Business oriented people either from Cyprus or abroad chooses to invest in Cyprus because of the flexible nature of the corporate and tax structure and the numerous advantages it provides for companies.
The local government is business friendly with any kind of investor and provides very good incentives for startups and have such way boosted the registration of new companies in the island. The Cyprus taxation in general is quite flexible and helps the investors to enjoy amazing incentives. From a legal point of view note that Cyprus commercial law is equivalent to EU laws and has a good amount of transparency in regards to corporate law, corporate administration and investments.
If you are resident of Cyprus then tax would be imposed on you as per your total income generated in Cyprus and anywhere in the world. If you are living in Cyprus but are not resident of Cyprus then you will be charged only on the income that is generated in Cyprus.
How to file the tax return in Cyprus?
It would be hard to do everything on your own. This is because rules and regulations keep on changing. Thus, it’s important that you opt for Corporate and tax services provided by accountants and auditors in Cyprus so that you can stay assured that the tax return is being submitted on due time to the authorities and is not less or more than what you have to pay. If there will be any changes in the Cyprus tax rate note that these modifications are imposed only by the government that is notifying the citizens in the official websites. You must keep an eye on all the changes that take place in this field. The calendar year here starts from 1st January and ends at 31st December.
Are you planning to open a company in Cyprus?
Cyprus offers to foreigners’ flexible and low tax rates and a simple and uncomplicated company registration process. As an investor you will need to draft Articles of Association, gather and submit some relevant documents like passport copies, forms etc. If you are planning to relocate your business or establish a new you will need an office location. If you have no need of a physical address you can set up a virtual office that will offer you a choice of communication solutions such as phone number with answering services, voicemail service, fax number, call redirection service and a registered office address. In any case you will also need to open a bank account. For company registration in Cyprus you can get in touch with knowledgeable accountants in Cyprus who would be able to take up the perfect solutions for company incorporation and the taxation procedures later on. The accountant guides you fully about investment planning also.
Look out for the best accountants in Cyprus
It is important that you get in touch with the most suitable accountant in Cyprus for your case that can offer all kind of corporate, tax and business services you need. If you are eligible to pay VAT then the general rates for services are 19%. However for some other services and goods it can be 8% and 5% or even less. In order to get accurate guidelines it’s more convenient to find an accountant in Cyprus who can assist you with all matters that has to do with setting up a business, tax filing and more. Thus, check out with the best accountants in this destination and get your task done with ease. A professional and knowledgeable accountant would also help you to generate further income and advice how to manage your wealth and assets.