Fact File Supplied By
Cyprus High Commission Trade Centre.
Cyprus is a island in the eastern Mediterranean Sea.
Greenwich Mean Time +2 (plus daylight savings time in Summer).
Larnaca Airport and Pafos Airport.
Greek and Turkish are the official languages but English is widely spoken.
Euro as of 1 January 2008.
Democratic Republic member of the EU.
International dialing code
Based on common law and harmonised to EU Acquis Communautaire.
Financial centre, double tax treaties, tax incentives, lowest tax in EU.
Personal income tax
Progressive rates starting from 20% for income over 19500 , upto 35% for income over 60000 euro which is determined after the deduction of certain reliefs and allowances. Beneficial reliefs for expatriates (including complete tax exemption of interest and dividends received by non-domiciled individuals).
Corporate income tax
12.5% on chargeable profits. Certain incomes are completely exempt or taxed at a lower effective rate.
Tax information exchange agreements
Andorra, Armenia, Austria, Azerbaijan, Barbados, Belarus, Belgium, Bosnia, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, India, Iran, Ireland, Italy, Jersey, Kazakhstan, Kingdom of Bahrain, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lithuania, Luxembourg, Malta, Mauritius, Moldova, Montenegro, Norway, Poland, Portugal, Qatar, Romania, Russia, San Marino, Saudi Arabia, Serbia, Seychelles, Singapore, Slovakia
Tax information exchange agreements (continued)
Slovenia, South Africa, Spain, Sweden, Swiss Confederation, Syria, Thailand, States of Guernsey, Ukraine, United Arab Emirates, United Kingdom, United States and Uzbekistan.
Minimum authorised capital
Minimum share issue
Timescale for new entities
Subject to name approval, one to three days with acceleration fee.
For companies with share capital: €105 fees plus €100 fees for the acceleration procedure.
Depends on representation, annual return filing fee (€20) plus €350 annual levy.
Resident director advisable for tax purposes.
There is a public registry but use of nominees possible.
Public share registry
There is a public share registry and electronic search also available.
Annual general meetings or resolutions in lieu of.
All companies must file audited financial statements.
Redomiciliation in and out possible.
Company naming restrictions
Any word that the Registrar of Companies considers undesirable or that is similar or identical to an existing company name, or that implies illegal activity or royal or government patronage. Any words, among others, which include 'bank', 'insurance', etc.