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Cyprus

Legal System Common law. The established system of national substantive and procedural law, formed under the influence of English common law, with additions from the local legislation.
The System of the Common State Registrar The company records (name, registration data, shareholder, director, secretary, address) are kept by the public registry. The registering authority is Department of Registrar of Companies and Official Receiver.
Registration Procedure Documents are submitted to the Registrar via internet.
E-Registration Available.
Pre-incorporation Procedures (statement of compliance, affidavit, etc) Prior to registration and affidavit at the court by a licensed lawyer is required.
Company Name Prior approval of the name is required. The name may be in Greek or in a language that uses the Latin alphabet. Company name must end in LIMITED or LTD. The words "Corporation", "International", "Group", "Financial" etc. are not allowed.
Incorporation Documents Memorandum & Articles of Association. Original documents shall be drawn up and kept in the Greek language. A client receives the English translation, certified by the Registrar.
Share Capital The minimum share capital is not specified. Most common: EUR 1000 divided into 1000 shares with par value of EUR 1 each. Bearer shares are not allowed.
Beneficial Owner The beneficial owner can be any physical person. Information about the beneficiary is not reflected in the Registrar.
Shareholder At least one shareholder (physical person or legal entity). Maximum of 50 shareholders for private companies. Transfer of shares into trust and use of nominee shareholder is allowed.
Director Minimum of one director. Maximum can be defined by the Articles of Association. The director may be a physical person or a legal entity. It is recommended that the appointed director be a Cyprus resident. (In case of the Board of Directors, it is recommended that 50% of the Board be appointed from among the residents of Cyprus).
Secretary A secretary is required. A local physical person or a legal entity must be the secretary.
Registered office A registered office in Cyprus is required.
Residency Is determined by the place of management of the company.
Income Tax 12,5%
Taxes on Dividends 0% (under certain conditions)
Taxes on Capital Gains 0%
Taxes on Interest 12,5%
Tax Withheld at Source None.
VAT 19%
Specific National Taxes and Levies Annual Levy – EUR 350. Special Defence Contribution Tax - imposed only to Cyprus Tax residents.
Reporting Each year is fully reported in accordance with the IFRS.
Audit Mandatory annual audit and reporting to the tax authorities and Registrar.
Cost Accounting Rules Costs must be justified and documented.
Tax Administration Formal, in accordance with the requirements of the law.
Use of Tax Treaties Over 45 countries, including the Russian Federation, the countries of the EU, the United States, the United Kingdom.
Terms of Use of Tax Preferences Tax residency.
Controlled Foreign Corporation in Jurisdictions with Low Tax (CFC) Income of controlled companies registered in low-tax jurisdictions are not included in returns, and the use of such companies is not a reason for refusal of the application of tax exemption.
Disclosure of Information There are official channels of information disclosure. Information about beneficiaries is revealed by the decision of a Court or general prosecutor.
Language Communication with public authorities, courts and banks may be in made English. The majority of documents are available in English.
Registration of Company From EUR 4 100.
Administration of Company From EUR 3 600 per year.
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