CYPRUS OFFSHORE INFORMATION

Due to the numerous double taxation treaties, Cyprus makes a cost effective choice for trading companies. Particularly beneficial for trade with certain Eastern European countries and Russia.

ADVANTAGES	Sophisticated network of double Taxation Treaties available for use by Non-Resident Companies. Company Law based on UK Common Law. Good Professional infrastructure
DISADVANTAGES	Documentation presented to the Companies Registry must be in Greek. Relatively expensive jurisdiction
CORPORATE LEGISLATION SOURCE	Companies Law, Chapter 113
COMPANY STATUS	Private Companies owned by foreigners are titled "Offshore Companies"
USUAL MINIMUM CAPITAL	Cy£ 10.000. Offshore Companies must have a minimum of Cy£ 1.000 issued
COMPANY NAME	Prior reservation required, many words considered sensitive. Must end 'Limited'
TIME TAKEN TO INCORPORATE	3 - 4 weeks
ARE SHELF COMPANIES AVAILABLE	Yes
MINIMUM NUMBER OF SHAREHOLDERS	One
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	No / No
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	One / No / No restriction
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	Yes / Yes / No restriction, although it helps to have at least an Assistant Secretary in Cyprus
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT	Yes / No
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED	Yes, Bank references and copy passports must be forwarded to the Central Bank of Cyprus before Offshore Status is granted to any Company
INFORMATION AVAILABLE ON PUBLIC FILE	Directors, Shareholders, Registered Office, Memorandum & Articles, Mortgages & Charges (if any), and Accounts in some cases
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE	Companies Registers
CORPORATE BOOKS AND SEAL	Both required and retained at the Registered Office
ACCOUNTS REQUIRED / FILED	Yes - for "Offshore Companies" / Yes - Audited Accounts need to be filed annually with the Income Tax Office whereas Balance Sheet and Profit and Loss Accounts need to be filed annually with the Central Bank of Cyprus
ANNUAL RETURN REQUIRED	Yes
WHERE ARE MEETINGS TO BE HELD	No restriction
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	Cy£7+10%
ARE THERE ANY EXCHANGE CONTROLS	None
DOUBLE TAX TREATIES	Numerous - Austria, Bulgaria, Canada, People's Republic of China, Czechoslovakia, Denmark, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, Sweden, Syria, United Kingdom, United States of America, Yugoslavia. Belgium and India awaiting ratification. Negotiations are in progress with Egypt, Finland and Portugal
GOVERNMENT DUTIES PAYABLE	Annual Return filing fee of US$80 is due before the anniversary of the accounting year and tax is payable within one year of the accounting year