Company Facts, Information and RequirementsCyprus has been a member of the United Nations since its independence in 1960 and as from May 2004 is also a full member of the European Union.
International Business Company
- Type of Company - Limited Liability Company
- Taxation - The corporate taxation rate is 12,5% of the net profit
- Legislation - The Cyprus Company Law, Cap.113, based on the English Company Act of 1948
- Ready-made companies are available
- Money laundering legislation is in existence
- Approval of the name for custom - made company can be obtained within 3-4 working days from the government
- After the approval of the name, incorporation of the custom - made company can be made within 2-3 days
- Documentation is received immediately after the incorporation
- Disclosure of the beneficial owner is made only to the Central Bank Of Cyprus
- A bank reference and name and address of the beneficial owner is required from the Central Bank of Cyprus
- Certain words cannot be used within the company name for IBC's such as Securities, International, Royal etc.
- Permission is required to use names such as Bank, Trust, Insurance etc.
- Limited or Ltd must appear at the end of the company name
- No company seal is required
- A resident agent is required
- A registered office is required
- Documents are to be maintained in the registered office
- Bearer shares are not allowed
- The minimum number of shareholders is 1
- No residential, nationality or professional qualifications are required for the directors
- The general meeting must take place at the registered office
- There are no minimum legal requirements as to the minimum or maximum share capital of a Cyprus private limited liability company. However, for practical purposes, it is recommended that companies be incorporated with a minimum share capital of €1.000 divided into 1.000 shares of €1 each. A public limited liability company must have share capital of not less than € 25,630.
- The minimum number of directors is 1 provided that he/she is not also the company secretary
- Transfer of registered shares is permitted with prior permission of the Central Bank of Cyprus
- The company can act through a power of attorney granted by the Board of Directors
- A company secretary is required
- Statutory accounting is required
- Annual audited accounts are required by a resident qualified auditor
- Annual audited accounts must be filed at the Registrar of Cyprus Companies
- Tax resident companies are required to submit an annual tax return
Costs in Set up and Maintenance of an International Business Company
The fees for the registration and set-up of a Cyprus International Business Company including all necessary company Certificates, wide-scope Memorandum and Articles of Association etc. depends on many factors such as the capital of the IBC, and are available upon request.
Other costs such as accounting, auditing etc are time based and a quote is provided in advance. Furthermore, other services (e.g. obtaining of tax identification number, tax domicile certificates, VAT Services etc.) are also available upon request.
The information contained in this web site has been prepared by KPSA for informational purposes only and is not an audit, accounting or tax advice. It is provided only as general information which may or may not reflect the most current legal developments. Consequently, the information should not be construed as legal, accounting, tax, investment or other professional advice or services. Each visitor is urged to consult one of our partners who understands the particular factual situation before making any decision, and KPSA disclaims any responsibility for any action taken by visitors in their specific cases or for any misinterpretation on the part of such persons. KPSA maintains this site in Nicosia, Cyprus and makes no representation that this site or any content on or accessed through the site are appropriate or available for use in other jurisdictions. You are responsible for compliance with all applicable laws and regulations.