Geographic location:
Eastern Mediterranean Island
Capital City:
Nicosia
Population:
801,600
Native Language:
Greek, Turkish
Currency:
Euro, Cyprus Pound
GDP:
$25.59 Billion
Political Status:
Parliamentary Democracy
Legal System:
English-based Legal System



CYPRUS
COMPANY FORMATION

First Year
Incorporation USD 3,600

Second Year
Maintenance USD 1,800


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CYPRUS COMPANY INCORPORATION

Cyprus (officially known as The Republic of Cyprus) is strategically located at the intersection of the routes between Western Europe, Russia and the Middle East. Cyprus is the third largest Mediterranean island and one of the most popular tourist destinations, attracting over 2.4 million tourists per year. Cyprus is a member of the British Commonwealth, and has been a member of the European Union (EU) since 1 May 2004. According to the estimates in 2008, its per capita GDP is, at $29,200, well above the average of the European Union.

The economy of Cyprus is dominated by the service sector, which accounts for 78% of GDP. Tourism, financial services, and real estate are the most important sectors. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. To pave way for the euro, Cyprus had successfully launched an aggressive austerity program and turned a fiscal deficit of 6.3% in 2003 into a surplus of 1.2% in 2008.

Cyprus is a popular choice for Russians and Europeans with offshore trading activities because of its highly developed infrastructure and open market economy. The country is ranked as the world's 24th freest economy of freedom enjoyed in business, trade, monetary, financial, investment and labour markets.

Taxation
Cyprus amended its tax laws in July 2002 and introduced a uniform tax rate of 10 percent for all enterprises in Cyprus, regardless of the permanent residence of their owners. Thus, with effect 1 January 2003, the “ring-fencing” of companies and banks that are owned by non-residents was abolished. There is no longer any distinction between local companies and offshore international business companies (IBCs). Cyprus government declared that the distinction between domestic companies and IBCs will cease entirely on 1 January 2006.

Cyprus has double taxation treaties with more than 40 countries. Beneficial ownership and any information related to Cyprus company is disclosed to the Central Bank of Cyprus only. No any other third party will be able to access the information unless directly authorised by the director/shareholder of the company.

Highlights of Cyprus Company