Cyprus brand new Tax Legislation - important for Cyprus company development
The legislation that is new regarding company registration in Cyprus into force on 1 January 2003. Beneath the new law Cyprus income tax is imposed:
Regarding the income that is worldwide of residents of Cyprus, and
No requirement for audited reports therefore no requirement for an auditor;
Regarding the earnings created in Cyprus by any non-residents of Cyprus.
A company is considered resident if it has its management and control in Cyprus. Consequently any ongoing company that carries out operations outside Cyprus and belongs to non-residents
of Cyprus and has now its most of the board of directors outside Cyprus isn't liable to taxation in Cyprus. Which means that non-resident - offshore companies in Cyprus cannot take the advantage of any dual tax treaties involving Cyprus but at exactly the same time won't be subject to the change of data guidelines under such treaties.
On the other hand, in case a Cyprus company wants to use the double taxation treaty network of Cyprus it's very advisable to have the majority of the directors in Cyprus also to offer that all board conferences associated with the company shall occur in Cyprus (we can use our Cyprus nominees for this function).
To be aware of cyprus company registry and cyprus company registry, check out our website Cyprus Registry
.Cyprus has emerged as extremely appealing location for international citizens planning to relocate or work here. Frequently, most of them have concerns related to moving or starting a company right here. Our attorneys in Cyprus have answered a few of the most frequently expected questions by foreign citizens.
1. Exactly what are the actions of company litigation situations in Cyprus?
Company litigation procedures in Cyprus are solved by the District Courts or by the Arbitration Court. Each case is tried individually which is the reason why the procedures may also be specific for each one of them.
2. What are the essential legal aspects I should be aware about company formation in Cyprus?
Opening a company in Cyprus will not just take very very long because foreign investors have the rights that are same neighborhood citizens. Once you have decided the sort of company you intend to register, you need to decide on a company title, prepare the papers of incorporation and submit these with the Cypriot Trade Register. Our law firm in Cyprus can make suggestions through the registration procedure.
3. What are the basic legal needs for foreign investors attempting to purchase Cyprus?
There are no share money requirements for most types of businesses. You need to deposit the absolute minimum share money of around 26,000 euros if you wish to start a company that is public.