Cyprus Company Management
THE SCF GROUP HAS BEEN FORMING AND MANAGING CYPRIOT COMPANIES FOR OVER 25 YEARS FROM ITS CYPRIOT OFFICES
CYPRUS COMPANY MANAGEMENT
CYPRUS MANAGED COMPANIES
Cyprus is divided into two parts; the first is the internationally recognized southern half of the island, which is ethnically Greek dominated whilst both native Turkish Cypriots and immigrants from mainland Turkey populate the northern second half of the Island. This leaflet refers to the former Greek part of the Island. Whilst SCF Accountancy & Law provides basic Cypriot incorporation services (with or without management) it is the managed companies that are of greatest interest as they provide both protection against other countries anti- avoidance provisions and yet benefit from the universal corporate tax rate of only 12.5%. Obviously, given its size and location Cyprus is not a realistic competitor to the Republic of Ireland but in its specialist fields of exploiting its unique double taxation treaty network with Eastern Europe and ironically its tax treaty with Ireland it is second to none. Cyprus is also one of the World’s major shipping registries not only for commercial vessels but now also for luxury yachts.
Economic Crisis, Managed Companies & Banking
There is no doubt Cyprus suffered greatly during the Euro Crisis of 2013 with its banking community’s reputation having been impacted by the ‘haircut’ being imposed on depositors and not just on stakeholders as in the other peripheral EU member states. Nevertheless, at the time of writing Cyprus has made significant progress and its banks – with a lot of EU help – have now stabilized allowing them to be used in company structures without too much worry! Also, it must be remembered that Cyprus is part of the EU and fully benefits from EU directives and regulations so can still garner significant tax planning benefits especially as management and set-up costs are still much lower than in Luxembourg or Ireland. Notwithstanding the above, SCF still does not recommend the use of domestic Cypriot banks for deposited sums over €100,000.00 (Covered by the State Banking Deposit Guarantee) and suggests that Cypriot companies use external banking facilities. At the time of writing the Cypriot population stood at around 1,221,549 (July 2017 est.) with a physical mass of 9,250 sq. kilometers (Figures relate to the Island of Cyprus).
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Cyprus is located south of Eastern Turkey and is the most Eastern of the Mediterranean Greek Islands. The North of Cyprus or ‘Turkish’ Cyprus occupies about 1/3rd of the Island but is not internationally recognized.
The key benefit of Cypriot limited companies is that once they are properly managed and controlled in Cyprus they will benefit from the indigenous corporate tax rates of only 12.5% plus an excellent double taxation treaty network with Eastern Europe inherited from their pre-European Union membership days when the relationship with the old COMECON countries was paramount. In addition, Cyprus offers excellent merchant naval registration facilities and in fact has one of the largest merchant navies in Europe. It is of course far cheaper using a managed company provider like SCF than establishing one’s own Cypriot office.
Uses for the Cypriot Tax Treaty Network
As stated, Cyprus has a uniquely favorable set of tax treaties with most East European countries (including those that have become recent EU accession states), which can provide for very tax efficient inward investment into these countries including tax exemption for building projects, few or no withholding taxes etc. In addition, the Cypriot tax treaty signed with Ireland in 1973 provides an ideal way for a Cypriot company to funnel surplus profits back into the West as Ireland has an excellent tax treaty network with most significant western and developed countries. For individual fiscal migrants to Cyprus many tax treaties provide a very favorable tax treatment for ‘imported’ income and capital especially where pensions are concerned.
Why register a Cypriot Managed Company?
- Pro-business environment
- EU Member State benefiting from all EU Directives
- VAT Rate of 19% (2014 onwards)
- Highly developed corporate and general law.
- Good communications.
- Active and positive member of the European Union.
- The Euro is the local currency
- Partnerships can be used to further mitigate tax
- Excellent double taxation treaty network.
- Highly educated population
- Major merchant naval jurisdiction
Double Taxation Treaty Network
The key benefit is that Cyprus has an extensive and very favourable tax treaty network with most East European countries despite its very low corporate tax rates. It is also an ideal base for many consultancy and small to medium sized trading companies.
ADMINISTRATION & ACCOUNTANCY SERVICES
Managed Cypriot Companies
The key service offered by the SCF Accountancy & Law is that of a fully managed Cypriot company where-by we can register your Company, act as the daily legal and accountancy administrators, liaise on your behalf with the Revenue, Cypriot Company House, maintain the registered office, company minutes and in fact everything necessary to provide you with a fully functional VAT registered Cypriot company including quarterly VAT returns, online banking, management and meeting rooms etc. – In fact, our Cypriot services are totally bespoke according to your needs.
Our Range of Fully Managed Company Services
- The appointment of a qualified accountant to act as Company Secretary
- The opening up of a bank account for your company with access provisions agreed by SCF, the bank and of course the beneficial owners
- A Full Management Agreement setting out the rights and obligations of all parties
- The provision of a Cypriot registered office address for service of process and official mail
- The application and obtaining of a Cypriot VAT number for your company
- The maintenance of all requisite company minutes, ongoing companies registration office submissions, annual returns and AGM preparation
- The annual submission of the Annual Assessment of Tax Form
- The management of the company’s VAT submissions, payments and VAT reclamations on a monthly or quarterly basis
- The maintenance of the company’s accounts supported by a quarterly ready for the submission to the Revenue Commissioners including the corporate tax calculation. Accountancy will be maintained in either SAGE or Quick Books format
- The appointment, if required or appropriate, of auditors
- Advice on general Cypriot tax mitigation and the company’s maintenance by a dedicated company accountant
Set-Up & Annual Maintenance Fees
Please see separate SCF Accountancy & Law Cyprus Fee Quotation
The Fully Managed Cypriot Company & Trading Office Package (Optional Extra)
This Package is identical to the Fully Managed Cypriot Company Package save that it includes SCF providing the day-to-day trading, telephone answering, website management (if required), order reconciliation, invoice issuing and trading office facilities for your Cypriot company operation which can be made bespoke to your exact needs all at a fraction of the cost of setting up and maintaining you own office in Cyprus.
PRIORITY ENQUIRY FORM
(Strictly Confidential No Obligation)
SCF International is the trading name of SCF Corporate Services Limited
Address: 1st Apriliou 47, Limassol, 3117 Cyprus
Telephone: +357 25 771 570 Email : firstname.lastname@example.org
Registration number HE 341030
Malaysia: KL Marketing Office, B-7-6, Megan Avenue II, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia
A FULL RANGE OF LEGAL, ACCOUNTANCY & COMPANY MANAGEMENT SERVICES
The SCF International specializes in providing accountancy services for Cypriot limited companies, Cypriot company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing bank account facilities, raising invoices and any and/or all other services required to establish a bone fide managed and controlled UK limited liability company.
The SCF International also specializes in providing accountancy services for Irish limited companies, Irish company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing Irish bank account facilities, raising Irish invoices and any and/or all other services required to establish a bone fide managed and controlled Irish limited liability company.
Our in-house team of legally and accountancy qualified experts can also provide advice on current UK & Irish tax laws/provisions including anti-avoidance provisions, EU directives and regulations, the impact of BREXIT for both UK and EU based businesses and other relevant. In addition, where required the SCF Group can also set-up and arrange the management of companies in tax attractive EU based jurisdictions such as Cyprus, Luxembourg or Malta or indeed any jurisdiction in the world including those in the Middle and Far East.
Property de-enveloping services – In conjunction with leading UK firms of solicitors SCF International can help transfer companies currently held by what were known as ‘offshore’ companies into either more tax efficient UK companies or directly back into the names of individual beneficial owners’ often without attracting stamp duty land tax (SDLT) but still avoiding the advance tax on enveloped dwellings (ATED). For more information please see https://www.de-enveloping.co.uk
Our fiscal migration and tax planning department is operated by qualified lawyers and accountants and can advise both domiciled and non-domiciled individuals on how to mitigate their individual and corporate tax exposure be it in Cyprus or internationally. Our legal & business department can provide specialized advice on all domestic and international tax planning issues but also upon ‘key’ issues such as asset protection be it in the form of trusts, private interest foundations (PIF’s), pre-nuptial and post-nuptial agreements, divorce and general family law, legal drafting, leave to remove applications etc