Company formation in CYPRUS
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About Cyprus
Cyprus, also recognised as the Republic of Cyprus lies on the eastern side of the vast Mediterranean Sea. Precisely, between southern Turkey and east Greece. Cyprus is an island nation and is one of the most populated ones as well. The capital of Cyprus is Nicosia.
In addition, the total area of this island nation is about 9000 km. Nearby Cyprus are the lands of Israel, Gaza, Lebanon, and Egypt. Furthermore, being an island nation, Cyprus has some of the most hypnotic beaches having turquoise waters.
Cyprus’s economy is dependent upon supply and demand based on services. Agriculture, tourism, financial services, and shipping are also some of the primary sources of income for the people living here.
You can find both Greek and Turkish culture and traditions in Cyprus. It is why the official languages of Cyprus are Greek and Turkish. Other than that, Cyprus enjoys a favourable location, due to which it is considered the best place for offshore company formation.
Why has offshore company formation in Cyprus become renowned?
Cyprus offers excellent business opportunities to IBC and LLC investors that want to incorporate a company in Cyprus. For this reason, investors enjoy numerous benefits. An offshore company set up in Cyprus is governed by Companies law. It is perfect for people that do not want to live in Cyprus but still want to enjoy the perks of offshore company setup Cyprus.
Moreover, Cyprus also offers several benefits to foreign traders. Due to these reasons, Cyprus has become a leading platform to establish an offshore company, whether LLC or IBC. In short, it has become a solid financial hub for some of the biggest names in the finance industry.
Cyprus also protects the assets of offshore companies. Cyprus is also a member of the European Union, due to which it enjoys some of the best financial advantages. This includes access to EU’s trade agreements and more. For these reasons, many stockholders want to learn how to set up an offshore company in Cyprus.
Foreign investors can also earn a residential status after incorporating a company in Cyprus. This allows investors to get additional benefits, which we will talk about in a while.
Benefits of setting up the company in Cyprus
By now, you must know why Cyprus is considered one of the finest places that provide more than a few breaks to offshore companies. Some of the benefits that offshore company setup Cyprus provides are specified below.
- 0% per cent tax – Even for companies with a non-resident status, Non-residents do not have to pay any local corporate taxes.
- Incorporating a company in Cyprus is relatively easy than setting up any other offshore company.
- Low tax on profits – The dividend imputation system helps you avoid paying taxes on dividend payments. Moreover, there is only a 12% tax on generated net profits.
- No taxes on capital – You are not liable to pay any taxes on your capital, assets, or shares.
- Convenient – English is also spoken in Cyprus, due to which all documents are made in English. English is a business language in Cyprus. This helps stakeholders to know how to set up an offshore company in Cyprus. It is one of the benefits which has eased the transactions and offshore company setup Cyprus. It has also attracted many foreign investors. How to set up an offshore company in Cyprus is no longer a considerable problem with this feature.
- Rapid offshore company formation in Cyprus – You can incorporate a company in Cyprus in 10 – 15 days.
Before learning how to set up an offshore company in Cyprus, we recommend you view the benefits to have a better idea about the facilities provided by Cyprus. Hence, to avoid a higher amount of taxes, make sure to consider incorporating a company in Cyprus. To know more about setting up an offshore company in Cyprus, read about the legislation in Cyprus.
Corporate banking solution for offshore company setup Cyprus
Some of the corporate banking solutions that Thallium Consulting provides to offshore companies incorporated in Cyprus are:
- Multicurrency trading – This helps you to trade between multiple currencies. Due to this feature, trading in Cyprus is made easy.
- Debit cards – Debit cards to corporate account owners. It allows them to access their Cyprus bank account from anywhere in the world.
- Internet banking – Internet banking helps corporate account owners remotely monitor their Cyprus bank account.
- Low minimum amount – You only have to have 1000 EUR to open a corporate bank account in Cyprus.
Telephone and fax banking is also available.
Renewal process of the company in Cyprus
To renew your offshore company set up in Cyprus, you need to pay an annual renewal fee. You must pay it every year to secure your company’s incorporation in Malta. Generally, the renewal fee of offshore company formation in Cyprus is around 350 EUR.
In addition, the annual renewal fee consists of two parts. It includes government fees and professional fees. You may be entitled to pay taxes when paying your renewal fee of offshore company formation in Cyprus. It can be around 12% – 12.5 %, and depends on your offshore company setup Cyprus generates revenue.
At Thallium Consulting, our experts will manage the entire license renewal process for you. We will take care of this long process professionally, so you will not have to worry.
Perks of Cyprus as Tax haven
Offshore company setup Cyprus provides numerous incentives and benefits to investors all around the world. In addition, there are multiple perks offered by Offshore companies set up in Cyprus, which makes it an ideal tax haven.
- Ideal location
- The company can be incorporated and formed by a single member.
- Well-structured transport system
- Extensive telecommunication
- Asset protection services.
- Promising legislature
- Offshore company setup Cyprus is not blocklisted.
- Mediterranean weather.
All of these benefits and perks of Offshore company setup Cyprus make it an ideal place for investing. Get expert advice and help from Thallium Consulting professionals while starting your offshore company.
