Cyprus

Cyprus - member of the European Union, is an island in the eastern Mediterranean, shaped by a land area of 9,240 square kilometers and a population of over 790,000 inhabitants. The capital is Nicosia and the official currency is the pound (CPY). The official languages are Greek and Turkish.

The Cyprus economy is based on the free enterprise system. The government's role is limited to the regulation, planning and provision of public utilities.

Cyprus offers IBCs (International Business Companies), since the adoption of the Ordinance of International Business Companies 1994. The corporate tax is 10% for this type of legal form.

The IBC can not trade with residents of Cyprus, nor can conduct banking business, finance or insurance, unless they have special authorization from the government.

To be duly constituted, an IBC needs only an administrator (principal) who can be a natural or legal person of any nationality and need not be resident in the islands. A minimum of one shareholder and social capital to establish it is 5,000 CPY

Cyprus companies are required to submit audited annual reports and tax returns.

There is a total tax exemption for:

• Profits derived from the purchase and sale of the stock market
• Profits derived by shipping
• Dividends distributed by the company resident in Cyprus
• • Dividends received by the company where appropriate, by an entity resident in an EU country
• Capital gains

Cyprus-based companies can access more than 40 double taxation treaties signed with various countries.

Yearly maintenance costs as well as accounting, book presentations, audit if any, will depend on the type of business, and billing, we always try our best to the customer.

You can arrange the EU VAT and associated bank account.

In about 4 weeks is all for the Society in Cyprus