15 июль 2021

The Cyprus Companies Law Cap. 113, allows the transferring of the seat of a foreign company at the Republic of Cyprus. There are several reasons behind the decision of a foreign company to re-domicile in Cyprus as follows:

• To take advantage of the wide Double Tax Treaty Network applicable in Cyprus
• To gain access to the European Union directives
• Companies that are coming from complex and strict tax systems can benefit from a more flexible tax regime in Cyprus
• No withholding taxes or thin capitalization rules apply in Cyprus

Commencement of the procedure:

The company's Memorandum and Articles of Association must contain a provision allowing the company to re - domicile out of its jurisdiction. If no such provision exist, then an amendment to the Memorandum and Articles of Association must be filed prior the re-domiciliation process.

Requirements by the Registrar of Cyprus:

An application must be prepared and submitted together with a statement of directors which shall contain:

• The name, incorporation number and registered office of the company
• The activities of the company
• The Republic of Cyprus to be mentioned as the jurisdiction where the company shall re domicile along with the name and address of the Registrar of Companies in Cyprus.
• The proposed name to be used for the continuation of the company in Cyprus. Such name must be approved by the Registrar of Cyprus.
• The date that it is proposed to establish the seat of the company to Cyprus.
• That the company is solvent and the directors are not aware of any circumstances which could affect the solvency of the company within the period of twelve months.

Other formalities

The application for re-domiciliation must be approved by a special resolution of the company's members.

The Company shall submit at the Registrar of Cyprus the Memorandum & Articles which must comply with Cyprus Companies Law Cap. 113 as this M&A will become the official constitution document of the company as soon as it is re-domiciled to Cyprus.

A certificate of Good standing or the equivalent to serve as evidence that the company is in compliance with the requirements of incorporation of the authority of home country. If no such document exist in that jurisdiction, then a legal opinion must be obtained.

The list of the directors and secretary of the company must be provided.

Final steps

The Registrar of Cyprus once satisfied that all the above  requirements have been met, will issue the temporary certificate of re domiciliation.

Subsequently the company must submit evidence from the relevant body of the country of origin that it has ceased to be a company registered in the home country. Such evidence must be provided within 6 months from the issuance of the temporary certificate of re - domiciliation.

Upon acceptance of the evidence received by the foreign jurisdiction, the Registrar of Companies in Cyprus will issue the final certificate of registration.

As soon as the final certificate of registration is issued, the company is deemed to be a Cyprus company and any connection with the Registrar of Companies at the home country is terminated.  

15 июль 2021

Cyprus is an island state, member of European Union and Eurozone, situated at the north-eastern end of the Mediterranean Sea, at the crossroads of Europe, Asia and Africa.

Why Cyprus? Advantages offered to international business companies.

• Its strategic location in Europe; Its accessibility to the big East European markets, its proximity to the promising new emerging markets of Africa, its closeness to the Middle East and Gulf countries coupled with
• Its attractive taxation system and extensive network of almost 50 double tax treaties have developed it into one of the most important international business hubs of Europe, constituting it the gate to the ex CIS countries and the Middle East.
• Cyprus has one of the best double tax treaties with Russia, Ukraine and India and as member of the European Union can enjoy the zero withholding taxes on dividends/ royalties/ interests with the other European countries, ideal for the setting up efficient tax structures for international businesses engaged in these markets.
• Its business oriented environment and excellent business infrastructure with English being widely spoken.
• Its common law system, high level of accounting and legal services and well educated labor force.
• Reasonable costs of professional services for the set up and maintenance of companies.
• Its experienced and efficient commercial banking system.
• The new business opportunities that Cyprus currently offers are connected to the significant quantities of Hydrocarbon in the exclusive economic zone of Cyprus, which are attracting into Cyprus the most important players of the international oil and gas industry.
• Its excellent quality of life and marvelous weather, coupled with the high standard of health services and education constitute Cyprus an excellent location for living and working.

Tax system key features:

• Corporate income tax rate at 12,5% one of the lowest in Europe, but still acceptable (Note that anything below 11,5% is considered black listed)
• Dividend received is tax exempt.
• Capital Gains from the sale of securities is tax exempt.
• 80% tax exemption on income and capital gains from royalties is granted; hence effective tax rate is at 2,5%.
• No withholding taxes on interest/ Dividends/ Royalties paid out of Cyprus to non Cyprus tax resident physical persons or to any legal entities even classical offshore companies.
• Corporate tax for ship owning companies under Cyprus flag is zero. For the vessels under other flags tonnage tax is paid.
• For ship management companies, no corporate tax applies but only tonnage tax, which is very low.
• The extensive network of Double Tax Treaties lowers the withholding taxes on incoming dividend/ interest/ royalties.
• Tax is levied on net profit which is the result of generous tax deductibility rules.
• Losses are carried forward for 5 years.
• Group tax reliefs are available.
• Unilateral credits are granted for taxes paid abroad.
• Income earned from permanent establishment abroad is tax exempt.
• It is an attractive jurisdiction for Trusts, Funds and Forex as well as binary options, due to the tax benefits.
• There is no inheritance or wealth, taxation and nothing capitalization rules, no transfer pricing rules or CFC rules.

12 апр 2021

On behalf of our client we seek to recruit a general director for offices in Limassol,

Candidate requirements:

Cypriot origin and nationality

Higher education in England, continental Europe or USA

Three to five years of experience

Sharing team values

Readiness to work for results 24/7

Functions and tasks:

Director of the company with the right to sign all documents

Corporate document management

Formation and execution of a company SGA budget, reporting to shareholders

Arrangement and keeping of the company managing partners’ schedule, appointment of meetings/ calls

Organization and monitoring of the company employees’ performance and project schedule

Fulfillment of managing partners’ personal assignments

Working conditions and career development prospects

Fix income is determined based on work experience and existing proven competencies

Corporate CEO position after a year of employment

Participation in the corporate bonus payment system (%of closed deals)

Place of business: Limassol

To apply for this position, please email your CV to the following e-mail address Адрес электронной почты защищен от спам-ботов. Для просмотра адреса в вашем браузере должен быть включен Javascript. or call us  for further information at 25 206 931

**Due to the high volume of applications we receive only shortlisted candidates will be contacted.