Cyprus has been a member of the United Nations since its independence in 1960 and as from May 2004 is also a full member of the European Union.
INTERNATIONAL BUSINESS COMPANY
- Type of Company - Limited Liability Company
- Taxation - The corporate taxation rate is 10% of the net profit
- Legislation - The Cyprus Company Law, Cap.113, based on the English Company Act of 1948
- Ready-made companies are available
- Money laundering legislation is in existence
- Approval of the name for custom - made company can be obtained within 3-4 working days from the government
- After the approval of the name, incorporation of the custom - made company can be made within 2-3 days
- Documentation is received immediately after the incorporation
- Certain words cannot be used within the company name for IBC's such as Securities, International, Royal etc
- Permission is required to use names such as Bank, Trust, Insurance etc
- Limited or Ltd must appear at the end of the company name
- No company seal is required
- A resident agent is required
- A registered office is required
- Documents are to be maintained in the registered office
- Bearer shares are not allowed
- The minimum number of shareholders is 1
- No residential, nationality or professional qualifications are required for the directors
- The general meeting must take place at the registered office
- Minimum and maximum amount of authorized share capital is €1.000.
- The minimum number of directors is 1 provided that he/she is also the company secretary
- Transfer of registered shares is permitted with prior permission of the Central Bank of Cyprus
- The company can act through a power of attorney granted by the Board of Directors
- A company secretary is required
- Statutory accounting is required
- Annual audited accounts are required by a resident qualified auditor
- Annual audited accounts must be filed at the Registrar of Cyprus Companies and the Income Tax Authorities
- Tax resident companies are required to submit an annual tax return
COST IN SET UP AND MAINTANANCE OF AN INTERNATIONL BUSINESS COMPANY.Our fees for the registration and set-up of a Cyprus International Business Company including all necessary company Certificates, wide-scope Memorandum and Articles of Association etc. depends on many factors such as the capital of the IBC, and are available upon request.
Other costs such as accounting, auditing and administration are time based and a quote is provided in advance. Furthermore, other services (e.g. opening of bank accounts, issue of credit cards, obtaining of tax reference number, tax domicile certificates etc.) are also available upon request.
Cyprus Company Registration
KDC Chartered Accountants Limited is a firm of qualified professionals with offices in Nicosia and Limassol. Our firm is built upon the principles of Integrity objectivity and technical excellence.