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The Republic of Cyprus is a Eurasian island country located in the eastern part of the Mediterranean Sea. From 1 May 2004 it is a member of the European Union, from 1 January 2008 also a member of the euro area.
By joining the EU, the tax benefits for foreign companies ended, but Cyprus is still trying to attract foreign companies. Cyprus is now referred to as the country of tax incentives. It has, for example, the lowest income tax in the EU.
Capital: Nicosia (Lefkosia)
Official language: Greek, Turkish
Currency: EUR
Business in Cyprus - Cypriot jurisdiction benefits
By joining the EU, tax benefits for foreign companies ended, but Cyprus is still trying to attract foreign companies. Cyprus is now referred to as the country of tax incentives, for example, it has the lowest income tax in the EU.
General meeting of shareholders can be arranged anywhere in the world, from a tax point of view, however, it is convenient to organize it in Cyprus.
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The legal form of the company |
Private Company Limited by Shares (Ltd.) |
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Legislation |
English common law (Common Law) |
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Time needed for company formation |
Usually within two weeks, if all documents are submitted on time, document delivery in 4 weeks. |
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Shareholders |
1-50, natural or legal person, may be non-resident |
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Directors |
Minimum number of directors: 1 |
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Share capital |
The minimum amount is not determined |
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Bearer shares (bearer) |
No |
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Taxation |
The tax rate on corporate income: 10% |
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Bookkeeping |
Required - companies are obliged to submit financial statements |
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Audit |
Audit conducted by a local auditor is required |
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Anonymity and confidentiality |
Index of companies, directors and shareholders is publicly accessible |
The most common use of Cypriot companies
- International trade in goods and services
- Lending and borrowing
- Holding and leasing intellectual property (patents, software, know-how, etc.)
- Holding company
