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Open offshore in Cyprus
After joining in 2004 in EU, Cyprus is no longer an offshore in the classic sense of the word. Companies pay taxes, submit reporting and pass annually auditing. Nevertheless, demand for the opening of an offshore company in Cyprus among the businessmen who want to optimize taxation, is consistently high. Even the crisis and financial instability of the Cyprus economy have no effect on this trend. Let`s see, what is the reason for such popularity of Cyprus. The first is a high level of trust enjoyed by Cypriot companies, in contrast to the classical offshore jurisdictions such as Panama or Dominican Republic. After all, Cyprus is a full member of the EU and Cypriot companies are considered as reliable in the world. This is especially important for companies planning to do business in the developed countries. If to the transparency one adds the loyal tax legislation, that Cyprus can be considered as ideal place to do real business and registration of various types of offshore companies. Secondly, opening an offshore in Cyprus, one can enjoy a number of tax benefits and preferences, which will help to save money and significantly reduce the tax burden.
- The lowest in the EU tax rate on net income of resident companies - 12.5%
- Income of non-resident companies are not subject to income tax;
- Dividends paid to non-residents, as well as income from the sale of securities are not taxed;
- Cyprus has adopted International Financial Reporting Standards (IFRS);
- Signed an agreement on avoidance of double taxation with 34 countries, including Russia, Ukraine, other CIS countries, most countries in the European Union, US, China, etc .;
- There is no taxation for subsidiaries, which makes organization of the holding companies in Cyprus extremely advantageous;
- There is no exchange control.
Open an offshore company in Cyprus
Open an offshore company in Cyprus with IT-OFFSHORE is quite easily and quickly, registration takes about 48 hours. Directors and shareholders may be both private and legal persons, including foreigners. It is necessary minimum 1 director and 1 shareholder, secretary and office for registration. If one want to obtain the status of a resident for the company, it is necessary that decisions will take across Cyprus, and local residents were part of the board of directors. Calculating the cost of annual maintenance of the company, one should take into account that, in contrast to the classical offshore, Cyprus companies need to submit financial statements and annually pass auditing. Confidentiality is achieved through the involvement of nominee shareholders and directors.
The regional advantages of Cyprus include the well-developed infrastructure, including well-established air communication with EU and the East. On the territory of the Republic of Cyprus there are more than 20 banks, which were specifically opened for serving non-resident companies, there are also a large number of other branches of major banks. Legal services and maintenance of accounting records are at a high level. Cyprus communication occurs mostly in English, the local citizen speak it perfectly.
Only in IT-OFFSHORE company there are individual packages with due account for specificity of company registration in particular country and your needs in services (for example, nominal). Our experts will select the most advantageous offer for your business.
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