cyprus company registration

Cyprus ideal Jurisdiction

 
Location

The island of Cyprus is situated in the north-eastern corner of the Mediterranean sea at the crossroads of Europe, Asia and Africa. This strategic and convenient location has established Cyprus to be an international professional and business centre.

Cyprus is the third largest Mediterranean island having an area of 3.572 sq. miles (9.251 sq. km.).

Air distances of various cities from Cyprus

Amsterdam 2.991 Hamilton 11.684
New York 8.878 Vancouver 10.866
Athens 949 Hong Kong 9.210
Oslo 3.579 Wellington 19.067
Bahrain 1.884 Houston 11.218
Panama 11.542 Zurich 2.507
Paris 2.986 Jeddah 1.584
Beirut 206 Kuwait 1.490
Bombay 4.244 Lagos 4.498
Rio de Janeiro 12.515 London 3.265
Brussels 2.939 Madrid 3.310
Rome 1.998 Manila 10.509
Buenos Aires 14.054 Mexico City 12.182
Rome 1.998 Moscow 2.331
Singapore 8.156 Nairobi 4.115
Cairo 568 New York 8.878
Sydney 16.595    
Cape Town 9.295    
Tehran 2.028    
Dubai 2.340    
Tripoli 1.905    
Frankfurt 2.638    
Tokyo 12.549    
Geneva 2.629    
Toronto 8.990    

Climate

The island has a pleasant and healthy climate with more than 300 days of sunshine a year. Temperatures range between 10 to 35 degrees centigrade. The coldest month is January with minimum and maximum mean temperature of 6°C and 13°C respectively. The hottest month is August with minimum and maximum mean temperatures of 21°C and 36°C.

Transport

Road network is in a very good condition with dual carriage-ways linking most of the towns whilst self driven cars, taxis and bus services are widely available.

A large number of shipping lines, clearing and forwarding agents operate in Cyprus.

Ports

The main ports of the island are in Limassol and Larnaca where modern port facilities are available. Bonded warehouses are also available in all towns.

Time zone

Cyprus is 2 hours ahead of GMT.

Public holidays

The Public holidays in Cyprus are the following:

January 1
Good Friday
October 28

January 6
Easter Monday
December 24(half day)

January 19
May 1
December 25

Clean Monday
Whit Monday
December 26

March 25
August 15
December 31 (half day)

April 1
October 1

Bank holidays are about the same with public holidays.


Stock Exchange

The stock exchange started operations in 1996 and there are more than 80 companies already listed on it.

The legal and regulatory framework incorporates all relevant E.U. directives as well as the common practice in more developed stock exchanges. It is hoped that the Cyprus stock exchange will become a well developed and advance regional stock exchange.

There are various tax incentives for foreigners and the offshore companies to invest in the Stock Exchange.

Accounting Profession

The members of the local institute of Certified Public Accountants of Cyprus(ICPAC) are almost in their entirety members of, the Institute of Chartered Accountants in England and Wales , and the Chartered Association of Certified Accountants in UK.

The standard therefore of the professional auditing services provided is similar to the one provided in UK and subject to the professional ethics and etiquette of the UK professional bodies. The law requires the auditor to be a member of a recognised body of accountants (i.e one of the UK Chartered Institutes or association of Accountants as above) or have similar qualifications.

Students of accountancy may train in Cyprus to become Chartered Accountants, or Chartered Certified Accountants.

The accounting profession follows the international accounting and auditing standards.

Legal Profession


Members of the Cyprus Bar Association are educated and trained in the UK. All lawyers speak English and the profession is at a very high level indeed. Since the legal system is based on the Anglo Saxon Law, many laws are identical to the laws applicable in the UK, e.g. Companies Laws, Merchant Shipping Law, Banking Law, Insurance, Partnership, Contract, Trustee Laws, etc.

Air-links

Larnaca and Paphos have each of them an international airport serving the island. Thirty four international airlines offer regular services to and from the island. Some twenty charter operators charter flights to Cyprus.

Telecommunications

Cyprus is holding the fourth place worldwide as regards direct dialling telecommunication facilities. Direct telephone link with 98% of the worlds’ telephones.

Telex, e-mail, Internet, telegraph, data, facsimile, T.V. transmission/reception, courier, postal services and intelpost are all available. Services like card-phones, paging, mobile telephones, pocket switched date services, video conferencing, etc., are again available to the consumers.

Languages

Greek are the official language of the republic. However, English is mostly used in business, government as well as in courts.

International relations

After its independence in 1960, Cyprus has become a member in the following inter-national bodies:

United Nations
Council of Europe
Commonwealth
Organisation for Security and Co-operation in Europe (OSCE)
European Union (Full member as from 1 May 2004).
Non-aligned countries (founder member)
World bank
International Monetary Fund

Cyprus also maintains diplomatic relations with almost all countries in the world and it has particularly very good relations with the Arab world and many developing countries.

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.