Cyprus is considered an ideal place to start a business for many reasons. The geographic location is one; this beautiful island is conveniently located at the crossroads of europe, africa and asia. In addition, its proximity to the richest countries in the Middle East gives Cyprus a serious advantage and contributes to a favorable environment for starting a business. The widespread use of English in all walks of life attracts business people from all over the world. About 80% of the population are fluent in English.
In terms of legislation, Cyprus's investment policy changed significantly in 2000 when the minimum amount of foreign investment in Cypriot companies for EU citizens was abolished (in 2004 this restriction was also lifted for non-EU citizens). It is worth noting that the government of Cyprus allows foreign investors from third countries a 100 percent stake in local businesses. In terms of taxes, Cyprus is an attractive country to do business with: corporation tax is one of the lowest in Europe at 12.5%. In addition, Cyprus has double taxation treaties with more than 40 countries to avoid double taxation. Cyprus is an attractive offshore zone due to the very friendly relationships between investors and tax authorities. All of these factors create a welcoming business environment on the island.
Company formation is a very popular service in Cyprus, not least because of the simplicity of the bureaucratic procedures and the ease with which a bank account can be opened. Statistics show that more than 200,000 new businesses were registered in the country in 2016. As a location for a holding company, Cyprus also has many advantages - but first one needs to understand what holding companies are and what purposes they can be used for. In short, a holding company is a company that owns enough shares in another company to control its management and policies. Holding companies are used by the owners of real estate, brands, and other assets. Establishing a holding is quick and easy; Your presence is not required and the procedure can be completed by email or post. A holding company also allows nominees. VAT for holding companies based in Cyprus is only 19%, and there is 0% tax on incoming and outgoing dividends.
A Cyprus-based holding company can distribute profits to non-resident shareholders entirely tax-free, while corporate income tax on intellectual property income is only 2%. Welcome to Paradise!
It usually takes around 15-20 days to start a business in Cyprus. First you need to get your company name approved by the Registrar of Companies who will make sure it is not already in use; This takes 3-5 working days. You can then register your company. The entire registration process takes about 5-8 working days. The following documents are required: a copy of your passport, a confirmation of personal details, photographs, a document showing the residence of each shareholder and a certificate of the registered office of the company. Directors are required to provide certain information about their occupations. Remember that under Cypriot law, at least a director and a company secretary should be appointed.
It is possible to open a bank account in Cyprus whether or not you are a resident and this can be done through a foreign branch of a Cypriot bank. In order to proceed, you must submit the following documents in the original or with an apostille: passport, proof of home address (e.g. a utility bill) and a letter of reference from a bank. The main benefit is that opening a bank account is quick and easy. The cost of opening an account is very low if we compare Cyprus with other EU countries. In addition, any natural or legal person can open a bank account in Cyprus. As a result, you have a worldwide valid Visa card, internet banking, security, anonymity and many more advantages. In addition, there are no minimum deposit requirements and bank fees for money transfers are low. Interest in registering companies in Cyprus continues to grow. More and more foreign companies and investors are discovering the advantages of this beautiful country's business environment. Do not miss your opportunity.
http://www.confiduss.com/en/jurisdictions/cyprus/business/
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