What is a Cyprus Offshore Company?
A Cyprus Offshore Company is a paraphrase. It is nothing more than a common private limited liability company limited by shares. It is called offshore company because foreign investors use it from their country without having to be present in Cyprus. Nor do they have to have an office in Cyprus. It is operated off shore!
The most commonly used form of company in Cyprus is the private limited liability company. In this type of company you need to have at lease one Director, one Shareholder and one Secretary.
Nominee Directors and Shareholders
You can of course have more than one. There is no limit as the number of Directors nor the Secretaries. Regarding the shareholders, you can have up to fifty of them. See the interesting article on the subject of Nominee Shareholders for confidentiality. Also for more reading go to Nominee Directors.
In a Cyprus Offshore Company, you must also have a capital. As such it can be anything from one Euro upwards. There is no limitation. You will have to pay a tax of 0.06% on the capital of your Cyprus Offshore Company. You pay that only once.
Tax Resident and Non Tax Resident Company
So what is a Cyprus Offshore Company? There are two types of private limited liability company you can have. The one is the so called Tax Resident company and the other is the Non Tax Resident. The Tax Resident company is the one which has a Director who permanently lives in Cyprus. So the management and control is considered to be in Cyprus. This company pays taxes in Cyprus. Form more reading on the subject of Cyprus Corporate Tax follow this link.
The other type is the company which does not have its management and control in Cyprus. This type of company is considered to be an offshore company in the sense that it does not have to pay taxes in Cyprus.
Our firm can register a Cyprus company for you in 6 days, no fuss and in your absence.
Fast Bank Account for Your Cyprus Offshore Company
Having done your offshore company formation, our Firm can also open a fast Bank Account for your company in about 15 days! Simple and no fuss. In your absence. You don`t have to be present. In Cyprus or abroad. With internet banking, credit/debit card, in many currencies without any extra charge. No limitations in transfers in or out! No tax or negative interest on your deposits.
What Are the Formalities for a Cyprus Offshore Company?
A Cyprus Offshore Company has to follow all the obligations as to filing of all necessary documents. The Cyprus Company Law and the Income Tax legislation regulate this. It has to file yearly audited accounts, Financial Statements and HE32 document at the Registrar of Companies, Vat Declarations every 3 months, VIES form every month and pay the Renewal Tax to the Registrar of 350 euro per year.
Of course the Cyprus Company Law, Cap 113, has provisions for many other responsibilities, such as filing copies of mortgages, or any issued Bonds, or Debentures etc. They are too many to mention here. Our Firm with is 40 year expertise will assist you to make all necessary filings. No sweat.
Registration With the Tax Office
Every Cyprus Company has within 30 days from its incorporation, to register at the Tax Office. This registration will help it to get a TIC (Tax Identification Code) number. And after that it has to file yearly audited accounts. Our Firm will make this registration for your company in 24 hours for free!
This TIC number is necessary and its required by Banks and other corporations before they will begin a cooperation with your company in the EU.
Every Cyprus Offshore Company has also to register with the VAT Authority to get an EU VAT Registration number. As such it will have to file Vat Declarations every three months and pay any Vat Tax payable.
Our Firm can register your company at the VAT Authority in 24 hours and get you the VAT Registration Number. This is valuable because without it you cannot issue an invoice in the EU.
Benefits of a Cyprus Offshore Company
There are many benefits for you to gain by registering a Cyprus offshore company. It is an EU company and as such has no problems to operate everywhere. You can open a Bank Account for it in all countries. It is cheap to register a Cyprus company. It is also cheap to operate. You can have all the documents in English. When you make changes you can have them very fast. There are more than 65 Double Taxation Treaties of Cyprus with other countries. This gives you a big advantage.