Company Incorporation Cyprus

Company Incorporation Cyprus

Company Incorporation Cyprus

One of the most popular islands in the Mediterranean for people to set up a company on, or move their company to, is Cyprus. Cyprus is located in a sunny pocket between Turkey, Syria and Lebanon and is one of the most popular tourist destinations for Europeans. As a company owner, you may have been looking for somewhere that will offer you good business opportunities as well as excellent weather. Cyprus has many opportunities for new and existing companies including tax breaks and gets many months of uninterrupted sun each year.

Before submitting the application for registration of the Cyprus Company with the Companies Section of the Department of Registrar of Companies, the founders must choose a unique name, reserve it and get an approval from the Registrar of Companies. Also prior to registration it is necessary to prepare the articles of association with the help of a lawyer. They must contain the company's name, board of directors, the shareholders names and addresses and the company's headquarters and object of activity.

The majority of incorporations for tax-optimization purposes in Northern Cyprus take the form of a private company limited by shares. Trusts are another popular option in Cyprus and can be used as a stand alone entity or in conjunction with an international business company. Cyprus has become popular jurisdiction for the offshore companies' incorporation due to its English-based legal system. The Cyprus offshore legislation was based on the United Kingdom model. In addition, full-ranged, high-tech and international offshore banking services empower Cyprus as an ideal jurisdiction, so that Cyprus has been experiencing a fast growth in the formation of low-tax companies.

Cyprus imposes the second lowest tax rate for individuals and the lowest taxes on corporate profits among the euro area countries, according to data published by Eurostat. The maximum tax rate for individuals in Cyprus is 30%, while the average in the eurozone is 42.4% and 37.5% in the EU. Regarding the tax on corporate profits, the rate in Cyprus is 10%, while the average in the eurozone is 25.7% and in the EU 23.2%.

In Cyprus, company incorporation starts with the business name. You send a suggestion of business names to the registrar and after they are approved, you meet the other standards that are set for companies. These include having a physical address in form of a building or office. The physical address could be a plant if it is a manufacturing company. The premises of the company must be inspected to ensure that they are fit for operation. Together with the inspection of the premises, the company management must get licenses for operation in their respective councils.

The process of incorporation takes a week at most. The law of Cyprus requires the company proprietors to submit the financial statements at the end of the financial season. This is sworn in the affidavit that is presented at the registrar of companies' office as a way of declaration that the management has agreed to submit the information.

For more information please visit http://www.pmcorporatelaw.com/company-in-cyprus-company-incorporation-cyprus

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