Offshore company incorporation in Cyprus
2023 Offshore company incorporation in Cyprus: full guide
Cyprus is bright, beautiful, multifaceted, amazing. If you see it with your own eyes, you will surely love it with all your heart.
The dazzling blue sea, majestic cliffs, soft as velvet sand - all this strikes with its beauty and makes the heart beat in tune with this harmony. And when one first comes to Cyprus, it often begins to dream of moving here to live and work. But just dreaming is not enough! You must try to turn your dream into reality. To make your dream come true, you must not be afraid, but act. Don't be afraid of change: everything is in your hands. Many who have moved here to live, do business and raise children have fallen in love with Cyprus and consider it their second home. But if you've decided to live and do business in Cyprus, you'll need to prepare for that. In order to do so, you'll have to learn a lot about Cyprus.
Our today's article will help you navigate through some of the details of Cyprus legislation, the rules of setting up your own business and the possibilities of relocation. And we will also try to show you the pros and cons of living in this country. For offshore company incorporation Cyprus is one of the best options.
Brief information about Cyprus
The Republic of Cyprus is an island country, a member of the European Union since 2004. Cyprus is not part of the Schengen area;
- Country size: 9251 km;
- Population: 1058300 (as of 2006), overwhelmingly Greek Cypriots (90%), with the rest being Cypriot Turks, English, Russians and Armenians.
- Official language: Greek and Turkish
- Capital: Nicosia, divided into two parts: South Nicosia (Republic of Cyprus) and North Nicosia (Turkish Republic of Northern Cyprus), the border between them is guarded by UN troops;
- Currency: Euro and Turkish Liras;
- Political system: The Republic of Cyprus is a presidential republic. The Turkish Republic of Cyprus is not recognized by anyone except Turkey.
- Main source of income: Tourism; hotels
- Religion: The Republic of Cyprus is Orthodox; the Turkish Republic of Northern Cyprus is Muslim;
- Climate: subtropical; its distinctive feature - hot, dry summers, the average summer temperature of +45, humidity 40-66%, winter temperatures +12 +20, humidity 60-80%.
The order of opening a business in Cyprus is declarative. If you have complied with all legal requirements of Cyprus, then you can safely engage in any legal activity with minimal oversight by the authorities. Owning your own business in Cyprus will give you the opportunity to work freely without restrictions with European countries and cooperate with almost all companies in the world.
Documents and Laws
The main legislative document, according to which all local and foreign companies carry out their activities, is the "Companies Law". The provisions of this law are mandatory for all businesses, regardless of the number of employees and type of activity. Cypriot legislators have analyzed the legislative framework of the EU and adopted a legislative act similar to the law of 1948, adopted in Great Britain, making their minor changes. However, in essence, this law is very similar to the previous one. It is not difficult to register a business in Cyprus. Any citizen from any country in the world can open here any legal form of business, which the "Company Law" allows. The registration of a company can be done remotely, for example, through an intermediary; no personal presence is required for the registration.
In order to open a company, there are a number of requirements that must be met:
- The authorized capital of the company - not less than 1000 euros;
- Obligatory registration of the legal address;
- Approve the staff: accountant, director, shareholder.
Company registration in Cyprus
Company registration takes place at the establishment "Department of registration and liquidation of companies".
When you submit the documents for company registration, you need to pay at once:
- 105 euros registration fee;
- 0.6% tax for the year on the declared capital of the company;60 euros for the paperwork.