APGI Cyprus Limited Company
Cyprus Offshore Incorporation
From €1700.00/US$2125.00
Cyprus Offshore Company Overview
LOCATION
Cyprus is a beautiful island located in the East Mediterranean sea and is positioned at the cross point of Europe, Asia and Africa. The area of the island is approximately 9.251m2 with a population of 700,000 inhabitants. .
CLIMATE AND CYPRUS LIFE
The climate of Cyprus is characterized as mild with long periods of sunshine and temperatures ranking from 10-35 C. During winter snow covers the top mountain giving the opportunity to enjoy snow sports such as skiing. These characteristics make Cyprus an ideal place for business as well as pleasure.
COMMUNICATIONS AND TRANSPORTATION
Cyprus has two international airports, Larnaca and Paphos, that offer daily flights to most European countries, USA, Canada, Asian and major African countries. There are two multipurpose ports located in Cyprus which are Limassol and Larnaca. Cyprus is considered among the top countries in the telecommunication services with a telephone network that has direct connections to more than 190 countries.
INTERNATIONAL RELATIONS
Cyprus has been a member of the United Nations since its independence in 1960 and as from May 2004 is also a full member of the European Union.
LEGAL SYSTEM
The legal system is based on the same principles as those of the United Kingdom and all statues regulating business matters and procedures are based essentially on English law.
BANKING
There are currently 16 locally incorporated and 22 foreign banks operating in Cyprus. The banks have set-up specialized International Business Unions (IBU) to serve exclusively the needs of International Business Community of Cyprus. .
CURRENCY
Euro
LANGUAGE
The official languages of Cyprus are Greek and Turkish but English is widely spoken throughout the country.
PRINCIPAL CORPORATE LEGISLATION
Companies Law, Cap. 113, as amended.
Cyprus Limited Liability Company Information and Features
Key Corporate Features
| General | |
|---|---|
| Type of entity: | IBC |
| Type of law: | Common |
| Shelf company availability: | Yes |
| Our time to establish a new company: | 5-7 Days |
| Minimum government fees (excluding taxation): | Not Applicable |
| Corporate taxation: | 10% |
| Double taxation treaty access: | Yes |
| Share capital or equivalent | |
| Standard currency: | Euro/CYP |
| Permitted currencies: | Any |
| Minimum paid up: | CPY 5,000 |
| Usual authorized: | CPY 5,000 |
| Directors or Managers | |
| Minimum number: | One |
| Local required: | No |
| Publicly accessible records: | No |
| Location of meetings: | Anywhere |
| Members | |
| Minimum number: | One |
| Local Required: | No, but advisable for purposes of tax residency. |
| Publicly accessible records: | Yes |
| Location of meetings: | Anywhere, but Cyprus advisable for purposes of tax residency. |
| Company Secretary | |
| Required: | Yes |
| Local or qualified: | No, but Cyprus advisable for residency and compliance. |
| Accounts | |
| Requirement to prepare: | Yes |
| Audit requirements: | Yes |
| Requirement to file accounts: | Yes |
| Publicly accessible accounts: | No |
| Other | |
| Requirement to file annual return: | Yes |
| Change in domicile permitted: | No |
Cyprus Company Information
Type of Company For International Trade and Investment
Companies incorporated under the Companies Law, Cap 113, as amended, who have obtained Exchange Control permission from the Central Bank of Cyprus to acquire IBC company status.
Procedure to Incorporate
By submission of the Memorandum and Articles of Association to the Registrar of Companies, together with an affidavit before a Court and the appropriate registration fee.
Restrictions on Trading
Cannot undertake to the business of banking, insurance or the rendering of financial services to the public unless special permission is granted. Companies cannot trade with resident individuals or companies situated in Cyprus other than in relation to the maintenance of premises, banking and professional services, unless they have special permission from the Central Bank of Cyprus.
Powers of Company
The powers and objects of a Cyprus company are contained within the Memorandum of Association and have to be specific.
Language of Legislation and Corporate Documents
English and Greek.
Time to Incorporate
5-7 Days but delivery of documents may take 2 weeks.
Name Restrictions
Any word that the Registrar considers undesirable. Any name that is identical or similar to an existing company. Any name that implies illegal activity or implies royal or government patronage, the following words or their derivatives: asset management, asset manager, assurance, bank, banking, broker, brokerage, capital, credit, currency, custodian, custody, dealer, dealing, deposit, derivative, exchange, fiduciary, finance, financial, fund, future, insurance, lending, loan, lender, option, pension, portfolio, reserves, savings, security, stock, trust or trustees.
Language of Name
Names may be expressed in Greek or any language using the Latin alphabet if the Registrar is in receipt of a Greek or English translation and the name is not considered undesirable.
Registered Office Required
Yes, must be maintained in Cyprus.
Names Requiring Consent or Licence
The following names or their derivatives: bank, trust, building society, insurance, assurance, reinsurance, their foreign language equivalents or any name that the Registrar considers may have a connection with the aforementioned.
Suffixes to Denote Limited Liability
Limited or Ltd.
Disclosure of Beneficial Ownership to Government Authorities
Yes, only to the Central Banks of Cyprus where strict confidentiality is legally protected.
Compliance
Authorized Share Capital
The share capital must be expressed in Cyprus pounds. The usual authorized share capital of a Cyprus IBC company is CYP 5,000 and the minimum issued and paid up capital is CYP 1,000. For companies wishing to establish a physical presence in Cyprus, the minimum is CYP 10,000.
Classes of Shares Permitted
Registered shares of par value, preference shares, redeemable shares and shares with no voting rights.
Taxation
By virtue of special provisions in the Cyprus Income Tax Laws, the net chargeable profits of Cyprus IBC Companies are taxed at a rate of 10%.
Double Taxation Agreements
Cyprus has concluded 33 double tax treaties with: Austria, Bulgaria, Belarus, Belgium, Canada, China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Mauritius, Norway, Poland, Romania, Russia, (including most of the CIS countries, i.e. Azerbaijan, Armenia, Kyrgyzstan, Moldova, Uzbekistan and Ukraine), Singapore, Slovakia, Slovenia, South Africa, Sweden, Syria, Thailand, United Kingdom, USA and the former Yugoslavia.
Licence Fees
Not applicable.
Financial Statement Requirements
Audited financial statements have to be submitted to the Cyprus Taxation Authority and to the Central Bank of Cyprus annually.
Directors
The minimum number of directors is One. They may be natural persons or bodies corporate, be of any nationality and need not be resident in Cyprus.
Company Secretary
All Cypriot companies must appoint a company secretary, who may be a natural person or body corporate. It is advisable to appoint a resident company secretary.
Shareholders
The minimum number of shareholders is One.
Schedule Of Fees
| Basic Fees: Cyprus LLC | € EURO | $ US DOLLAR |
|---|---|---|
| Complete Incorporation Fee: | €1700 | US$2125 |
| TOTAL FIRST YEAR FEES: | €1700 | US$2125 |
| Additional Services: | € EURO | $ US DOLLAR |
| Corporate Seal | €40 | US$50 |
| Open Cyprus Bank Account | €625 | US$785 |
| Open Offshore Bank Account | €275 | US$345 |
| Power of Attorney (1 yr. w/Apostille) | €275 | US$345 |
| Certificate of Good Standing | €300 | US$375 |
| Nominee Director | €375 | US$470 |
| Nominee Shareholder | €300 | US$375 |
| VAT Registration | €350 | US$435 |
| VAT Return (0-15 Items) | €350 | US$435 |
| Virtual Office (per month) | €250 | US$315 |
| Annual Fees: | € EURO | $ US DOLLAR |
| Annual Maintenance Fee | €450 | US$565 |
| Annual Financial Statements | €2000 | US$2500 |
| Annual Accounts | €1000+ | US$1250+ |