How To Start An Offshore Company – Thinking of setting up an offshore company in Cyprus? Cyprus is an important European business center that offers significant advantages to foreign investors, such as a thriving economy, a low tax haven and a welcoming territory for foreign investment. In addition, Cyprus has one of the lowest corporate tax rates in Europe and the EU. at 12.5% and has an extensive network of double taxation treaties. With Cyprus offshore companies offering a high level of privacy and simple and easy procedures for company registration in Cyprus, it is no wonder that Cyprus is the top choice among local and foreign investors. Whether you are an aspiring entrepreneur or a seasoned business owner, we will explore how to register an offshore company in Cyprus.
Although there are many advantages to setting up a company in Cyprus, here are 3 things you should know before adding your offshore company to the Cyprus Companies Registry.
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In order to open an offshore company in Cyprus, there are certain conditions that a foreign company must meet. There are no nationality or residence restrictions for shareholders and directors. Companies that wish to remain anonymous can use nominal shareholders if the central bank is informed about the identity of the beneficial owners.
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The term offshore company is rarely used today because it has been replaced by International Business Company (IBC).
If full foreign ownership is allowed in a Cyprus offshore company, local and foreign investors are welcome to open an offshore company in Cyprus. The requirements are minimal, such as:
Cyprus offers different types of business entities to choose from and each business entity provides different types of business activities. Foreigners wishing to run a business in Cyprus can choose from the following 8 business entities, which include:
A private limited company by shares, also known as a Cyprus limited liability company, is the most common and popular type of company registered by foreign investors in Cyprus.
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Before registering a business in Delaware, it is important to thoroughly understand your business model before choosing the most suitable business entity. Some of the considerations you need to take into account include the type of business, tax obligations, as well as possible personal liabilities.
Before starting a business in Cyprus, you must first decide on the proposed company name and reserve the company name. Before submitting an application to the Companies Register for approval of a proposed name, it is recommended to conduct an online search in the Companies Register to check the availability of the name.
Your proposed name should not be too similar to an existing business name, misleading or undesirable. If the proposed title contains restrictive words or expressions, you will need to obtain the necessary content from the competent government authority.
The application for name approval must be submitted to the Register of Enterprises in an e-application, in person or by mail. The application costs €10 per suggested word, and if you want to speed up the word approval process, there is an additional €20 per suggested word. 3 different names must be submitted for approval to ensure uniqueness. Once the name is approved, you can access the results of the name approval through e-services.
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You will need to submit an application for incorporation within 6 months of the reservation of the approved proposed name.
Like any other legal entity registered in Cyprus, an offshore company uses the same form. You will need to prepare a Memorandum of Association and Articles of Association. You may want to hire a professional to draft the Cyprus offshore company incorporation documents.
Once the incorporation documents are prepared, they need to be submitted to the Cyprus Commercial Registry. In addition, the following documents must be submitted, certified by a registered legal advocate/attorney in the Republic of Cyprus:
After submitting all documents and registration, your company will receive a Certificate of Incorporation with a company registration number.
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The company also receives on request other necessary legal copies and certificates, such as shareholders certificate, directors and secretary’s certificate, legal address certificate, certified copy of the company’s memorandum and articles of association, certified copy of evidence. inclusion.
Once you have received your company certificate, you will need to register for taxes and value added tax (VAT). You need to get a value added tax number from the tax department.
Once the Cyprus company registration is complete, you will now need to open a company bank account to deposit the share capital. Depending on your business goals and needs, your company can choose to set up a Cyprus business account or an international offshore account. This can be done in reputable Cypriot banks such as Bank of Cyprus, the Cyprus Development Bank and Hellenic Bank.
Although nominee directors are not required to set up a company in Cyprus, you may need them to set up your Cyprus bank account.
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Another way to use an offshore company in Cyprus is through a holding company. A limited liability company is usually used to create a Cyprus holding company. Holdings allow companies to diversify investments in several sectors according to the interests of investors and the advantages of the company.
It is advantageous to open a holding company in Cyprus, as they are subject to a special tax regime and are entitled to various tax exemptions.
Establishing a company in Cyprus is not a problem if you are familiar with the entire incorporation process. Tetra Consultants strives to provide our clients with a seamless experience when setting up a company in Cyprus. Our team of experts will ensure that your Cyprus company can be up and running quickly.
Tetra Consultants is a consulting company that acts as your advisor and a reliable partner in expanding your business. We tell our customers what they need to know, not what they want to hear. Most importantly, we are known as a one-stop solution for our valued customers. Contact us today at inquiry@ for a free, no obligation consultation. Our team of experts will contact you within the next 24 hours.
New To Offshore? Here’s How To Get Started…
Previous Cayman Islands Tax Haven – Good or Bad? Next guide to 5 types of businesses in Canada Setting up offshore has never been more popular because many people are looking for alternative sources and ways to save money, protect their privacy and assets in times of uncertainty.
Setting up an offshore company is easy, simple and can be completed in a few days with just a few basic personal details.
This article will show you how to set up an offshore company: from selection, registration to the incorporation process, to break the common idea that the process of establishing a company is a daunting task with many difficulties and pains. On the way.
Below are some important questions to ask yourself as you begin to decide where to offshore your business, what type of entity you want to create, and how you want to structure your new business.
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Setting up an offshore company can be divided into three stages. Today, most business incorporation processes can be completed online with minimal paperwork and fees in just a few days.
The first task is also to choose the right jurisdiction and offshore vehicle structure for you. Although not all offshore jurisdictions and structures are created equal, there are many similarities and overlaps, without as many differences and differences as one might expect.
Is it for asset protection, charity, estate planning, charity, business, investment, holding company, etc.
As the offshore industry is constantly changing, especially when it comes to offshore tax laws, it is important to stay up to date as local tax laws are increasingly changing due to pressure from global companies.
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Although these are more practical questions. It’s important to consider both because many people like to keep things close to home.
The next set of questions will probably require some research as tax laws vary from country to country. To make sure you are tax compliant, it is important to speak with a qualified accountant or attorney to make sure you are not missing out.
Some countries have reciprocal tax treaties, such as the DTT, which can help reduce the amount of tax an individual has to pay. While DTT can help save tax, DRS and TIEA cannot.
Tax Information Exchange Agreements, such as TIEA, are a form of mutual tax information exchange signed between member states. Although there are still many offshore jurisdictions that are not signatories, the number is shrinking rapidly as more countries joining the OCED sign up to the broader transparency measures.
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The Common Reporting Standard (CRS) is signed by more than a hundred countries (currently 108 countries (2020)), which effectively exchange tax information.
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