History of Cyprus

Cyprus (formally the Republic of Cyprus) is an island nation with 1.3 million inhabitants located on the eastern end of the Mediterranean Sea. Its policy is very complex, since it is divided into three blocks: the Republic of Cyprus, the Turkish Republic of Northern Cyprus and the British sector. Although located outside of Europe geographically, the country is part of the European Union.

Cyprus as a tax center Onshore

Cyprus is a European destination on the ground of choice for its very favorable tax regime and its accession to the EU. And 'possible for companies based in Cyprus to trade with Europe (due to the system of imports / exports) and also to obtain a VAT number. The country has adopted laws Trust International, which offers tax advantages to large companies located in Cyprus.

Cypriot law is based on British common law and onshore company are considered as IBC (International Business Companies) limited. Cyprus companies must be made by a qualified lawyer and have a minimum capital requirement of at least 1,000. And 'possible to protect the privacy of ownership and control structure of the company by appointing a director designated Cyrpus shareholders and holders. The Cyprus company must have a registered office in Cyprus and this is provided by the local agents.

In order to avoid taxation of profits, the management and control of the company should not be carried out in Cyprus. Companies will be considered tax resident in Cyprus if:

Important decisions are made in Cyprus; and / or,

Most of the shareholders of IBC reside in Cyprus for more than 183 days a year.

The country has 40 national and international banks that also work on the British model, to ensure a good level of confidentiality.

Cyprus Summary

Cyprus is strongly discouraged for the operations of import-export in Europe, because, since the position of the country and the fact that it is an island, products can not easily pass through it in transit. For all other activities, Cyprus is a destination of choice.

Types of companies in Cyprus

Cyprus companies take about eight days to integrate.