CYPRUS IBC COMPANIES


Names may be expressed in Greek or any language using the Latin alphabet. All company names must end in the words “Limited” or “Ltd”. The following words are unacceptable: “Asset Management”, “Asset Manager”, “Assurance”, “Bank”, “Banking”, “Broker”, “Brokerage”, “Capital”, “Commodities”, “Credit”, “Currency”, “Custodian”, “Custody”, “Dealer”, “Dealing”, “Deposit”, “Derivative”, “Exchange”, “Fiduciary”, “Finance”, “Financial”, “Fund”, “Future”, “Group”, “Insurance”, “International”, “Lending”, “Loan”, “Lender”, “Option”, “ Pension”, “Portfolio”, “Reserves”, Royal”, “Savings”, “Securities”, ”Stock”, “Trust”, “Trustees “ etc.

Names requiring consent or a license are “Bank”, “Trust”, “Insurance”, “Assurance”.

It could take anything from 7 to 21 days to incorporate a company with a requested name.

Tax on offshore profits are 10%. There is no tax on dividends. Non-resident companies are subject to 0% taxation provided that the directors are located outside Cyprus, all business decision are taken outside or Cyprus and and that it has no sources of income in Cyprus.

The following countries have Double Tax Treaties with Cyprus: Armenia (CIS), Austria, Belarus, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyztan (CIS), Malta, Mauritius, Moldova, (CIS), Norway, Poland, Romania, Russia, Slovak Republic, Singapore, South Africa, Sweden, Syria, Taijikistan (CIS), Turkmenistan (CIS), Thailand, United Kingdom, U.S.A., Uzbekistan (CIS), Yugoslavia.

The standard authorised share capital is a Cyprus IBC is Euro 1,000 divided into 1.000 shares of Euro 1,00 each.

The standard currency is the Euro however any other convertible currencies are permitted.

The Minimum number of Shareholder is 1. Corporate Shareholders are permitted.

Shareholders details are publicly accessible. A Government register of Shareholders is maintained. There is a public shares register.

Meetings of Shareholders can take place anywhere. Proxies can be appointed.

Bearer Shares are not allowed.

Minimum issued share capital can be 1 share of Euro 1.

The minimum number of Directors is 1. Corporate Directors are permitted. Directors do not need to be Cyprus residents.

Meetings of Directors can take place anywhere. Proxies can be appointed.

There is a public Director’s Register.

The appointment of a Company Sectary is required. Corporate Secretaries are permitted.

It is required that annual returns are filed for Cyprus IBCs.

Annual audited accounts are required. Annual accounts audited by independent qualified auditors must be submitted. Accounts are not publicly accessible.

Company Seals are not mandatory.

Details of the beneficiaries are kept at the Registered Agent.

Company documents are to be retained at the Registered Office.

Changes in domicile are not permitted for Cypriot IBCs.