International Business Center
What is an IBC
IBC’s are companies or branches of overseas companies or partnerships, registered under Cyprus Law and may enjoy special taxation privileges, provided that: all their shareholders or partners are aliens (including Cypriots living abroad); and all their profits or income is derived from activities carried on outside Cyprus, referred to as offshore activities.
Cyprus IBCs enjoy substantial tax benefits including the fact that Cyprus has the lowest corporation tax rate (10 %) in European Union and the nearby countries as well as a wide network of double tax treaties that Cyprus has signed with 35 countries.
Types of businesses that can be incorporated:
There are three forms of Businesses that can be incorporated in Cyprus:
- a limited liability company, including a Cyprus Holding Company
- a General or limited liability partnership
- an International Branch of a foreign organization
Most International Business Companies are limited liability companies and only a small fraction of them, are partnerships or branches because in essence their legal status and financial liabilities are the same to those of the beneficial shareholders.
Legal Information
Every company is required by the Companies Law to maintain such records as are necessary to disclose, with reasonable accuracy, at any time, its financial position, to show and explain its transactions and to enable the directors to prepare financial statements to comply with the Companies Law.
A statutory audit is also required for all companies. For that reason a Cypriot firm of auditors must be appointed. Companies Law, requires also a director’s report and audited financial statements each year to be laid before the company’s general meeting. A return must be filed with the Registrar of Companies within 42 days after the general meeting.
A company is required to submit annually to the Income Tax Office, audited financial statements, tax computations, an income tax return and a self assessment form. Provisional assessment on the taxable profits of the current year must be submitted also All the above, must be submitted within the predetermined dates in order to avoid interest and / or penalties.
What we offer:
- Services and assistance for the registration of an International Business Company in Cyprus
- Services and assistance for the registration of an International Trust
- Application for all necessary licenses from Government Authorities
- Opening of Bank Accounts
- Nominee Services
- Secretarial Services
- Registered office and mailing services
- Assistance in finding suitable office space and equipment
- Human resources services
- Assistance in finding suitable business partners in Cyprus
- Accounting and management services
- Tax planning services
- Audit services
Cyprus Company Formation Procedure
According to formation procedures, prior to a company’s establishment, permission from the Central Bank of Cyprus is required. As soon as the Central Bank of Cyprus grants permission the entity must be registered with the Registrar of Companies.
An individual or a secretarial office must be appointed. The registered office must be in Cyprus.
