Establishing a company in Cyprus

Cyprus is an island west of Syria, south of Turkey and northwest of Israel. It has been the site of constant battle for control since the days of antiquity and up to the 1970s, recently resulting in its division between Turkey and Greece. Each territory has its own government and reigning president. Currently the political situation is stable; its legal system is primarily British, official languages are Greek and Turkish respectively, and many of its legal documentation is rendered in English (making it easier for foreign companies to register there).

Cyprus enjoys moderate weather 300 days a year; in summers the mid-island areas can reach 38°C. It has two mountain ranges –Kyrenia along the island’s northern coast and the Troodos which boasts the highest elevation of Mount Olympus (1952m). Between these ranges lies a fertile valley used for agriculture.

  • It is only 250 km north of Israel (45 minute flight).
  • The Cyprian Tourism Department manages marketing campaigns in many locations to encourage tourism, including Russia, Germany and many Arab states. Millions of euros are invested in this enterprise.
  • Natural gas deposits have recently been discovered on the island, allowing Cyprus to export large quantities of gas to Europe and provide a stable revenue source for years to come.

Cyprus is part of the eurozone and its economy is based on private entrepreneurship with the role of the government merely to regulate and provide public services. Tourism contributes substantially with 2.4 million visitors each year, bringing in 5 billion euro to the island economy and employing over 120,000 local workers.

Cyprus boasts an advanced banking system and modern transportation infrastructure, making it a popular destination for offshore companies.

Offshore companies in Cyprus are subject to certain restrictions: they may not deal in banking, insurance or financial services unless specifically authorized to do so. Also, they may not trade with certified locals or other local businesses.

The process of registering there is extremely quick (average of 22 days), the corporate tax rate is 12.5%, and shareholder information may be kept confidential by working through trustees.

General Information


Type of company

IBC – International Business Company

Relevant Companies Law

Cyprus Companies Law, Cap.113

Offices

Law requires companies to provide a local office address

Language of original incorporation documents

English and Greek

Finance and Taxation


Currency

EUR

Corporate tax rate

12.5%

Standard share capital

5,000 EUR

Office Holders


Company Secretary (Secretary)

 
Obligation to appoint company secretary

Required

Obligation to appoint local secretary

Required

Type of entity that may function as company secretary

Individual and/or company

Director

 
Obligation to appoint company director

Required

Obligation to appoint local company director

Required only in Resident companies

Minimum number of directors

1

Type of entity that may serve as company director

Individual and/or company

Shareholders

 
Obligation to register shareholders

Required

Obligation to register local shareholders

None

Minimum number of shareholders

1

Type of entity that may register as shareholder

Individual and/or company

Type of shares

Registered shares

Accessibility of Information


Company registrar

Information regarding office holders accessible to the public

Annual Assembly and Reporting


Obligation to hold annual assembly

Required – may be in any location

Obligation to prepare financial reports

Required

Obligation to submit financial reports

Required

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