Cyprus Business Services

By Cyprus business services we are referring to a broad range of services covering nearly all the accounting, corporate, law, tax  and investments aspects provided by specialized lawyers, accountants and other consultants in their own expertise.

Such service providers offer comprehensive advice and guidance regarding legal, financial, taxation and other issues. It can facilitate the implementation of business projects according to commercial needs. Their international capabilities are enhanced by their network with other leading European service providers across Europe, with whom they co-operate to implement major cross-border matters as regards to international business services.

Furthermore, a number of specialists such as Accountants, Business Consultants, Economists, Tax Consultants specializing in the provision of consultancy, management and administrative services to individuals and both domestic and international organizations are involved.

Company Formations

Cyprus service providers specialize on  company formations and banking services due to the numerous advantages offered to international entrepreneurs.

Registering a company in Cyprus is relatively easy and can be faster than in many European countries. Cyprus Company registration itself begins with application for registering a company which shall be submitted to the Registrar of Companies. Generally, the company will be registered within one week.

The corporate tax is at a level of 12,5 % which is relatively low in comparison with other European countries. There are minimal taxes linked with registering a company in Cyprus and it doesn’t depend on the type of service or the capacity of business. Equally, it is not required to be present at the company at the place of registration – as a photo and documentation is more than enough to get a certification.

International Business Company

The generally freedom to start, operate, and close a business is comparatively well protected by the national regulatory environment. Establishing a business is relatively easy. Regulations have been smooth, administrative procedures have been simplified, and regulations affecting business are clear and consistently applied. Cyprus has been following policies designed to support a favorable business environment and private initiative.

Cyprus’s trade policy is European Unions policy, where non non-tariff barriers reflected contains agricultural and manufacturing financial support, market access restrictions in some service sectors, import boundaries for some goods and services, non-transparent and restrictive regulations and standards, and inconsistent customs administration across EU members.

An International Business Company can either be resident in Cyprus which presumes that its management and control is in Cyprus or it can be non-resident which means that its management and control is outside Cyprus.

Further an IBC can either operate from a fully-featured office with permission to occupy expatriate personnel or it can have its registered office at the office of a local accountant or lawyer.

Whatever the type of an International Business Company is, the application process is mainly the same.

The basic steps and information required for the formation of an International Business Company are summarized below:

Firstly, you have to present the proposed company names to the Registrar of Companies for approval. This generally takes 2-4 days. Once you get hold of approval for the company name, you have to prepare the memorandum and articles of association of the company and put them forward for registration to the Registrar of Companies.

The memorandum must contain a brief description of the main activities of the company. There must be a minimum of one shareholder. If anonymity is required, the shares may be held by a nominee or trustee. There must be at least one director who may be foreign or local. It is also required to appoint a company secretary and a registered office address in Cyprus. If everything goes as planned the registration procedure for an International Business Company can usually be completed within a period of eight working days.

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