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Cyprus

CREATE A COMPANY IN CYPRUS
COMPANY TAX - 12.5% -

Incorporate, form or create a company in Cyprus

Country characteristics:
Geographic location: Mediterranean, off the Syrian -‐ Lebanese coast.
Political regime: Presidential democracy (South), military regime (North).
Population: 1,138,071 inhabitants (2012)
Idiom: Greek, Turkish
Currency: Euro.
Time zone: GMT 2

PRESENTATION
Thanks to its strategic location, in the Mediterranean, 328 km west of Israel and 65 km southTurkey, the island of Cyprus has become a business hub that encourages investmentforeign.
Its legal system is based on the Common Law. The country is politically stable and although the Greek isthe official language, English is used very frequently both in daily life and in businessand in most official documents.

SOCIETY CREATION
Regardless of its sector of activity, Cyprus has modern legislation thatallows you to find offshore solutions adapted to the needs of your company.
The type of company most frequently used in Cyprus is the "Private Limited Company" (LTD).
• There are no limitations regarding the number of shareholders, their residence or theirnationality. A single shareholder may be sufficient and may also be a manager / director.
• There is no minimum capital requirement nor is it mandatory to "lock" it in a bank account.
• The companies are adapted to all types of legal activity and can be carried outactivities related to finance, online games, banking or insurance after obtaining thecorresponding license. A company can carry out several activities.
• A company domiciled in Cyprus can be an interesting product to protect assetscustomer assets.

TAXATION
• The business philosophy of this small island is mainly oriented towards freecompany and encourages new entrepreneurs to create or expand their businesses, using
a flexible fiscal policy and bilateral agreements against double taxation signedby the Cypriot Government to generate wealth.
• Attractive tax regime: the Government decided in 2003 to apply a tax rate ofcompanies of 12.5% and maintains a VAT of 19% (one of the lowest in Europe).
• Another advantage of Cyprus is the possibility of having a VAT numberintracommunity (for imports / exports within Europe) that favorsexchanges between Cyprus and the rest of the countries of the Union.
• Discretion: Shareholders who create a company in Cyprus are not anonymous and their identity is registered in the local registry. A figurehead system can be established"nominated", both for shareholders and for the manager / director.

Characteristics of the creation of a Cypriot company:
Kind of society: Private Limited Company (LTD).
Capital needed: No minimum capital is required.
Legal system: Common Law with various influences: Greek, French, Muslim.
Number of directors / shareholders: Minimum, 1 director / 1 shareholder.
Anonymity and Confidentiality (Nominee Service): The name of directors and shareholders appears in the Public Registry, so the services of a nominee can be used.
Secretary service: Yes.
Company taxes (On profits): 12.5%.
Fortune tax: 0%.
VAT: 19%.
Government fees: Yes, ND
Accounting requirements: Obligation to maintain accounting and submit annual reports.
Bearer shares: Unauthorized.
Control of non-resident changes: Not.

Links of interest:
Cyprus government website: http://www.cyprus.gov.cy/

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