submit the documents related to the company registration procedure with the Cyprus Companies House; register the company for taxation, VAT and social insurance and pension purposes; obtain the necessary business licenses which will allow the commencement of the economic activities.
Can a foreigner open a company in Cyprus?
Shareholder(s) of a Cyprus Company:
The minimum number of shareholders of a Cyprus Private Limited Liability Company is 1 and the maximum is 50. The shareholder may be natural or legal person. The is no restriction on nationality or residency. A company can be incorporated even on 100% foreign ownership.
How much does it cost to start a business in Cyprus?
The cost of registering a company in Cyprus costs $1995 but from the second year, it will cost $1990.
How long does it take to open a company in Cyprus?
It usually can take up to 10 working days to establish a new company in Cyprus. If time is of high importance, there are shelf companies available.
Is Cyprus a good place to start a business?
Cyprus has a modern, free-market, service-based economy giving international investors and domestic businesses confidence to invest, grow and prosper. The tertiary sector of services is considered the backbone of the Cyprus economy and with a high income per capita, the consumer market is particularly strong.
Is it easy to start a business in Cyprus?
It is quite easy to open a business in Cyprus and with the proper support, overseas businesspersons can have their own companies up and running in the littlest time possible.
What is the best business to start in Cyprus?
Business Opportunities in Cyprus
- Construction Company. The government of Cyprus provides substantial support to individuals looking to start a company in the construction business. …
- Education Consultancy. …
- Property Rental Market. …
- Tourism. …
- Shipping Industry. …
- Transportation Business. …
- Insurance Brokerage Company.
How do I go self employed in Cyprus?
Self-employment in Cyprus
Go to the Department of Labour and register your company name. In the same building, you can register for Social Insurance and get a Social Insurance Number. Next, use the name registration document and Soc.
How do I open a limited company in Cyprus?
The following steps must be completed in order to open an LTD in Cyprus:
- reserve a trading name (the shareholders must make sure the name is unique);
- draft the incorporation documents;
- set up the corporate bank account and deposit the share capital;
- file the documents with the Companies Register;
Why companies are registered in Cyprus?
The main reason why Cyprus has become a great attraction as a business location is the business-friendly tax system that offers many advantages to companies that are based in the country. The key benefit of a resident corporation is the uniform 12.5% corporate tax rate which is one of lowest in Europe.
What is the tax rate in Cyprus?
Personal Tax rates.
|Taxable Income €19.501 – €28.000||Rate 20%||Amount €1.700|
|Taxable Income €28.001 – €36.300||Rate 25%||Amount €2.075|
|Taxable Income €36.301 – €60.000||Rate 30%||Amount €7.110|
|Taxable Income €60.000 – €100.000||Rate 35%||Amount €14.000|