International Business Company (IBC)
This company can be used for many different purposes, and can be treated as:
- Public Company
- Private Company
- Company limited by guarantee
- Company limited by shares
There is no minimum capital requirement. The money for the company’s share capital does not have to be paid in a bank account of the company. In case the fees that are paid for the registration and set-up of the company exceed the share capital amount, this automatically means that the share capital has been paid.
Special permission is required for some types of services, including banking, insurance and financial services.
Cyprus maintains a competitive corporate tax rate of 12.5% which is one of the lowest among the EU countries Foreign sourced dividends are generally exempt from tax in Cyprus, when received by a Cypriot tax resident companies.
Non-Cyprus resident shareholders of a Cyprus company are not subject to any tax on dividend distributions by Cyprus IBCs. Resident shareholders are subject to additional tax on dividends of 17%.
Cyprus has tax treaties with 52 countries, including the main Western European and North American countries and almost all Eastern European countries. The combination of low or no taxation with the benefits provided by its treaties with many countries make Cyprus a highly desirable location for international tax planning.
Annual Tax Returns have to be submitted
Annual Financial Statements are required to be prepared and presented to members. A copy is filed with the Registrar of Companies, together with the Annual Returns.
Registered office in Cyprus: Yes, must be situated in Cyprus.
Registered agent in Cyprus: Not required.
Yes. Can be of any nationality and residence and can be a physical person or a corporate entity.
Minimum of one. Can be of any nationality and residence and can be a physical person or a corporate entity.
Minimum of one
There is no requirement to disclose the beneficial ownership to any Government Authority. It has to be disclosed, in confidence, to banks if a bank account is opened in Cyprus.
English is almost always acceptable. Sometimes though, it is necessary to prepare documents in Greek, however our experienced staff speak English, Greek and Russian and so we can prepare such documents on your behalf, we can also arrange to have copies of the corporate documents translated into the language of your choice.
Yes, ask us for a list of the shelf companies that are currently available.
Companies Law, Cap.113.
The main body of the Law in Cyprus has been in force since 1952 and it was an exact copy of the Companies Act 1948 of the UK. Recently, in 2012 it has been amended to incorporate European Union directives.