Cyprus International Business Company

Attributes of Cyprus IBC:

A Cyprus international business company is defined as an otherwise normal Cyprus company 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 the use of nominee shareholders can retain anonymity. 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 the use of third-party directors can retain anonymity is no legal requirement that the directors of Cyprus International Business Company be a Cyprus resident but 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 for Cyprus IBC:
   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 IBC Incorporation:
   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.