Cyprus companies are based on the English company law.
The minimum share capital is 5000 euro, a registered address and a local secretary is required, the manager could be of any nationality, individual or company.
A Cyprus company cans establish branches to European Union according to the local laws for the share capital.
Cyprus companies have advantages and disadvantages.
The advantages are the low company taxation, which is only 10% of the net profit.
They also have an excellent banking system which is crucial to the development of Business Corporation.
The opening of a bank account does not presume your presence in Cyprus, however if you wish to upgrade your banking relationship, e.g take a loan, a visit to the bank would be more than useful.
The disadvantages are that due to the low taxation to many of the Union's countries, an administration that proceeds from Cyprus, should be proved. Therefore the use of nominee directors is often required.
In addition the accountancy and legal services are generally more expensive in comparison to other countries, as well as greater bureaucracy.
The foundation interspaces stretches from 15-20 days and the cost is 3400 euro not including the accountancy services which are a matter of negotiation.
For any information please feel free to contact us.
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