Cyprus is an independent republic, situated on an island in the Mediterranean Sea, with a well developed infrastructure and a comparatively high standard of living (with a per capita income of approximately USD 15,000). Cyprus has developed and long-standing double tax treaty network. Until 2002, it was possible under these treaties to pay tax in Cyprus at the very modest rate of 4.25% on income derived in other countries. In 2002, however, in connection with the entry of Cyprus into the EU and the consequent need for tax harmonisation, the tax rate in Cyprus was increased to 10%, which is still one of the lowest in the EU.
| GENERAL INFORMATION | Total area - 9,250 sq km
Population - 760,000
Location - click here to see the map of offshore jurisdictions
Political status - Republic
Capital - Nicosia
Official language - Greek, Turkish
Official currency - Cyprus pound (CYP)
Time zone - GMT + 2 |
| Company type | Private Limited Company (Ltd.) |
| Directors/Officers | Cyprus Ltd. companies require a minimum of 1 Director, who may be a natural person or a corporate body. For a company having resident status, majority of Directors must be Cyprus residents.
Each Cyprus Ltd. company must file a Register of its Directors with the Register of Enterprises of Cyprus. |
| Shareholders | Cyprus Ltd. companies require a minimum of 1 shareholder, who may be a natural person or a corporate body from any legal jurisdiction.
Each Cyprus Ltd. company must file a Register of its Shareholder/s with the Register of Enterprises of Cyprus. |
| Authorised share capital | Standard authorised capital = CYP 1,000.
Minimum capital, which must be paid on incorporation = 2 CYP. |
| Company Names | The name of a Cyprus Ltd. company must be expressed in Greek and English, and must end with the word "Limited", or the suffix "Ltd.".
Company names containing restricted words such as "Bank", "Insurance", "Trust", "Finance", "Deposit", "Savings", "Security", "Royal" etc. will not be permitted unless an appropriate national operating licence has been obtained by the company. |
| Beneficial Ownership information | Information with regard to ultimate beneficial ownership must be disclosed to the Registered Agent of the company in Cyprus and is held by the agent on a confidential basis. |
| Filing of Annual Return | An Annual Return must be submitted every 12 months after the date of registration. |
| Filing of Financial Statement | Financial Statement must be submitted every year. |
| Corporate Taxation | Cyprus resident companies are subject to corporation tax on the rate of 10%. |
| Tax Treaties | Cyprus has concluded more than 30 double tax treaties with different countries worldwide. |
| Timeframe for incorporation | 12/15 working days. A complete set of company documents can be delivered in 6/7 weeks. |
| Takeover of management & secretarial services for an existing Cyprus Ltd. company | Possible, following verification of Beneficial Ownership and agreement with and discharge of liabilities to previous corporate service provider in Cyprus. |
| Description of incorporation documents | Click here for itemised description of company documents. |
| "Ready-made"("Shelf") companies | Today we have 12 "Ready-made" companies available in this jurisdiction (click here for list of companies) |
| Price of Cyprus Ltd. company | USD 2920, including incorporation costs, full domiciliary (Registered Agent/Office) costs, Nominee services and legal support services for one year. Additional fees for resident Directors must be paid, if the company expects to maintain a resident status. |
| Cost of annual support services | USD 1880 per year, including full domiciliary (Registered Agent/Office) costs, annual Government Duty, Nominee services and legal support services for each year. Additional fees for resident Directors must be paid, if the company expects to maintain a resident status. Also, additional fees must be paid for preparing of financial statement, which depends on complicity of the statement. |
