13 Aug 2003 - Cyprus - non-resident companies
MONACO CORPORATE
SECRETARIAT
International tax planning
Protecting your assets is our mission
Cyprus - Non-resident companies
Introduction
Cyprus is situated in the north-eastern basin of the Mediterranean Sea at the crossroads of Europe. The strategic location of the island has played an important role in its continuing development into a financial centre.
Cyprus Offshore Companies belong exclusively to non-residents and which carry on business and derive income exclusively outside the island.
Taxation
Cyprus Offshore Companies are taxed on Income at 4.25%. Offshore Branches managed and controlled from abroad and Offshore Partnerships are totally exempt from Tax. There is no withholding tax on Dividends, Interest and Royalties.
Double Tax Treaties: Cyprus has concluded an impressive number of Double Tax Treaties for the avoidance of Double Taxation.
The existence of these treaties, combined with the low tax paid by Offshore enterprises, as well as their expatriate employees offer significant possibilities for International Tax Planning through Cyprus.
Residency: In order that a Company may be entitled to take advantage of a Cyprus Double Tax Treaty should be considered for the purposes of the Treaty as resident of Cyprus.
Incorporation: The minimum share capital for an Offshore Company must be CYP 1000.- or in case the Company will operate full fledged offices in Cyprus and apply for duty free benefits then the issued capital should be minimum CYP 10,000. Bearer shares are not permitted.
In practice it takes between 3-5 days to incorporate a Cyprus Offshore Company.
Directors: Minimum one, but a secretary cannot also be a role director, and the Company must have a registered Office in Cyprus.
Compliance
All Cyprus Companies must prepare a balance sheet and accounts each year which must be audited.
An annual return must be filed each year and must include details of directors and shareholders.
The accounts must be approved in an Annual General Meeting and filed each year.
For further information
Please contact :
Derek R. SMITH of M.C.S
Email: assetprotect@libello.com
Tel +377 9797 6230
Fax +377 9797 6233
While every effort has been made to ensure that this information sheet is accurate and up-to-date we cannot be held responsible for any errors or omissions.
International tax planning
Protecting your assets is our mission
Cyprus - Non-resident companies
Introduction
Cyprus is situated in the north-eastern basin of the Mediterranean Sea at the crossroads of Europe. The strategic location of the island has played an important role in its continuing development into a financial centre.
Cyprus Offshore Companies belong exclusively to non-residents and which carry on business and derive income exclusively outside the island.
Taxation
Cyprus Offshore Companies are taxed on Income at 4.25%. Offshore Branches managed and controlled from abroad and Offshore Partnerships are totally exempt from Tax. There is no withholding tax on Dividends, Interest and Royalties.
Double Tax Treaties: Cyprus has concluded an impressive number of Double Tax Treaties for the avoidance of Double Taxation.
The existence of these treaties, combined with the low tax paid by Offshore enterprises, as well as their expatriate employees offer significant possibilities for International Tax Planning through Cyprus.
Residency: In order that a Company may be entitled to take advantage of a Cyprus Double Tax Treaty should be considered for the purposes of the Treaty as resident of Cyprus.
Incorporation: The minimum share capital for an Offshore Company must be CYP 1000.- or in case the Company will operate full fledged offices in Cyprus and apply for duty free benefits then the issued capital should be minimum CYP 10,000. Bearer shares are not permitted.
In practice it takes between 3-5 days to incorporate a Cyprus Offshore Company.
Directors: Minimum one, but a secretary cannot also be a role director, and the Company must have a registered Office in Cyprus.
Compliance
All Cyprus Companies must prepare a balance sheet and accounts each year which must be audited.
An annual return must be filed each year and must include details of directors and shareholders.
The accounts must be approved in an Annual General Meeting and filed each year.
For further information
Please contact :
Derek R. SMITH of M.C.S
Email: assetprotect@libello.com
Tel +377 9797 6230
Fax +377 9797 6233
While every effort has been made to ensure that this information sheet is accurate and up-to-date we cannot be held responsible for any errors or omissions.