Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Cyprus
For many investors around the world, Cyprus is always a great destination for starting a new business or expanding the current ones. It is one of the most popular locations in Europe for registering a company. It is due to a combination of factors that you would ordinarily not find in most countries. If you are considering company registration in Cyprus, you can opt to go it alone; the procedure is simple.
You will appreciate the use of incorporation services to help you complete and submit all the necessary applications on time. At 3E Accounting, we are here specifically for that purpose and irrespective of your preferred legal entity in Cyprus. We will also help you to get it up and running in no time.
Why Start a Business in Cyprus
Many benefits come with starting a business in Cyprus. Here is a brief look at some of them:
Favourable Corporate Tax Legislation
One of the main reasons why Cyprus is a great attraction to many investors is its favourable corporate tax legislation. A resident corporation in Cyprus pays just 12.5% in corporate taxes. This is not only one of the lowest corporate taxes in Europe, but also the entire world. However, the low tax rates should not make you think that Cyprus is a tax haven. The country is fully compliant with the EU legislation, and it is in the OECD white list.
Double Tax Treaties
Cyprus has double tax treaties with about 45 countries around the world. These treaties benefit all the qualifying companies registered in Cyprus. With these treaties, foreign investors are free from having to pay additional taxes in their home countries, if their home country has a double tax treaty with Cyprus.
A Member of the EU
Cyprus is a member of the European Union, and considering company registration in Cyprus means that you will also have access to EU markets. EU is one of the strongest trading blocs in the world.
You Can Become a Citizen by Investing in Cyprus
You can become a citizen of Cyprus through investment, and this is one of the unique benefits that Cyprus has over the other EU members. To achieve this status, you must have a minimum investment capital of EUR 2 million. As a citizen, you will have the right to live, work, and move freely not just within Cyprus, but throughout EU. You will, however, be required to live in Cyprus to obtain citizenship, and there will also be provisions for your loved ones, including spouse and parents to become citizens through special applications.
Developed and Efficient Systems
Cyprus has some of the best corporate services in Europe, and this is attractive for many reasons. The main reason, however, is that you will have access to a pool of qualified professionals, including accountants, lawyers, and tax experts who will be instrumental to the success of your company. Additionally, Cyprus has a modern banking system and a robust financial sector with the ability to support the banking needs of international firms.
Legal Entities You Can Register in Cyprus
If you are considering company registration in Cyprus, here are the various types of legal entities you can register:
Limited Liability Company
At least one shareholder and a maximum of 50 shareholders are the people for this type of company registration in Cyprus. The capital is divided into shares, and the liability of the shareholders is limited to the number of their shares. A general manager, appointed during General Meeting of the shareholders is responsible for running the operations of the company.
Public Limited Liability Company
With public limited liability companies in Cyprus, there is no limit to the maximum number of shareholders, and the shares are also transferrable. The duration of the existence of the company is also unlimited, though such may be included in the Articles of Association if it was intended to operate for a certain duration. The shares of such a company will also be registered at the Cyprus Stock Exchange.
Company Limited By Guarantee
A company limited by guarantee is ideal for charitable and non-profit making ventures. They don’t have requirements for minimum share capital, and they don’t have a maximum number of shareholders.
General Partnership
General partnerships are when two or more partners come together under the same name for a specific purpose. The partners, however, cannot be more than twenty, and the Registrar of Partnerships must register the partnership one month after formation.
Sole Proprietorship
This is another entity you can consider when thinking about company registration in Cyprus. It is ideal for a small business where one man will be running the show.
We Can Help
If you are interested in registering any of the above entities, or you need sound advice on company registration in Cyprus, feel free to contact 3E Accounting for professional, unbiased and efficient company registration services. We know and understand the laws and procedures for company formation in Cyprus, and with our assistance, you will find the process of starting your company smooth, devoid of any challenges. Contact us now for more information.
