11:18 a.m. - 2010-04-14
Cyprus IBC
Registering a Business in Cyprus
Cyprus is a nation that gained independence in 1960 but became incorporated with Greece in 2004. This country, like Belize and Bahamas, do allow international companies to register their businesses in their country and charge them little or no tax.
The advantage of registering a company in Cyprus is that they do not need your tax information and hence no need to deal with an auditor. However, you will be charged tax on any income generated in the event of a Cyprus-oriented transaction or deal. You will not be under obligation to follow the Cyprus tax laws, therefore you do not pay tax, but at the same time, you do not stand to benefit from double taxation like a Cyprian. Therefore, you will not pay tax based on where the company is registered but where it is actually controlled and run from.
To begin with, you must have a name that is available for registration. Also there are permitted lines of business that you can register your company under like loaners, asset finance, security, stocks, and other related terms in the field of finance. You must have a minimum of one director and a minimum of one shareholder. You must submit your tax records yearly to the Tax Department and you must also have a tax number. Also like Belize, there are consultants and agents who can sort out the registration for you for a fee.
All you will need to register is a copy of your ID or passport, an agreement that can be sent by you, should they request for one, and a utility bill, be it telephone or electricity, not dating back more than 3 months and it has to be in the English language. You must of course give your contact details in full and state if you have any affiliation with Cyprus businesses. You must also ensure that you have at least one director and shareholder from Cyprus. The shareholders and nominees must also hand in their financial statements. So as has been established, Cyprus is yet another country that you can invest in if you wish to gain from the Cyprus tax laws or open an offshore company in Cyprus and enjoy 0% tax charges and keep more of your profit.
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