Cyprus
Forming a company in Cyprus.
Cyprus has become a global center for offshore corporations and other business entities. It is also one of the most popular tourist destinations in the Mediterranean, attracting over 2.4 million tourists per year. Proximity to all of Europe, the Middle East and Africa makes it an ideal location for your international business needs.
Cyprus is a Presidential republic and a full member of the European Union since May, 2004. The head of state and the government is the President, who is elected for a five-year term. The Cypriot economy is prosperous and has diversified in recent years. Its per-capita GDP is slightly higher than the European Union average.
Cyprus has been sought as a base for several offshore businesses for its highly developed infrastructure and strategic geographic position. Light manufacturing and services are the major industries in Cyprus, a host of international business companies and banks also add to the country’s economic allure.
The economy has been further bolstered by the recent discovery of oil in the seabed between Cyprus and Egypt. The seabed separating Lebanon and Cyprus is believed to hold significant quantities of crude oil and natural gas.
Nicosia is the capital of Cyprus. The main cities are Limassol, Larnaca and Paphos. Recently the Republic of Cyprus has approved itself as a country with a free market economy thus giving vast opportunities for international businesses to use Cypriot corporate entities as vehicles for international tax savings and financial planning.
Cyprus offers great tax incentives due to its favorable tax laws and its wide array of double tax treaties. These tax incentives together with great infrastructure and other incentives makes Cyprus one of the most sought after international business centers in the world. However, unlike other jurisdictions, Cyprus corporations are subject to tax, accounting and auditing.
The advantages of incorporating in Cyprus are many though and a few of them are:
- Cyprus offers a basket of incentives including low tax on net profits.
- No Double taxation as a result of several double tax treaties, hence differentiating it from other offshore destinations.
- Secure & politically stable environment for your company formation.
- Company formation in Cyprus typically takes 5-8 days.
- Choice of name.
- Advantages of anonymity, highest level of privacy protection.
- No pre required paid up capital.
- No requirements regarding professional or financial standing.
- Can conduct business anywhere in the world.
- Cyprus has a well-established legal system and is a well regulated, stable jurisdiction, thus making it an attractive market for your business incorporation.
- Legal system based on common law and English legal system, hence easy to understand.
- Excellent Infrastructure
- Cyprus has easy access to the rest of the world via air and road. There are non-stop flights from all the major cities of Western and Eastern Europe with Cyprus Airways and the national airlines of the European countries.
- Major gateways from Europe are: Athens, London, Manchester, Amsterdam, Brussels, Frankfurt, Paris, Rome, Milan, Geneva, Zurich, Vienna, Malta, Moscow, Budapest, Sofia, Bucharest, Warsaw and Prague.
- Accessible by sea and cruise ships that dock at all major ports.
- Excellent telecommunications including fiber optic cables, video conferencing, broad band internet and satellite and cable television available in most major towns.
- Lowest profit tax in Europe, at 10%.
- Member of the EU and high credibility of Cyprus companies.
- Absence of state currency control.
We at Elite Incorporation would be happy to help you incorporate in Cyprus, a financial center at the center of the world.
Useful Links:
Home page:
http://www.visitcyprus.com/
Cyprus: Economy:
http://www.traveldocs.com/cy/economy.htm
Cyprus: Taxation
http://www.lowtax.net/lowtax/html/jcypetx.html
Cyprus: Business Directory
http://www.cypriotdirectory.com/
Cyprus: Property
http://www.cyprusprop.com/