Is the third biggest island in the Mediterranean Sea, its territory is 9251 sq km large. Population - 700 000, official language - Greek and Turkish. National currency is Cyprus pound (CYP), 1 CYP = 1, 96 USD
| Advantages | Low taxation - 10% tax of net profit (since 01.01.2003) Has double tax treaties with the 33 countries Hard constraint of confidentiality |
| Disadvantages | Requirements: -bank reference to real owner of the company -information about the shareholders: name, address, nationality, place of residence But this information is confidential |
| Corporative legislation | Companies Act - 1968, modification of act - 1977, 1979, 1985, 1986, and 1990 |
| Type of the company | IBC |
| Authorized business activities | All and any activities not prohibited by the law, except banking, insurance, reinsurance, financial services |
| Prohibited activities | Can not trade with resident individuals or companies situated in Cyprus |
| Taxation | This integration contains a uniform corporation tax rate of 10%, payable by local and international business companies alike starting from 1 January 2003 The dividends paid to the Cyprian tax residents are subject to the taxation under the rate of 15 % basing on prospective distribution of 70 % from 90 % of the profit, which remain after paying the 10 % corporate tax Dividends paid to foreign corporations and foreign individuals will be exempt from withholding tax |
| Name of company | Name of the company must not be identical or confusingly similar to the existing ones The name must end on words Limited or Ltd |
| Equity capital of the company | The minimum amount of declared equity capital makes 1000 CYP |
| Recommended equity capita | 5000 CYP, divided into 1000 shares par value 1 CYP |
| Shares | Emission of registered shares with par value only |
| Shareholders - Minimum number - Nominal shareholders - Holders of trust equities - Breakdown of shares when registering |
One, natural or legal entity Permitted Permitted Minimum number - two |
| Does the law provide for non-disclosure of the information? - About actual owner of the company - About bank operations |
No Yes |
| Directors - minimum number - nationality and citizenship - status |
One natural or legal entity No requirements All the powers apart from those falling into the exclusive competence of members (determined by articles of association) |
| On the territory of Cyprus there has to be - registered office - registered agent - local secretary |
Required Not required Required (one natural or legal entity) |
| Holding of the meeting of -shareholders -directors |
Annual meeting required Not required |
| Mandatory - keeping of accounting records - annual account - presentation of auditor's conclusion |
Yes The company submits annual account to the Central Bank of Cyprus and declaration of profit to tax institutions Yes |
| Information at disposal to the third party | Names and addresses of directors and shareholders, registration address, statute and memorandum, credit claim |
| Documents held at registration office | Register of shareholders, directors and secretaries, credit claim |
| Agreements on exemption from double taxation | All countries of CIS (except Georgia), Austria, Greece, Romania, Bulgaria, Hungary, Canada, Ireland, Slovakia, Czech Republic, Italy, Sweden, Denmark, Kuwait, Great Britain, France, Norway, USA, Germany, Poland, lapsed Yugoslavia, China, Malta, Syria, Belgium, Egypt, Finland |
| Currency control | No |
| Term of incorporation | 4 weeks |
| Financial year ending on | Look for: Annual support of companies |
| Costs of registration of company | Look for: Costs of registration and service |
| Possibility to purchase a ready-made company | Yes, look for: Ready made companies |