Establishing a Cyprus company

How to Establish a Cyprus Company with MARICORP

Establishing a Company in Cyprus may be simpler than you may think. Many multinational corporations choose to have Companies in Cyprus as they have an ideal legal and corporate Tax regime. Cyprus allows companies to reduce their tax worldwide and enjoy multiple exemptions on their spending or income.

As Cyprus is a member of the European Union, it remains a secure and favored location for investments.

Establishing a cyprus company

Establishing a Cyprus company comes with several benefits, such as;

  • You automatically become an EU company. You are able to enjoy the freedom and international image, and Cyprus gives you the perfect opportunity. Cyprus provides exposure to admiration from around the globe, easing the pressure to grow your business.
  • Cyprus companies enjoy a low tax rate. 12.5% of corporate tax net on profits, which eases up the pressure of running a business in the EU. This means you don’t have to face the immense costs of its taxes.
  • Selling shares of your Cyprus company is tax free, making being an investor in a Cyprus company ideal for holding companies.
  • As a Cyprus company, you enjoy Tax-free dividends. After you have profited, you can send them all over the globe. You can do this without paying hefty taxes for these services. This is because the tax of the dividends receivable and the dividends paid is 0% on dividends for foreign nationals.
  • From Cyprus, you will be able to take your operations International. You can do this without any restrictions.
  • You will be free to run your business however you please. Cyprus, unlike other countries does not put restrictions on your international transactions.
  • You can undergo Business to business (B2B) transactions in and outside the EU with 0% VAT. This is in the EU directives.
  • You receive double taxation relief (Either through a DTT or an individual relief, given by the Cyprus Tax law) regardless of a Treaty for double taxation or not.

Having a registered company in Cyprus gives you access to international financial situations, such as;

  • Central banks

Responsible for the management and oversight of all the other banks

  • Retail & Commercial banks

These offer deposit, check and savings accounts, personal and mortgage loans, credit cards and business banking accounts to individual consumers, but also to businesses.

  • Internet banks

These are only online. They offer the same products as traditional banks but are affiliated with brick-and-mortar banks.

  • Credit Unions

Its members created, own and run its financial. Traditionally, Unions cater to a specific demographic. However, in more recent years, Unions have been made accessible to the public.

  • Savings and Loans Associations

Customers mutually own these associations.

  • Investment banks

Financial institutions may act as a mediator in complicated transactions. Such as a merger or a first IPO (Initial public offering). Investment banks help people, businesses and governments raise capital by issuing securities (ownership position in a publicly traded corporation, represented in stock).

  • Insurance companies

Help people and businesses protect themselves against the risk of loss.

  • Mortgage companies

Originate or fund mortgage loans. Even though mortgage companies typically serve audiovisuals, there are some establishments that specialize in commercial real estate.

Establishing a Cyprus Company
Establishing Cyprus Company

How to set up a Cyprus company

  • STEP 1

Get the approval of the Registrar of Companies for the chosen name which is  XYZ Ltd. Search online here We shall have approval for the name in 2 days.

  • STEP 2

We provide our client with our incorporation questionnaire. The incorporation questionnaire consists of information that will be used as a guide for the smooth operation of the Company in the near future.

  • STEP 3

Proceed with the drafting of the Memorandum and Articles of Association (M&As) of the Company for your review and execution. Once the M&A is signed, we will proceed with the submission of it and application to the Registrar.

  • STEP 4 & Final

Once the Company as been incorporated, we proceed with the Registration to the Tax Department, as the law states, and order the stamp of the Company. Opening the Cyprus Bank Account usually takes  place after that.

*The whole of the procedure above takes 5-6 business days.

Register your Cyprus Company TODAY

Once your Cyprus company has been established, we at MariCorp can provide you with a variety of services to help smoothing over the operations, and avoid every obstacle a Cyprus company may face.

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  8. Άνοιγμα Τραπεζικού Λογαριασμού
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Establishing a Cyprus Company

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    Cyprus Company FAQ

    How much withholding tax in Cyprus

    Cyprus does not levy a WHT on dividends, interests, and royalties paid to non-residents of Cyprus except in the case of royalties earned on rights used within Cyprus such as:

    • The exercise in Cyprus of any profession or vocation and the remuneration of non-resident public entertainers (i.e. theatrical, musical including football clubs, other athletic missions etc).
    • 5% WHT is levied on gross income derived from within Cyprus by non-residents with no local permanent establishment for services in regards to the exploration, extraction or exploitation of the continental shelf as well as the establishment and use of pipelines and other installations on the ground, on the seabed and on the surface of the sea.

    How much is share capital in Cyprus company

    There are no minimum legal requirements as to the minimum or maximum share capital of a Cyprus private limited liability company.

    MARICORP for practical purposes always incorporates Companies with 5.000 authorized share capital and issued only 1.000 so that in the future when more shares need to be issued this can be done immediately.

    How long does it take to form a company in Cyprus?

    To form a company in Cyprus is very easy process.

    Normally, it takes around 5-7 business days, however, if an already approved name has been chosen by our client it could take up to 3-4 business days.

    We at MARICORP hold over 10-15 approved Cyprus Company names at any given point.

    How do you open a Bank account in Cyprus?

    For this process you will need the below documents to apply with:

    • Passport copy certified with Apostille.
    • Curriculum Vitae (CV) of beneficial owner.
    • The Source and value of wealth, such as Tax Declaration, Payslips, Dividend certificates and bank statements.
    • Recent utility bill (within 3 months) in original as a proof of residential address such as: electricity, gas, internet, water or landline phone.
    • Recent bank reference letter (issued within 3 months) in original.

    Should I pay share capital in Cyprus

    Upon registration, the owner of the private limited company is not required to pay a minimum share capital in Cyprus.

    Minimum value per share €1.