Cyprus company registration

Cyprus company registration

DOING BUSINESS IN CYPRUS

Since 2003, Healy Consultants has assisted our Clients with starting their company in Cyprus. Our services include i) Cyprus business registration ii) assistance to license the company iii) corporate bank account opening services in Cyprus and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions.

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  • Advantages and disadvantages

    Advantages of Cyprus company registration

      Register new company in Cyprus
    1. Registering a company in Cyprus allows entrepreneurs to legitimately conduct business in Cyprus and internationally at a low corporate tax rate of 12.5%;
    2. Foreigners can own 100% of their Cypriot companies. To register an LLC in Cyprus, at least one shareholder and one director of any nationality is required. Corporate shareholders and directors are permitted;
    3. A foreign owned company can invest in every business sector without restriction;
    4. Dividends paid to a Cyprus resident company are exempt from corporation tax, whether they are received from a foreign company or another Cyprus resident company. There are no capital gains tax and no withholding tax on dividends that are repatriated to a non-resident individual or company. This makes Cyprus an ideal jurisdiction to establish holding companies;
    5. A Cyprus company can benefit from double taxation treaties with more than 47 countries, including China, India, Ireland, Singapore, the UK and the US;
    6. Following business registration in Cyprus, Healy Consultants can open a corporate bank account with one of the world’s leading retail banks, including HSBC, Standard Chartered and Citibank;
    7. The Global competitiveness report 2014-15 postively rated Cyprus as the 15th country in the world when it comes to burden of government regulation on conducting business;
    8. Incentives available for investors planning to register a new Firm in Cyprus to carry out offshore activities include the following: income sourced from operations abroad is not subject to corporate or income tax; immovable property outside Cyprus is not subject to capital gains tax or estate duty;
    9. Residents of EU member states who register a company in Cyprus can acquire property for commercial use in Cyprus;
    10. The country has a well-educated, skilled workforce with 73% of the population speaking English fluently.

    Disadvantages of Cyprus company registration

    1. Following registration of a Cypriot company, a full set of annual accounts must be submitted to the Cyprus Inland Revenue Department. Healy Consultants will assist our Clients efficiently and effectively to complete this annual statutory obligation;
    2. Shareholders and directors’ details are available for public viewing;
    3. Cyprus is ranked as the world’s 31st least corrupt country, according to the 2014 Corruption Perceptions Index by Transparency International, a global measure of corruption amongst public officials and politicians. Furthermore, Cyprus is poorly ranked as the world’s 58th most competitive economy in the World Economic Forum’s Global Competitiveness Report 2014-2015;
    4. Cyprus is financially unstable with a “junk status” credit rating. The 2013 financial crisis resulted in frozen bank accounts and perhaps will later lead to levies on bank assets.
  • Best uses for a Cyprus company

    1. Cyprus is an ideal location for a regional headquarters. Located in between Europe and North Africa, Cyprus is in close proximity to many leading African markets such as Morroco, Algeria, Israel and Turkey.

Company registration

  • Time to incorporate: Two weeks
  • Cost to set up: €7,535
  • Minimum capital: €1
  • Physical office required: Yes

Required appointments

  • Shareholders: 1
  • Directors: 1
  • Company secretary: Yes
  • Resident director: No

Key facts

  • Corporate tax rate: 12.5%
  • Corporate tax base: Worldwide
  • Shelf companies: Yes
  • Main company type: Limited company

Contact us

For additional information on our business registration services in Cyprus, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Grace Odhiambo, directly:
client relationship officer - Grace
Cyprus chamber of commerce and industry (CCCI) Government web portal of the Republic of Cyprus Cyprus tax department (direct taxation) - Cyprus inland revenue department Cyprus Investment Promotion Agency - invest in Cyprus (CIPA) Cyprus ministry of finance Central bank of Cyprus