countries with the lowest corporate tax rates across the European Union, with a 12.5% tax rate, attracting many businesses to take an interest in starting a company in Cyprus.
Cyprus Company Registration
There’s an increasing amount of interest in building a company in Cyprus these days thanks to their favourable low tax rate. Additionally, because of this tax rate, Cyprus has become the gateway to the European common market, which is chosen by various non-EU companies and corporations. It also serves as the portal for investment to countries from the West, through to Russia, South America, Middle East, and Asia.
The Advantages of Company Registration in Cyprus
Many companies have arisen in Cyprus for a number of reasons, but mainly because of the tax rates implemented in the country. Additional advantages of having a company in Cyprus include:
1.Companies and entrepreneurs are allowed to legitimately conduct their business and be subjected to a low corporate tax rate.
2.Companies registered in Cyprus have the ability to be incorporated with a full 100% ownership.
3.Companies in Cyprus can also benefit from the network of double taxation treaties where almost 60 countries are signatories, including the UK, the US, China, Canada, Russia, and many more.
How to Register a Company in Cyprus
Registering a company in Cyprus is unexpectedly easy. Although a Cyprus company registration is completely different from a Cyprus company formation, the registration completes the company formation itself.
When registering a company, you have two main options: to start a new company or to use a pre-formed one in Cyprus. Generally, the registration proceeds as follows:
- Applying for the Company name
- Incorporation
- Establishing Bank Accounts
To be able to fully conduct business in Cyprus, a Cyprus company must be registered with the Cyprus Registrar of Companies. Once the necessary procedures for Cyprus company formation are finalised, the Cyprus company registrar search will start. The company shall submit an application to the Cyprus Registrar of Companies to apply for company registration.
How to Register a Company in Cyprus
To be able to fully conduct business in Cyprus, a Cyprus company must be registered with the Cyprus Registrar of Companies. Once the necessary procedures for Cyprus company formation are finalised, the Cyprus company registrar search will start. The company shall submit an application to the Cyprus Registrar of Companies to apply for company registration.
How Much does it Cost to Register a Company in Cyprus?
You might be asking yourself, ‘how much does it cost to open a company in Cyprus?’. Generally, for a new organisation, registering a company in Cyprus starting at 2790 euro.
A Registered Cyprus Company
After a company is fully registered, there’s a need to further register for VAT. What is VAT in Cyprus? It’s a tax in Cyprus that consumers pay and reflects on the cost of a product. In Cyprus, VAT is set at 19%. When all necessary registrations and applications are made, the company will finally gain a Cyprus company registration number. The registration number is proof that the company is legally registered and allowed to run its business. The Cyprus company registration number format usually has nine characters, eight of them being numbers, and the last character is always a letter.
Cyprus – General Information
Location: Middle East, island in the Mediterranean Sea, south of Turkey; note – Cyprus views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both.
Area: total: 9,251 sq km (of which 3,355 sq km are in north Cyprus), land: 9,241 sq km, water: 10 sq km.…
Capital: Nicosia.
Time Zone: UTC+2.
Languages: Greek, English
Government type: Presidential democracy.
Currency: Euro.
KGN Services | Cyprus Offshore Company | Cyprus Company Formation
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