Cyprus Offshore Companies

CYPRUS OFFSHORE COMPANIES

With a population of less than 900,000, Cyprus is a beautiful island in the Mediterranean Sea. The official languages are Greek, Turkish and English. English is widely used in commerce, industry and government.

Cyprus joined the European Union in 2004, but it still enjoys the unique advantage of being able to structure tax free offshore companies.

Cyprus has a long history as an International Financial Center. For many years, Cyprus incorporated offshore IBC’s similar to those provided by other traditional centers, such as BVI.

On accession to the European Union in 2004, the Cyprus business model changed but it still enjoys some very important advantages, which we believe, will be of great interest to Maritime International Ltd’s clients. In fact, one might say that the new version of the Cyprus company model is, in many ways, better than the old one.

OVERVIEW OF KEY FEATURES

2012 TAX AMENDMENTS - REDUCED TAXES ON PROFITS FROM ROYALTIES

The Amendment provides for an 80% deduction from profits arising from royalty rights of from capital gains, on their disposal, making the maximum effective tax rate 2%.

This is a major change which establishes Cyprus as a very attractive jurisdiction for holding Intellectual Property.

Cyprus is a member of the EU and provides the unique advantage of offering a tax free offshore jurisdiction with a Registered Office/Address in the EU. If desired, a Cyprus Virtual Office can also be arranged with phone, fax and mail forwarding.

To operate tax free in Cyprus, the Cyprus company must be non-resident. If it is non-resident it is not taxable in Cyprus. It can therefore operate tax free offshore, but with the prestige and advantage of being incorporated in the European Union.

Note: Some websites state that tax free offshore Companies are not available in Cyprus since it joined the EU. This is totally incorrect. A tax free Cyprus company is still available if structured correctly. Unfortunately, many websites purporting to provide offshore services are full of errors, as the companies have little or no knowledge of the various jurisdictions and their regulations.

There is also no withholding tax on the payment of dividends, interest and royalties by a Cyprus non-resident company, to individuals and companies abroad.

To be non-resident, the company must be managed and controlled from outside of Cyprus. This means that the Directors and Shareholders must be non-resident and do no business within Cyprus. The company can continue its non-resident status even if it has an office in Cyprus, but it is then taxable on profits arising only within Cyprus, at the low rate of 10%.

Incorporation documents are in Greek, with a Certified English translation. Financial accounts must be kept, audited and provided to the Government. The accounts are not in the Public record.

An Annual General Meeting is required. This can be held anywhere in the world and can be by telephone or other electronic means.

Bearer shares are not permitted.

Share capital may be specified in Cyprus Pounds, Euros, US dollars or British Pounds.

Unlike other jurisdictions, Cyprus companies may not enter into pre-incorporation agreements.

Details on Directors and Shareholders must be provided to the Registrar of companies and this information is open to the Public. Privacy can be obtained by appointing nominee Directors and Shareholders available from Maritime International Ltd. If nominees are used, the name of the Beneficial Owner is not required to be provided to the Government, except in the case of an authorized criminal investigation.

QUICK REVIEW OF CYPRUS OFFSHORE COMPANIES (Non Resident)

CYPRUS OFFSHORE COMPANY FEES

• Click Here for Typical Cyprus Incorporation Fees
• Compare Cyprus Company Fees to Other Jurisdictions
• Request a No-Obligation Quotation or Place an Order
• View Shelf Companies (ready-made companies) Available

OFFSHORE COMPANY MANAGEMENT SERVICES AVAILABLE

Nominee Directors & Shareholders, Accounting and Audit Services, Corporate Identity Package, Mailing Address, Basic Account Maintenance, Invoicing Services, Beneficiary Bequest, Employee Contracts, Document Safekeeping and general Corporate services. More details are available on our Management Services page.

PRIVACY

The names of the Directors, Secretary and Shareholders are required to be filed with the Government Registrar of Companies and they are also available in the public record.

Privacy can be provided through the use of nominee Directors and nominee Shareholders. The names of the nominees will appear in the Government and public records. The names of the Beneficial Owners are not disclosed to the Government or to other parties, unless it is in respect to an authorized criminal investigation

NAME RESTRICTIONS

The Registrar reserves the right to reject any name that is deemed undesirable. Generally, names that imply that the company is engaged in handling banking, insurance, investment or trust business will be rejected, as well as names that are similar or the same as existing companies.

SUFFIXES TO DENOTE LIMITED LIABILITY

Limited, Ltd only.

General Information

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