Introduction to setting up a Company in Cyprus
A Cyprus subsidiary is a legal entity regulated by the Cyprus Companies Act. The country is renowned for its low tax and boasts advantages such as an extensive network of double taxation treaties, no withholding tax for non-residents, advanced telecommunications, and efficient banking facilities. As a subsidiary is regarded as a limited liability company, its name should be unique from the parent company and decided before the incorporation process.
What are the main requirements for a Cyprus Company?
– The minimum authorized capital required is CYP 1.000
– The minimum issued capital is 1 share of CYP 1
– The Memorandum & Articles of Association of the subsidiary
– Number of shareholders is between one and fifty for a private limited company – for public limited companies there are no restrictions on the number of shareholders
– The resolution of the parent company detailing its decision to form the subsidiary
– A registered office in Cyprus
The documents shown above are required for registration of the subsidiary with the Cypriot Registrar of Companies at the Ministry of Commerce, Industry and Tourism.
What are the accounting requirements of a Cyprus Company?
The Companies Act is in consensus with the International Accounting Standards, requiring financial accounts to be prepared as well as a statutory annual audit.
A Cyprus subsidiary must register with the Inland Revenue in order to obtain a Tax Identification Number (T.I.N.).
Please contact us in order to discuss your accounting requirements.
We will handle every aspect of the Company formation for you. Using our expert knowledge we can offer a company formation package in which we take care of company registration, issue of the certificates of registration, local directors, local representative and place of business in Cyprus, tax registration, VAT registration, and translation of documents into Greek.
Our unique one stop solution for all European formation requirements also offers formation packages to set up multiple companies. The benefits for establishing multiple companies include further increased exposure and global presence, and we can organise everything for you.
A summary of Cyprus Corporate Taxes is available here.