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:
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.
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:
KYC for Corporate Director/Shareholder:
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.