22 September

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Information on Cyprus Company Formation

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General Type of entity: Private Type of Law: Common Our time to establish a new company: 15 days Corporate taxation: 12.5% Double taxation treaty access: Yes Change of Residency permitted: Yes Share capital or equivalent Standard currency: Euro Permitted currencies: Any Minimum issued: €1 Usual authorized: €1,000 License Fees Annual Levy: €350 Directors or managers Minimum number: One Local required: No, but advisable for purposes of tax residency Publicly accessible records: Yes Location of meetings: Anywhere, but advisable to take place in Cyprus for purposes of tax residency Members Minimum number: One Publicly accessible records: Yes Location of meetings: Anywhere, but advisable to take place in Cyprus for purposes of tax residency Company Secretary Required: Yes Local: Cyprus resident advisable for compliance purposes Accounts & Annual...

18 September

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Legal advice on Investment Fraud & Scams victims

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What separates a legitimate business failing with an investment fraud is a fine line. Business can become fraudulent by taking wrong decisions but it’s another thing when a scam is set up and ran as a ‘’legitimate investment opportunity. However if you become a victim of investment fraud the one thing you don’t do, is to give up. At Michalaki, Pitsillidou & Co LLC we provide expert advice in all investment fraud cases we help investors recover lost funds We have knowledge on ways investment scammers target potential victims and how they operate, we work closely with other experts such as accountants...

15 September

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Procedure of Civil Partnership

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The entrance into a Civil Partnership, under the Civil Union Law of 2015 (the Adoption Law is excluded) has respective effects and consequences with the marriage and any reference in any legislation of the Republic of Cyprus to "spouse" shall be interpreted as a reference to "civil partner". The entrance into a Civil Partnership takes place at the District Office of the District, where one of the persons concerned resides, by reporting in person upon appointment before the District Officer, who acts in his capacity as a Registrar. In case the persons concerned do not permanently reside in Cyprus, they can...

14 September

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Immigration Law In Cyprus

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PASSPORT REQUIREMENTS All persons except the following require passports valid for at least 3 months beyond the period of intended stay for visitors not requiring visas and 6 months for those requiring visas: citizens of European Union countries, Iceland, Liechtenstein, Norway and Switzerland holding a valid national identity card with the bearer’s photograph; holders of Laissez-passer issued by the United Nations (nationals of Egypt and Israel can enter Cyprus with a Laissez-passer if they are holding an entry permit previously obtained by the Immigration Department in Nicosia); holders of travel documents issued by the Cypriot Government to the Cypriot citizens; holders...

13 September

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Cyprus Offshore Banking Unit

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An Offshore Banking Unit (now known as an International Banking Unit - IBU) is a Cypriot limited liability company, or a branch of a foreign bank, which has obtained a banking license from the Central Bank. In Cyprus, non-Cypriot banks are offered the status of IBU, being restricted to banking operations with non-residents in foreign currencies, and with Cyprus-registered non-resident companies and their expatriate staff. The Central Bank issues IBU licenses and normally requires fully-staffed operation. If the IBU is controlled from abroad, and there is no local permanent establishment, there will be no profits tax. The following forms are permitted: Branches...

12 September

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Cyprus is still the TOP CHOICE for Corporate

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The main points of the Troika bail –out/ bail-in plan for Cyprus have been finalized, putting an end to the continuous speculations of commentators. The bail-out/ bail-in plan focuses on minimizing the expenses of the public domain by, among other provisions, reducing salaries, freezing hiring and terminating the provision for thirteenth salary. Another main section of the bail-out plan has been the increase of public income by an increase of the taxes of luxury products such as alcoholic drinks and smoke products, an increase which again will affect only locals. An increase of the corporate tax by 2,5% is anticipated within...

11 September

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ADVANTAGES OF COMPANY REGISTRATION IN CYPRUS

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Cyprus is one of the most popular locations in Europe for registering companies. A combination of factors, such as the favourable tax legislation, the straightforward corporate legislation and the country’s stable tax policy has led Cyprus into becoming an attractive jurisdiction, in which thousands of new companies set up with the Registrar of Companies every year, making the country a significant international financial centre. Cyprus has an effective and developed legal system and, as a former British colony, it is a common law country with business legislation similar to that of the UK. As Cyprus is a European Union member, a...

07 September

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Considerations when creating a company in Cyprus

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Cyprus undoubtedly offers a considerably advantageous base for any business. Offering a highly beneficial taxation system (which boasts one of the lowest rates of tax on corporate profits in Europe at 10%; the exemption from corporate tax of interest income, dividend income and profits from disposal of securities and a host of double taxation treaties upon which to rely) and located at a geographically favorable position, it is little wonder that Cyprus enjoys a reputation as an international business centre of excellence. However, before a company can be created, certain fundamental decisions need to be made about the kind of legal...

06 September

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International interest in Cyprus

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Analyzing the monthly searches on particular words, finding key words people people mostly use and studying the analytics of our sites over almost a decade now has taught us a lot about what international visitors seeks in Cyprus. Cyprus is useful way is interpreted by ability investors. Time after time the net searches range primarily based on the instances. Earlier than the haircut in Cyprus 2013 there has been a massive interest in corporate services which ended in hundreds of global searches in key phrases including tax heaven in Cyprus, offshore offerings in Cyprus and different associated keywords. After the haircut, a...

05 September

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Business Name Registration in Cyprus

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What is a Business or Trade Name? A business or trade name is the term used to denote a trading call, which isn't always a legal entity. Business names can be registered in Cyprus under the provisions of the partnerships and enterprise names regulation, cap 116. Who can register a business name? a single person or a legal entity. That's the procedure for the registration of a business name? Firstly, an application for name approval should be filed at the Registrar of Companies’ Office in Cyprus. The name is subject to the approval of the Registrar of Companies, who may refuse to register it...

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