What you need to know in brief about incorporation

Other Services that go side by side with the incorporation process 

 

NOTE: We are able to provide you with a complete range of services which don’t stop after the initial incorporation process. If we are providing nominee services the initial period is for one year, however, unless we receive instructions to transfer these duties to another named person or company the provision of this service will continue.

We provide, inter alia the list of legal services which are laid out below, further information on other legal services that we provide can be found in our practice areas section on the website or via a discussion with one of our members of staff who are always available to listen to your questions and advise you accordingly. 

Other Legal Services:

Our highly qualified, dedicated team of legal associates on hand to provide you with the 

following comprehensive business-oriented legal services in Cyprus, including: 

• Company, trust and commercial law consultancy; 

• Consultancy in relation to setting up the optimal international business group structure; 

• Formation of companies, branches and trusts in Cyprus; 

• Registration of patents and trade marks; 

• Provision of company directors; 

• Provision of a company secretary in Cyprus for statutory compliance matters; 

• Provision of trustee and nominee services for confidentiality or other purposes, and all 

fiduciary services in Cyprus; 

• Registered office facilities; 

• Domiciliation, statutory compliance services and maintains of statutory records; 

• Drafting of contracts, ensuring successful execution of contracts and agreements, 

liaising with government departments; 

• Legalisation and apostilling of documents; 

• Liaising with the Tax Authorities and issuing of tax clearance certificates and Double 

Taxation Certificates; 

• Representations of clients before the courts; 

• Analysis of client’s business and preliminary advice on possible improvements on legal 

matters; 

• Consultancy on investment opportunities and business proposals; 

• Providing legal advice on property acquisitions in Cyprus; 

• Establishment of trust companies; 

• Corporate restructuring services; 

• Insolvency services 

NOTE: We are also able to provide you with accountancy services, the following provides a brief overview, however we would be more than happy to arrange a meeting with you to discuss your needs and requirements. 

Accountancy Services:

Our team of experienced and qualified professional accountant associates is able to provide a wide range of accounting and bookkeeping services, as required by our clients, such as: 

• Bookkeeping services based on records kept by the client; 

• Consultancy with regard to the design and implementation of accounting systems; 

• Computerisation of accounting records; 

• Preparation of tailor made periodic management accounting reports; 

• Maintenance of VAT records, preparation and submission of VAT returns; 

• Preparation of financial statements in accordance with International Financial 

Reporting Standards; 

• Preparation of budgets and cash flow forecasts 

• Auditing services 

They will ensure that all accounting records, reports and returns are prepared for our clients in a prompt and efficient manner, at a cost-effective and reasonable price for our clients. 

We have established a very close working relationship with reputable and well-established banks in Cyprus and it is therefore in a position to be able to assist its clients with opening both personal and company accounts, as well as arranging for them to have access to a wide range of professional banking services. 

NOTE: Alongside the legal aspects of company formation we can assist you in the opening and maintenance of bank accounts with some of the most reputable banks in Cyprus. 

Banking:

The range of banking services provided to individuals and businesses includes: 

• Corporate, trust and personal accounts 

• Fixed/Notice Deposit Accounts 

• Sight Accounts, both in Euros and foreign currency 

• Current accounts 

• Multi-currency accounts 

• Business Debit and Credit Cards 

• Autopay (eg. for paying employees automatically every month) 

• Sale/Purchase of foreign exchange 

• E-Bank for Business - online banking services 

• International SWIFT transfers 

• Assistance with letters of credit and letters of guarantee 

• Arranging loan and credit facilities 

NB: The procedure for opening a bank account at a major bank may take anything from one day up to a couple of weeks depending on the bank concerned. 

NOTE: Our lawyers are skilled in providing tax planning advice, please call or email our office to arrange a meeting so that we can advise you further. 

Tax Planning:

We continually monitor any changes in tax legislation so that we can advise our clients how to maximise the benefits deriving from any tax benefits in order keep their tax liability to an absolute minimum. 

In addition to our local tax expertise, our tax consultants are experts in International Tax Planning matters, including the benefits of utilising the Double Tax Treaty provisions. 

The corporate tax in Cyprus is 12,5% and the VAT 19% the one of the lowest in Europe. No tax is paid on dividends in the case of non-resident shareholders of a Cyprus company. 

Generally there is a full exemption from local taxation in respect of dividends received by a holding company from its local and foreign subsidiaries. There is no tax for the sale of shares of a Cyprus company in foreign subsidiaries. There is no withholding tax on outgoing dividends remitted by a Cypriot company to the ultimate parent company. Due to the existence of Double tax treaties the incoming dividends are either exempt from or subject to low withholding taxes in the subsidiary's jurisdiction. 

There is also exemption at source of interest where the beneficial owner is a non resident. Interest expenses payable by a Cypriot company are fully deductible. Also a Cypriot holding company may be capitalised with loans and the interest paid at arm's length to the parent company will be deductible since in Cyprus there are no specific rules on thin capitalisation. Another advantage is that our Controlled Foreign Companies legislation is rather relax and is mainly targeting certain types of income not deriving from genuine business i.e passive income.

 Our experts can advise you how to derive maximum benefit from international tax planning by using Cyprus holding companies, trusts and International Business Companies.

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