Company registration in Cyprus has attracted businessmen from all over the world for many years, since the conditions for doing business allow them to enjoy many advantages and benefits in relation to other jurisdictions. Cyprus offers the lowest net income tax rate in Europe of 12.5%, which allows for increased profitability through tax breaks. New tax residents of Cyprus have additional benefits, in particular, we are talking about personal income tax, social security tax. The Republic of Cyprus is one of the most attractive countries for investment, while obtaining citizenship for investment of investment funds still exists, but was canceled for a certain period due to suspicions and accusations of regulatory authorities. The Parliament of Cyprus has prepared and plans to adopt a set of laws regarding foreign investments and preferential taxation of foreign capital arriving in the country and significantly enriching the economy. Additionally, special conditions of taxation of assets directed to startups and innovative companies in Cyprus are considered.
Company registration in Cyprus has a number of features and conditions for successful activities. When creating a legal entity, it is worth paying special attention to the name of the future company, since the name of the company being created cannot coincide with the existing ones and be similar to that of the existing company. Failure to comply with this requirement entails a refusal on the part of the registering authority and a repeat of the procedure. Since English law is applied on the territory of Cyprus, nominee service is officially allowed in the country when forming the management bodies of the company, both in the person of the director and in the composition of shareholders.
Company registration in Cyprus — practice
To start registering a company, it is necessary to solve several main tasks, namely, to determine the name of the company, given that it is better to choose several names during registration, since we receive refusals for a number of names provided by the client. The company needs an address of registration and a secretary, who must be under the laws of the Republic of Cyprus. Accounting in Cyprus is also mandatory, all companies are required to submit accounting reports with a certified auditor's opinion. In this case, the auditor must be local and located in Cyprus. Our company offers you the following services in the registration of companies in Cyprus:
- We carry out verification of company names to comply with the requirements of the legislation of the Republic of Cyprus;
- We provide nominee services both in the person of the director and in the person of the shareholder or shareholders of the company;
- Providing a legal address for registering a company in Cyprus that meets the requirements of the legislation of the Republic of Cyprus;
- Provided a Secretary for the future company, which is mandatory in accordance with the legislation of the Republic of Cyprus;
- Complete confidentiality of business is respected;
- The cost of registering companies in Cyprus is — from 3,500 euros with a nominee service, it is also possible to register without a nominee service, you can find out more information by writing to us by e-mail of the company;
- We provide services for opening bank accounts in the Russian Federation and other jurisdictions at your request.
If you have any questions, write to us in the chat in the lower corner of the screen or send a message to the company's e-mail or use the feedback form, which you can see below:
Company registration in Cyprus and VAT features
Features of VAT are also present in the Republic of Cyprus, the basic tax rate is 19%, while a reduced rate of 5% or 9% is set for a number of goods and services. There is the possibility of applying a zero rate for the export of goods and delivery within the European Union, as well as for medical, financial and other services. VAT applies to a number of transactions performed by a company, such as:
- The provision of services or the supply of goods carried out in Cyprus by a person subject to the obligation to pay tax;
- Purchase of goods from a country that is part of the European Union, while the acquirer must be a taxable person in the Republic of Cyprus;
- Imports of goods to Cyprus from countries outside the European Union. Taxpayers of VAT in Cyprus charge VAT on the goods and services supplied by them, while there is a difference between the VAT charged on the supplied goods and the goods purchased.
If you want to start a business in the Republic of Cyprus, we will offer you our services and will accompany your company in further work.