INTERNATIONAL BUSINESS COMPANY SERVICES
Cyprus has become one of the most important business and shipping center in the world. Today it is the home of more than 300 shipping companies and more than 10.000 international business companies (with fully staffed offices).
This development has been the result of the following factors:
• Cyprus is a member state of the European Union as from 1st May 2004
• It has one of the lower corporate tax rate in the E.U. and numerous others tax incentives
• Wide network of Double Tax Treaties –See the countries with which Cyprus has Double Taxation Treaties
• Excellent commercial infrastructure
• Highly qualified and multilingual labour force
• A strategic location in the eastern Mediterranean at the cross-roads of Europe, Asia & Africa
• A blue sky with over 340 days of sunshine per year and a very warm climate
• Advantages of Cyprus International Business Companies (IBCs)
• Advanced telecommunication networks and infrastructure
• High quality standards of professional services at competitive & reasonable prices
• The procedures to set up an IBC are simple and the related costs low
• Freedom from exchange control
• Anonymity of the beneficial owners of a company and many more other reasons making Cyprus a very attractive place for many companies to base their operations in the island.For more information see-Why Cyprus.
What is an International Business Company (IBC)
An International Business company is a limited company, the shares of which are held by non-residents and its activities are usually outside Cyprus. An IBC can either be resident in Cyprus, if its management and control is in Cyprus or non-resident if its management and control is outside Cyprus.
• The registered address of the company must be in Cyprus
• The number of shareholders in such a company may be from 1 to 50
• Shareholders may either be Cypriot or foreign natural or legal persons
• There is no minimum authorized share capital but, as a matter of course, such share capital is usually EUR1,000 and the minimum issued share capital is EUR1,00
• There should be at least one Director and one Secretary
• Cyprus Companies are taxed at 12,5% on their profits, provided that their management and control is exercised within Cyprus. In such case, these companies may be able to take advantage of the Double Tax Treaty Network available in Cyprus. If the management and control is outside Cyprus, then the company would not be subject to taxation in Cyprus
• An IBC should submit accounts to the Tax Authorities and the Registrar of Companies
• Anonymity, if required, is secured by having the shares held by nominees or trustees
Moreover, it is a simple procedure to register and set up a legal entity in Cyprus.
Types of businesses that can be incorporated
There are three forms of Businesses that can be incorporated in Cyprus:
• a limited liability company, including a Cyprus Holding Company
• a General or limited liability partnership
• an International Branch of a foreign organization
Most International Business Companies are limited liability companies and only a small fraction of them, are partnerships or branches because in essence their legal status and financial liabilities are the same to those of the beneficial shareholders.
Services that we offer through our associates are:
• Registration of a Cyprus International Business Company
• Maintenance of accounting records
• Budgets and management accounts preparation
• Feasibility studies
• VAT related services
• Deal with the government authorities on your behalf
• Preparation and submission of the annual audited Financial Statements
• Operating bank accounts and executing payment orders
• Provision of registered office address
• Provision of Cyprus Nominee shareholders
• Provision of Cyprus Nominee directors
• Provision of Cyprus Nominee secretary
• Personnel recruiting
