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Cyprus International Business Company

SYNOPSIS

Cyprus is an island situated in the north eastern Mediterranean Sea at the crossroads of Europe, Asia and Africa. The capital city is Nicosia, which has a population of about 200,000 people.

Cyprus gained independence from Britain in 1960 and adopted a presidential system of Government with elections for the President taking place every 5 years. In 1974 Turkey invaded Cyprus and has since occupied the northern 40% of the island although discussions are currently taking place with a view to reunification of the island.

The official languages are Greek and Turkish but English is widely spoken and is the language mostly used in business, government and the courts. Laws are based on the English legal system and company law is modelled on the UK Companies Act 1948. In addition, Cyprus is expected to be a full member of the European Union in 2004. Communications are excellent.

A Cyprus International Business Company Set Up:

A Cyprus international business company is defined as an otherwise normal Cyprus company which is owned by non-residents of Cyprus and does business exclusively outside the island. Such a company has the following characteristics:

  1. Shareholders:
    A minimum of one shareholder is required for a Cyprus International Business Company registration. Details appear on the public file but anonymity can be retained by the use of nominee shareholders. Bank references on the beneficial owners must be submitted to the Central Bank of Cyprus but secrecy laws protect these details. Bearer shares are not permitted.
  2. Directors:
    A minimum of one director is required for a Cyprus International Business Company and details appear on the public file but anonymity can be retained by the use of third party directors. There is no legal requirement that the directors of Cyprus International Business Company be a Cyprus resident but in order to obtain relief under the taxation treaties signed by Cyprus it is likely that the company would need to be seen to be Cyprus resident and therefore have a majority of the directors based in Cyprus.
  3. Officers/Secretary:
    All Cyprus International Business Companies must appoint a company secretary, who may be a natural person or body corporate. It is advisable to appoint a resident company secretary.
  4. Restriction on name & activity of a Cyprus International Business Company:
    Names of a Cyprus International Business Company must end with the word “Limited”. The following words and their associated activities cannot be used: Assurance, Bank, Building Society or any other words deem sensitive or offensive.
  5. Local Requirement:
    As a matter of local company law the Cyprus International Business Company MUST maintain a registered office address within Cyprus and must also appoint a company secretary who, for practical reasons, must be resident in Cyprus. We would normally provide these services as part of our domiciliary service fee.
  6. Timescale of Cyprus International Business Company Set Up:
    Registration of a Cyprus International Business Company will take approximately 14 days However, in special circumstances an accelerated process is available which would allow incorporation in 3 days.
  7. Annual Reporting of Cyprus International Business Companies:
    Cyprus International Business Companies need to comply with the following filings annually:

    a. Submission of the company annual return to the Registrar of Companies

    b. Submission of audited financial statements to the Central Bank of Cyprus and to the Income Tax Authorities

    c. Submission of provisional tax returns on 1 August in the tax year and final tax returns on 31 December of the year following the end of the tax year to the Income Tax Authorities.

  8. Confidentiality of Cyprus International Business Companies:
    Although details of the shareholders and directors appear on the public file, statutory secrecy provisions protect details of the beneficial owners supplied to the Central Bank.

9. Company Renewal:

Renewal of a Cyprus International Business Companies, are to be paid in June every year. This is a requirement by Company Registry. Failure to do so results in penalties and could result in the striking-off of the International Business Company from the Company Registry.

Latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.

10. Required Documents in Setting Up a Cyprus International Business Company:

KYC Documents for individual Director/Shareholder:

  1. Passport – original to be verified personally in our office, otherwise client can provide an original notarized copy of the passport
  2. Proof of address (in the form of utility bill, dated less than 3 months)
  3. Bank reference (dated less than 3 months with satisfactory record clearly mentioned and also the time period the client has been dealing with the bank: minimum of 2 yrs)
  4. Detailed CV
  5. Professional reference letter (can be issued by Lawyer or Certified Public Accountant)
  6. Dully filled FATCA Form
  7. Notarized US Declaration (if a US Person)

KYC for Corporate Director/Shareholder:

  1. Certificate of Incorporation
  2. Registered address and place of business
  3. Certificate of Current Standing if incorporated more than 1 year
  4. Register of Directors
  5. Register of Shareholders
  6. Memorandum & Articles of Association

All documents of the corporate entity must be certified by a Lawyer or Certified Public Accountant

Incorporation of a Cyprus International Business Company begins from EUR 2,785/-

Global Business Services DMCC has helped many individuals and corporate entities to set up an International Business Company in Cyprus. Our Company acts as a one stop solution for Cyprus International Business Company incorporation services.

If you are looking for Cyprus International Business Company set up, please get in touch with us for professional assistance.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.

GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

QUICK LINKSOur Services
GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.

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Copyright © 2020 Global Business Services.

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