Cyprus, otherwise known as “The Island of the Gods”, is an island nestled in the southeastern Mediterranean. Once known for package holidays and halloumi, it has now forged itself as a prime destination for international businesses operating in forex, blockchain and crypto, and other types of financial services.
But why should you choose Cyprus for setting up your business, company, or other corporate entity? Here are just a few reasons why we at Fast Offshore, think Cyprus is the place to be.
A fully-fledged member of the European Union, what Cyprus lacks in size, it makes up for in its highly concentrated business community. Strategically located at the crossroads of Europe, Africa, and Asia, it is less than a few hours on a plane from most EU capitals, Dubai, and Israel.
The Cypriot government are very pro-business in their attitude and they have worked hard to create a flexible environment that also provides the necessary checks and balances to ensure a sterling reputation. It is regularly chosen by American, Canadian, Chinese, and Russian businessmen as a base, and is often known as “the gateway to doing business in the EU”.
Like Malta, Cyprus was a British colony until the 1960s, when it became an independent republic. Due to this influence, its legal system is based on the English common law system, including the principles of equity. Little has changed since then with the exception of adherence to EU laws which have supremacy over national legislation.
Cyprus has one of the lowest corporate taxation rates in the EU- sitting at just 12.5%. VAt is 19% with a reduced rate of 9%. In addition to this, profits from overseas permanent establishments, the sale of securities, and international transactions are exempt from taxation. The country also enjoys an extensive double taxation treaty network with over 55 of the world’s leading business jurisdictions.
Registering a company in Cyprus is a simple and straightforward process with minimal requirements. There is no minimum capital required, a minimum of one director and shareholder of any nationality, one company secretary and a local registered address. This along with standard due diligence documents and a Memorandum of Association, and we can open the company in a matter of a couple of days. You can then open a bank account in around two weeks.
Another benefit to opening a company in Cyprus is the fact that the beneficial owners can remain anonymous. By engaging corporate shareholders or nominees to act as a shareholder on behalf of the ultimate beneficial owner, confidentiality can be maintained as long as all local and EU laws are adhered to.
For those that are looking to relocate or have a physical presence in the country, you couldn’t really opt for a better country. Cypriots are bilingual (English and Greek), highly educated, and the country enjoys a modern and stable infrastructure. Rents are low, utilities are also reasonable, and it is easy to find skilled and able staff to meet your requirements. That asides, the island is warm and sunny almost all year round and enjoys stunning beaches, beautiful mountains where you can ski, and a relaxed and highly-sought after Mediterranean lifestyle. The property market is currently booming and there are a number of respected local and international schools at several locations across the island.
How can we help?
We have been proudly working with partners in Cyprus for a number of years now. This means we are perfectly placed to assist our clients with their requirements on the island. Whether they will be physically present there or not, we can assist and advice with company incorporation, bank account opening, and other matters relating to your business. We are also able to link you with local experts that specialise in your industry, as well as offering you a dedicated account manager who can oversee all of your business.
There isn’t much we are not able to assist with, so contact us today to find out how setting up in Cyprus could be the best thing you do this year.