Cyprus

Principal Corporate Legislation Companies Act - 1968, modification of act - 1977, 1979, 1985, 1986, and 1990
Type of Company for International Trade, Investment & Tax Planning International Business Company (IBC)
Authorized business activities All and any activities not prohibited by the law, except banking, insurance, reinsurance, financial services
Prohibited activities Cannot trade with resident individuals or companies situated in Cyprus
Language of Legislation and Corporate Documents English and Greek
Taxation 10% tax of net profit
Dividends paid to no-residents will be exempt from withholding tax
VAT – 18%
Levy tax – 350 EUR
Standard share capital 1000-2000 EUR, divided into 1000-2000 shares par value 1 EUR
Shares Emission of registered shares with par value only
Shareholders The minimum number of shareholders is one - individual or legal entity
Breakdown of shares when registering Minimum number - two
Publicly Accessible Records Yes. Name of company and reg number of company
Directors One individual or legal entity
Registered office Required on the territory of Cyprus
Registered agent Not required on the territory of Cyprus
Local secretary Required - one individual or legal entity
Location of Meetings of Directors and Shareholders  
-shareholders Annual meeting required
-directors Not required
Mandatory  
- keeping of accounting records Yes
- annual account The company submits annual account to the Central Bank of Cyprus and declaration of profit to tax institutions
- presentation of auditor's conclusion Yes
Information at disposal to the third party Names and addresses of directors and shareholders, registration address, statute and memorandum, credit claim
Currency control No
Double Taxation Treaty Access All countries of CIS (except Georgia), Austria, Greece, Romania, Bulgaria, Hungary, Canada, Ireland, Slovakia, Czech Republic, Italy, Sweden, Denmark, Kuwait, Great Britain, France, Norway, USA, Germany, Poland, lapsed Yugoslavia, China, Malta, Syria, Belgium, Egypt, Finland
Incorporation timeframe 7-8 working days
Shelf Companies Yes