General information

Company structure

• ▪ Only one shareholder (can also be a legal person, no nationality or residency restrictions)
• ▪ Only one director (can also be a legal person, no nationality or residency restrictions but advisable to have locally based for purposes of tax residency)

Confidentiality

• ▪ Beneficial owners’ details – are part of the public record, if you wish to avoid it then please request a nominee service
• ▪ Shareholders’ details – are part of the public record, if you wish to avoid it then please request a nominee service
• ▪ Directors’ details – are part of the public record, if you wish to avoid it then please request a nominee service

Taxation

• ▪ According to Cyprus Tax laws, Cyprus Companies are considered to be Cyprus tax residents by default and are taxed at 12.5% on profit. However, non-resident Companies are not subject to Cyprus tax provided that the Company management and control are exercised outside Cyprus and the Company does not derive any income in Cyprus. It should be noted that in such case the Company might not take advantage of the Cyprus double tax treaties network.
• ▪ As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June in every year an annual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry.
• ▪ Double taxation agreements concluded with: Austria, Armenia, Bulgaria, Belarus, Belgium, Canada, China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Qatar, Poland, Romania, Russia, Singapore, Slovenia, South Africa, Sweden, Syria, San Marino, Serbia, Seychelles, Tadzhikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom and USA.

Other benefits

• ▪ No double tax treaties
• ▪ The directors and the shareholders meetings need not be held in St. Vincent & the Grenadines also there is no requirement for an Annual General Meeting. All meetings may be held outside St. Vincent & the Grenadines, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy.

ACCOUNTING REQUIREMENTS

A Cyprus Company must submit audited financial statements to local tax authorities and the Registrar of Companies. The Company Law requires that a Cyprus Company maintain proper accounting records in accordance with the International Accounting Standards. The first reporting period can be up to 18 months from the date of incorporation and thereafter financial statements must be prepared annually. A Cyprus auditor is required to be appointed.

Secretary

A Resident Cyprus Secretary

Registered Agent

Not Required

Registered office

Required

Company name

• ▪ Language: Any
• ▪ Letters: From Roman alphabet
• ▪ Company name must end with such suffix or it’s abbreviation: Limited
• ▪ Restricted names: Any word that the Registrar considers undesirable
• ▪ Names Requiring Consent or a Licence: Asset Management, Asset Manager, Assurance, Bank, Banking, Broker (s) / Brokerage, Capital, Credit, Currency (ies), Custodian(s), Custody, Dealer(s), Dealing, Deposit(s), Derivative (s), Exchange, Fiduciary (ies), Finance, Financial, Fund (s), Future (s), Insurance, Lending, Loan(s), Lender(s), Option(s), Pension(s), Portfolio, Reserves, Savings, Security(ies), Stock, Trust, Trustees

N.B.

• ▪ Restricted connections for company name: name of state, national or local government.
• ▪ Any name that implies illegal activity or implies royal or government patronage is restricted.
• ▪ Registrar may reject any name which it considers undesirable or contrary to the public interest.
• ▪ Company name is restricted to be identical or similar that of an existing company.
• ▪ In case when foreign language is used for company name the translation may be asked by Registrar to ensure conformity to above listed restrictions.

Incorporation

• ▪ Name check and approval
• ▪ Filling incorporation documents with the Registrar of Companies
• ▪ Registration Forms
• ▪ A standard set of original corporate documents
• ▪ Payment of government subscription tax on the authorized capital
• ▪ Provision of registered office and registered address for one year
• ▪ Provision of company secretary for one year
• ▪ Registration with Cyprus Tax Department and obtaining a Cyprus tax number

Please provide us with the following documents and data: 

 Incorporation

• ▪ A notarized copy of valid passport (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
• ▪ A copy of proof of residential address (ex. utility bill of each Shareholder, Director, Beneficial Owner, Authorized Signatory that is not older than 3 months) in English
• ▪ Optional: A notarized copy of Bank reference (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
• ▪ Optional: CV (of each Director and Shareholder)

N.B.

• ▪ If Shareholders and/or directors are legal persons, then it is required to submit full set of apostilled company documents and if company is operating more than 1 year it is required to submit certificate of Good Standing.
• ▪ If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.

 Capital

• ▪ Amount of paid up capital

 Company name

• ▪ Three company names in order of preference