If your intention is to open a company in Cyprus, as well as open an account in Cyprus, then, according to experts from YB Case, you will need a non-resident firm. A Cyprus company will be a tax resident of the island, if it is managed and controlled in this jurisdiction. Such a firm is a taxable structure with a rate of 12,5%. At the same time, if you decide to register a company in Cyprus with a local residency, you can take the advantage of all agreements, concluded by Cyprus with 53 countries to avoid double tax pressure.
Registering a non-resident company in Cyprus is profitable and convenient, because it is not taxed.
Deciding to set up a Cyprus enterprise, a best structure for you will be an IBC.
Professional YB Case team will assist you with choosing the right bank, where you need to open a current account in Cyprus.
For example: It is possible to use your commercial organization as an intermediary between the Buyer and the Seller. You are transferring an income from state with a high tax rate to a low tax jurisdiction. Goods and the accompanying documentation are transferred through the Cyprus IBC.
To conduct business in European countries, you will need to open a Cyprus company for VAT purposes.
Benefits of IBC:
- Goods move directly to their destination.
- A European VAT number is required.
- A corporate tax 12,5%.
- There is no tax on dividends and interest.
Standard requirements:
- uniqueness of a name;
- a local registered office;
- a local secretary;
- at least one resident director (IBC);
- at least one shareholder (IBC).
Names of registered shareholders are indicated in public records
If you need to open a commercial firm in Cyprus, the registration time of the Cyprus IBC will be about 2-3 weeks.
