Cyprus is quite welcoming to foreign companies.
The former British colony, which is in the Mediterranean, is a part of the European Union and has a GDP growth rate of just under 4% annually. For many non-EU enterprises, it has evolved as a doorway to the European market.
In addition to its robust economy and stunning location, Cyprus is appealing due to its fair and open tax system. There is no capital gains tax, and the offshore and corporate tax rates of 12.5% are fairly reasonable. With the exception of dividends from overseas sources, which are nonetheless deductible by the sending firm for tax purposes, dividends received by companies incorporated in Cyprus are tax-free.
The reason Cyprus is a little lower on our list is that the Incorporation process takes a little longer. You can expect to wait 2 weeks to complete the process, which is significantly longer than most other countries on this list.
Nevertheless, Cyprus is an excellent location to incorporate in, especially if you want access to the European Market, while paying very reasonable taxes.
Starting a business in Cyprus is a great way to enter the European market. Cyprus is a member of the European Union, has an excellent climate, and offers an advantageous tax system. There are a few steps to consider when opening a company in Cyprus.
The first step is to decide on a legal form for the business. The most common type of business entity in Cyprus is a limited liability company. This type of company requires at least one shareholder, one director, and a company secretary. A company must also have a registered office address in Cyprus, and a minimum share capital of EUR 1,000.
The next step is to register the company with the Department of Registrar of Companies and Official Receiver. This requires the submission of a registration form, the company’s Memorandum and Articles of Association, and a declaration of compliance.
Once the company is registered, it must open a corporate bank account. This account must be opened with a bank in Cyprus and will require the submission of several documents, including a company certificate and proof of residence.
Finally, the company must apply for a tax identification number and register for VAT. The tax identification number is used for all tax and legal matters, including submitting tax returns. VAT registration is required for companies that will be selling goods and services to consumers in Cyprus or abroad.
Opening a company in Cyprus is relatively straightforward and can open up many opportunities for businesses. It is important to ensure that all necessary steps are taken to ensure compliance with all the relevant laws and regulations.
As soon as your company is incorporated in Cyprus, you will need a dedicated IBAN bank account for SEPA – Single Euro Payments Area (local money transfer protocol across Europe) transfers.
You can open your company iban account with your passport and company papers online, from www.Monvenience.com, at best rates, with your Cyprus company incorporation papers.
Please note that most traditional Cyprus banks will require multiple physical visits, deposits to be made, and much paperwork, raising the expenses to open and maintain your account. Large Swiss banks are a bit expensive as well, and prefer to work with large companies.
However with us, you can open and operate an IBAN bank account completely online, with no visits to the bank required, and no lofty deposits. Experience smooth, convenient online banking with us. Your account IBAN number will be valid everywhere in Europe
Moreover, these accounts are dedicated, unlimited, allows personal and corporate transfers, and also come with shared SWIFT facilities, in multicurrency.
Operate your IBAN account like a local bank account not only in Cyprus, but in the rest of EEA as well. You may also consider ordering a prepaid master card as well when you have your account, for use anywhere in the globe, at all mastercard outlets.
With Monvenience, you have convenience.