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Types of companies
- Private Limited Company is the most popular choice among non-residents due to its flexibility and limited liability.
- Public Limited Company is intended for large enterprises and allows public trading of shares.
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Registration process
The registration process includes:- selection of a unique company name,
- preparation of the Memorandum of Association and Articles of Association, appointment of director(s) (no residency requirements)
- appointment of shareholder(s)
- registration in the Cyprus Companies Registry
At least one shareholder, no limit for private companies. Shareholders can be individuals or legal entities, not necessarily residents of Cyprus.
Nominee shareholders are allowed to maintain confidentiality.
At least one director is required, with no restrictions on nationality or residence. However, the location of the management and control may affect the tax residence of the company, including the residence of the directors.
Appointment of a company secretary is mandatory. We recommend appointing a person who is familiar with local corporate law and practice.
The address of the local registered office is required.
If you register a company with us, we help you fulfill all the requirements on a turnkey basis. This includes providing local secretaries, directors and shareholders. -
Bank account
Opening an account in Cyprus is relatively easy, with many banks offering services in English. For non-residents, a personal visit to the bank may be required. Remote opening is possible only in some banks, subject to complex procedures.
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Taxes
- The corporate tax rate is 12.5% of net profit, one of the lowest in the EU (!)
- There are extensive double taxation treaties in Cyprus, which provide significant tax planning opportunities.
- Dividends, interest and certain royalties received by non-resident companies are not taxed in Cyprus, provided certain conditions are met.
- Companies incorporated in Cyprus have access to EU directives, such as the Parent-Subsidiary Directive and the Interest and Royalties Directive, which can minimize taxes on payments between EU countries.
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Requirements for annual reporting
- Annual reports to the Cyprus Companies Registry.
- Annual financial statements audited by an accountant certified in Cyprus.
- Annual audit of the financial statements.
- Compliance with certain requirements for the annual tax return.
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Intellectual property (IP) regime
- Cyprus offers a favorable intellectual property regime, including significant tax benefits for companies engaged in intellectual property activities.
- Under certain conditions, an effective tax rate of up to 2.5% may be applied to intellectual property assets.
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Privacy
Information about shareholders and directors is publicly available. However, nominee services can be used to increase confidentiality. We help with this. -
Visa requirements
Non-EU nationals who wish to work or reside in Cyprus and operate a Cyprus company can apply for a work and residence permit.
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Phone: +380 73 250 9731
E-mail: info@sherstiuk.legal
E-mail: info@sherstiuk.legal
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+380 73 250 9731
info@sherstiuk.legal
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