Cyprus company

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Cyprus Company Formation

Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean. It is located south of Turkey, west of Syria and Lebanon, northwest of Israel, north of Egypt, and southeast of Greece.

As a former British Colony, English is a second language spoken with 80% of the population being relatively fluent speakers. The legal system is structured on its English counterpart and is based on common law with many Cypriot Lawyers being trained in the UK.

The Republic of Cyprus is a free market economy providing vast opportunities for international business and efficient tax planning, the wide network of double tax treaties, first class legal and accounting services, ideal conditions to conduct business, investing and trading within European territory.

Cyprus Limited Companies are not considered as offshore companies as there is no offshore legislation in Cyprus.

Cyprus company formation allows entrepreneurs to conduct business internationally and within Cyprus with one of the lowest corporate tax rate in European Union – 12.5%, 19% VAT rate and 0% withholding tax on dividends repatriated to a non-resident shareholder individual or corporate.

Cyprus Company Formation Service

Cyprus Company Formation Advantages

  • Double-tax agreements with almost 60 countries, residence certificate, VAT Number – VIES, EU Parent Subsidiary;
  • Credibility and prestige for your worldwide partners, having your resident non-offshore company;
  • 5% Standard Corporation tax rate. If properly structured, Cyprus tax can be minimized or almost entirely eliminated;
  • There are no restrictions on foreign Directors or Shareholders, individual or corporate. For obtaining the resident status of the company the director and the secretary of the company must be local and licensed;
  • There is no paid up capital requirement;
  • Interim dividends distribution is allowed. Distribution to foreign entities or individuals are not taxed in Cyprus;
  • Nominee services are available;
  • Board Meetings can be held anywhere in the world. However in order for the company to be tax resident in Cyprus, board meetings should be held in Cyprus for establishing management and control in Cyprus.

Cyprus Company Formation Summary and Main Characteristics:

General Information 
Type of companyPrivate Company limited by shares
Corporate LegislationThe Cyprus Bar Association is the governing authority and companies are regulated under the Cyprus Companies Law, Cap. 113. Legal system: Common Law
TaxationStandard Corporation Tax – 12.5%
Tax on Dividends for foreigners – 0%
Standard VAT rate – 19%
CurrencyStandard Currency EUR€
Commonly used currency of shares capital EUR€
Paid up capital requirementNo paid up capital required
Time zoneGMT (UTC) +2
Directors
Minimum no. required1
Local Director requiredNo, but in order for the company to be tax resident in Cyprus – Yes (can provided by Consil Formation)
Location of MeetingsAnywhere
Shareholders can be 100% foreign
Minimum no. required1
Location of MeetingsAnywhere
Company Secretary
RequiredOptional (can provided by Consil Formation)
Local Secretary requiredNo, but in order for the company to be tax resident in Cyprus - Yes
Registered office requiredYes
Share Capital
Standard CurrencyEUR€
Standard Authorized Capital1,000 EUR€
Minimum paid up capitalNo
Accounting Requirements
Preparation of accountsRequired (can be completed by Consil Formation)
Requirement for auditYes
Accounts public accessibleYes
Requirement to file Annual ReturnYes (can be completed by Consil Formation)
Further Information
Bearer sharesNo
ConfidentialityYes
Nominee servicesAvailable
Need to travelNo
ApostilleYes, Hague Convention 1961
OwnersIndividuals or Corporate

Company Formation Fee

  • Company Formation – with all services included for the first year: € 2.800;
  • Certificate of Incorporation;
  • Memorandum and Articles of Association;
  • Appointment of Director(s), Distribution of Shares, Minutes, Resolutions in accordance with banks requirements;
  • Share Certificate(s);
  • Authorized Share Capital of €1000;
  • Local Registered Office Address;
  • Personal manager assistance for the entire period;
  • Registered Agent;
  • Preparation & Filing of Annual Return;

Renewal Fee after one year – with all services included for the next year: €890;

  • Local Registered Office Address;
  • Registered Agent;
  • Preparation & Filing of Annual Return;
  • Personal manager assistance for the entire period;

Further Optional Services:

  • Nominee Director – Individual or Corporate as per client’s request – €800;
  • Nominee Shareholder – Individual or Corporate as per client’s request – €500;
  • Local Licensed Secretary – Individual as per client’s request – €800;
  • Power of Attorney – General / Special PoA Notary Legalized with Apostille, in accordance official institutions and with banks requirements – €500;
  • Certificate of Good Standing with Apostille, in accordance with official institutions and banks requirements – €450;
  • Certificate of Incumbency with Apostille, in accordance with official institutions and banks requirements – €450;
  • Obtaining the VAT number and validation/registration in VIES – €600;
  • Apostilled & notarized set of company documents – €350;
  • Apostille per document – €310;
  • Notarization per set of documents – €200;
  • Notarization per document – €150;
  • Company Seal – €65;
  • Company Rubber Stamp – €45;
  • Courier – €80;
  • Audit – Quotation based on each particular case;
  • Bank Account opening service – Quotation based on each particular case;
  • Compliance Service – After Company Incorporation Services – new persons, legal entities, annual compliance review – €75 / hour;
  • Accounting & Bookkeeping – Quotation based on each particular case;

If you are looking to open a bank account in the particular country or bank, please contact as by e-mail office@consilformation.com
or call our Banking Department at +34 685 28 86 93

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