All Inclusive Cyprus Company Pack for Holding or Trading
Tax-efficient solution to conduct legitimate holding or trading international business
- Cyprus LLC formation
- Complete Nominee services
- Corporate Bank Account
- E-Banking & Business Card
About this Start-Up Package
Cyprus LLC with Full Nominee ServiceEasy and quick formation of Limited Liability Company within European Union with nominee director & nominee shareholder services.
Low corporate tax rate of 12,5%, zero taxation on dividends for holding companies and benefits of double taxation agreements with 44 countries worldwide.
Cyprus LLC is an ideal solution for investment to Europe, Russia and CIS, Middle East and Africa and holding purposes in Europe.
OUR SERVICES FOR THE COMPANY FORMATION IN CYPRUS INCLUDE:
- Name check and approval
- Filling incorporation documents with the Registrar of Companies
- Registration Forms
- A standard set of original corporate documents
- Payment of government subscription tax on the authorized capital up to EUR 1,000
- Provision of registered office and registered address for one year
- Provision of company secretary for one year
- Registration with Cyprus Tax Department and obtaining a Cyprus tax number
- Provision of corporate Nominee Director (per annum) and General Power of Attorney (valid for one year) under Apostille.
Provision of Indemnity Letter.
- Provision of corporate Nominee Shareholder (per annum).
Provision of Declaration of Trust to safeguard the rights of the Beneficial Owner.
- Rubber stamp
A Company name must necessarily end in "LIMITED" or "Ltd"(no other suffix is allowed) and must be approved by the Registrar of Companies. This procedure usually takes 2-4 business days.MEMORANDUM AND ARTICLES OF ASSOCIATION
To register a Company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at the Office of the Registrar of Companies. The Memorandum specifies the activities in which the Company may engage and the Articles of Association specify the rules governing the internal management of the Company.SHAREHOLDERS
The number of shareholders in a Company may be from 1 to 50. A shareholder can be a physical or legal person of any nationality. Details of shareholders such as their name, address and nationality, are part of the public record, however they may avail themselves of a nominee service by appointing a nominee shareholder, which we can provide by virtue of an agreement or a Deed of Trust for a reasonable fee.SHARE CAPITAL
A Cyprus Company should have a minimum authorized share capital of 1,000 Euros. The minimum issued capital is one share of 1.00 Euro.DIRECTORS AND SECRETARY
The minimum number of directors is one. A director can be a physical or legal person of any nationality. Details of directors are part of public record; however our firm can provide a nominee director, if required, for a reasonable fee.REGISTERED OFFICE
The Company must have a Cyprus resident secretary (an individual or a legal person). The same person cannot act as both the director and secretary, if the Company has only one director.
Every Company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office.OFFICES IN CYPRUS
A Cyprus company may operate from abroad or may have a fully-fledged office in Cyprus. There are certain regulations and procedures that must be fulfilled in case a businessman wishes to establish a fully-fledged office in Cyprus.MEETINGS
Company meetings need not be held in Cyprus.INCORPORATION TIME
Normally from 2 to 3 weeks, however a priority claim can be requested.RECURRING MAINTENANCE FEES AS FROM 2ND YEAR
- Provision of registered office and registered address
- Provision of company Secretary
- Submitting of Annual Return
- Government Annual Levy. As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June in every year (irrespective of the date of incorporation) an annual levy of €350,00 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry.
BASIC TAX PRINCIPLES
According to Cyprus Tax laws, Cyprus Companies are considered to be Cyprus tax residents by default and are taxed at 12.5% on profit. However, non-resident Companies are not subject to Cyprus tax provided that the Company management and control are exercised outside Cyprus and the Company does not derive any income in Cyprus. It should be noted that in such case the Company might not take advantage of the Cyprus double tax treaties network.FIXED ANNUAL LEVY
As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June in every year an annual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry.DOUBLE TAXATION AGREEMENTS
Cyprus has concluded double tax treaties with: Austria, Armenia, Bulgaria, Belarus, Belgium, Canada, China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Qatar, Poland, Romania, Russia, Singapore, Slovenia, South Africa, Sweden, Syria, San Marino, Serbia, Seychelles, Tadzhikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom and USA.FINANCIAL STATEMENTS AND AUDIT
A Cyprus Company must submit audited financial statements to local tax authorities and the Registrar of Companies. The Company Law requires that a Cyprus Company maintain proper accounting records in accordance with the International Accounting Standards. The first reporting period can be up to 18 months from the date of incorporation and thereafter financial statements must be prepared annually. A Cyprus auditor is required to be appointed.DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:
- Notarized copy of valid passport.
- Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
- Original or certified copy of Banker’s reference letter (dated within 3 months).
- In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).
Corporate Account Bank of CyprusAssistance with opening of a corporate bank account with Bank of Cyprus, including full internet-banking access and debit or credit card.
OUR SERVICES INCLUDE:
- Verifying your personal & corporate documentation
- Completion of the bank forms which will be forwarded to you for signing with relevant instructions
- Sending the full package to the bank for final approval
- Monitoring the account opening process until account allocation and banking package is received
- Assistance with obtaining of a Debit/Credit Card (Visa/MasterCard/American Express).
ABOUT THE BANK
The Bank of Cyprus Group was founded in 1899 and is the leading banking and financial services group in Cyprus.
The Group provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance.
The Group currently has a network a total of 300 branches in Cyprus, Russia, the United Kingdom and Channel Islands and employs 6898 staff worldwide. The Group also has 5 representative offices in Russia, Ukraine, China and South Africa.
Following the decision of the Eurogroup meeting held on 25 March 2013 and the decrees issued by the Central Bank of Cyprus in its capacity as the Resolution Authority, Bank of Cyprus has acquired the insured deposits and the majority of the assets and loans of the Cyprus Popular Bank Public Co Ltd (“Laiki”) and as a result it currently operates through 130 branches in Cyprus and with 4.240 employees.
In addition, the Group exited Greece, a market in which it has operated for the last 22 years, through the disposal of loans, fixed assets and deposits from its banking operations in the country. In Romania, the Group transferred certain assets and liabilities including most customer deposits, certain loan agreements and related collateral, cash and other liquid assets to the subsidiary of Laiki in Romania. In the UK, deposits of the UK Branch of Laiki Bank have been transferred to BOC’s UK subsidiary and advances to the parent company of the Group.
As part of the Bank’s strategy of deleveraging through the disposal of non-core operations and of focusing on core businesses, the Bank has recently completed the sale of its operations in Ukraine, it disposed its investment in Romanian Banca Transilvania and also of certain loans in Serbia.WHAT BANK OF CYPRUS OFFERS:
- Personal and Business accounts
- Full Internet banking services
- Phone banking
- Accounts in all major currencies
- Wide range of Debit & Credit VISA, MasterCard and American Express
- Multilingual customer support
- The approximate timeframe for account allocation is 2 to 3 days after the original documents have been received by the bank.
REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH BANK OF CYPRUS:
- Personal presence is NOT required
- No Minimum balance required
- Minimum initial deposit USD 500
For the Company:
A set of legalized company documents consisting of:
- Certificate of Incorporation
- Memorandum and Articles of Associations
- Documents confirming the appointment of company directors and secretary (if any)
- document confirming the location of the registered office
- Share Certificate(s)
- Certificate of Good Standing if the company is more than 12 months old
- Copy of the Corporate Structure, identifying the ultimate beneficial owner(s)
- Valid License (if applicable)
For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:
- Notarized copy of valid passport.
The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of Lawyer's/Banker's/Accountant's reference letter, dated within 3 months
- Power of Attorney (where applicable)
- Personal CV
For each corporate officer (where the company directors or shareholders are legal entities), please provide:
A set of legalized company documents consisting of:
- Copy of constitutional documents (Certificate of Incorporation, Articles, etc.).
- Copy of Corporate Register (which shall include Register of Shareholders, Directors and Secretary).
- Copy of the Corporate Structure.
- Certificate of Good Standing.
Documents that are not in English must be accompanied by a certified translation.
Once all documentation is available please email electronic copies to our representative for review; incomplete or unexecuted forms can create delays in the account opening process.
Important NoteLICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, STARTING BUSINESS will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.
Shipping CostSHIPPING COST
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75 to USD 95. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.