The
Basic Services package consists of compulsory
and optional items; the optional items
are marked with "*" and are of advisory
nature and can be called up upon demand.
- Advice on
Type of Off Shore Company *
- Selection of Name
- Required Documentation for Establishment
- Company Documentation
- Local Bank Account
- Taxation
Service
Advice on Type of Off Shore Company
*
In establishing an IBC
in Cyprus , various options are available.
The most common form is the Private Limited
Liability Company with share capital. Others
being the Cyprus Holding Company, the International
Trust and Shipping Companies.
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of page Selection of Name
As Cyprus is a vibrant off-shore area
and not all names desired might be available.
Thus, ITOS recommends the proposing of
two or more names and possible combinations;
should the company name not be available
in the suggested form, ITOS will identify
some combinations and some possible combinations
for approval.
There are some restrictions and the Registrar might reject certain terms and
names (mainly those ones implying illegal activities) must not be included,
such as: Broker, Capital, Credit, Cooperative , Dealer, Exchange, Financial,
Global, Government, Group, Imperial, Insurance, Lender, Loan, National, Pension,
Reserves, Royal, Savings, Stock and Worldwide.
Some names will require a license, these are: Bank, Trust, Building Society
and Insurance.
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of page Required Documentation for Establishment
Each and every company
will need at least one shareholder and
one Director. The first one can be a natural
or a legal person, the latter must be a
natural person and may be represented by
ITOS as nominees Director and/or Shareholder
(see below). Depending on the form, organisation
and management of the company, different
requirements apply.
For each Director and Shareholder the following documents will be required:
(a) Bank Reference
The Central Bank of Cyprus request a reference
confirming the applicants good standing
from a recognised Bank or Financial Institution.
(b) Passport
A copy of the first page of the passport
for shareholders who are natural persons
and Directors.
(c) Proof of Address
Shareholders who are natural persons need to show they are not residents of
the Republic of Cyprus . A recent utility bill or other confirmation of address
from the home country is required. ITOS can organise translation if the language
is not Greek or English.
(d) Requirements for Legal Entities
If the shareholder is a legal entity, the following documentation is required:
Registration Documents (copy of Articles of Association, Registration Certificate),
Bank Reference, Apostille (where available), latest financial statements.
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Company Documentation For the incorporation procedure, a Memorandum
and Articles of Association are required.
ITOS will draft and make available tailor-made
documents according to the introductory
ad vic e, or standard documents, as required
and requested. All company documents are
in Greek and in English.
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of page Local Bank Account
ITOS will open a Bank Account in a currency
of choice at a Bank of choice. Interest
received from accounts with domestic banks
are tax free.
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of page Taxation Service
The company's net income is subject to a
10% flat tax rate. Dividends paid to non-resident
shareholders are tax-free. ( Cyprus has got
over 40 double taxation treaties). The tax
return has to be filed annually and in Greek.
ITOS cooperates with all major Accountancy
and Auditing firms in Cyprus and, for those
who may not wish to be audited by a large
firm, ITOS cooperates with smaller professional
auditing firms.
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Contact Details
For further
information and detailed quotes, please
contact
ITOS Ltd
68 Stratigou
Timayia
M. Frangos Court
5 th Floor, Office 501
Larnaca 6051
Cyprus
Emails: info@itoscyprus.com |
