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Cyprus and Cyprus Company at a glance

Cyprus competitive advantages
 
It is strategically situated in the far eastern end of the Mediterranean at the crossroads of Europe, Africa and Asia. Geographically, Cyprus is at a crossroad of civilizations and a bridge between cultures.
 
The Greek, English, and Russian languages are widely spoken on the island.
 
On 1 May 2004 the Republic of Cyprus became a full member of the EU and on the 1 January 2008 adopted the Euro as the official currency of the Country.
 
With its modern infrastructure, sound legal system, tax incentives, low crime rate and well educated labour force, Cyprus is a favourite regional operations platform for European and other international companies.
 
Cyprus enjoys the lowest income tax rate (10%) in the EU and boasts an extensive network of double tax treaties, currently with more than 45 countries, including countries in North America, Western and Eastern Europe as well as emerging markets such as China, India and Russia.
 
Generally, most treaties provide for reduced or nil rates of withholding tax on dividends, interest and royalties paid out of the treaty country and the avoidance of double taxation in the case where a resident in one of the treaty countries derives income from the other treaty country.
 
What an investor must know for the Cyprus Company
 
Legal System Common Law
Types of Companies Limited by shares, Limited by guarantee
Time required to register a company Approximately 3-5 working days
Annual Registrars’ of Companies fee subject to conditions EUR 350
Income tax for companies 10%
Double Tax Treaty network Available with more than 45 countries
EU Directives Yes
Currency Any currency
Share Capital Recommended EUR 1.000 Issued, EUR 5.000 Authorized
Company Officials Director and Secretary is required
Nationality of officials Recommended to be Cyprus tax residents
   
Other statutory requirements  
   
Audited financial statements Annually by local qualified accountant
Requirement to file financial statements Annually to the Registrar of Companies
Tax declaration Annually to the Inland Revenue
VAT registration Depends on the nature of the business
 
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