Why you should incorporate in Cyprus

Looking to incorporate a company in Cyprus? Here are some of the reasons why you should, how you go about it, and why you need Fast Offshore to guide you through it.

A Cypriot company can be registered and up and running in between 5 days to 2 weeks, as long as all of your documents are in order. Costs of incorporation are low and you are not required to fully pay up your capital at the time of incorporation. In terms of ongoing costs- maintenance and annual corporate fees are less than some of the other leading jurisdictions meaning it is a great solution for startups or smaller operations. Another great benefit of a Cyprus company is the fact that you only pay 12.5% corporate tax on net profits, as long as they are generated in the country. If generated outside of the country, this rate falls to zero, meaning Cyprus is what is known as a ‘low tax jurisdiction’ rather than a ‘tax haven’. There is also a zero rate of tax payable on dividends paid to shareholders, and dividends received from subsidiaries.

In terms of confidentiality, you can use nominee directors and shareholders if you choose and you can provide a full power of attorney to carry out any, or all of the Company’s operations. This means that you don’t actually have to set foot in Cyprus to incorporate the company, or run it, even if you are listed as one of the Directors.

Incorporation Process 

  1. First of all, you need to find a good corporate service provider who is experienced and qualified. Fast Offshore has over two decades of experience in corporate services and can provide a full and comprehensive service, meeting all of your business needs. You will need to have a lawyer licensed by the Cyprus Bar Association to sign the Memorandum and Articles of Association- a service that we can also offer through our network of trusted partners.
  2. You then need to consider the list of required documents in order to file the incorporation. These include a declaration of company incorporation, a registered company address, particulars of the shareholders, directors, and company secretary, and the Memorandum and Articles of Association.
  3. In order to fill out the documents above, you will also need to provide additional information. This includes the passport details and addresses of the directors and secretary, the registered address, a utility bill dated no older than three months, a bank reference, information on the nominal share capital and how it is divided, and the business address of the company.
  4. You then need to choose a name for your company, ensuring that that it is original in Cyprus. Then you must submit it to the Registrar of Companies.
  5. Once you have successfully incorporated the company, you need to consider tax and other fiscal responsibilities and banking solutions, depending on the type of business your company will conduct. Thankfully, Fast Offshore can provide you with all of this advice, and more, as well as guiding you through the next steps.

Why Fast Offshore?

Fast Offshore has been in the business for many years and as such we have vast and in-depth experience in serving a wide range of clients and their needs. Our service doesn’t end with just registering your company however, we are there to provide all manner of business and professional advisory services and can lead you through setting up bank accounts, applying for certain licenses, and even creating business plans. What’s more is we can offer advice and assistance in many countries, not just Cyprus, depending on your needs and vision. To find out more, contact us today. 

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