15 Reasons to Open a Company in Cyprus
Developing one’s own business requires international entrepreneurs to be resourceful and able to adapt quickly to changing conditions. The opening of the company in Cyprus has a number of undeniable advantages – which is why this island country is the most popular country for opening a company abroad. One of the most important reasons for opening a company in Cyprus is that the Cyprus Resident Investment Programme entitles the applicant and his family to a Cyprus Immigration Permit for an unlimited period of two months. After five years of residence for 7 years, the investor can apply for Cyprus citizenship.
15 reasons to choose Cyprus for the life and registration of the company
Traditionally, Cyprus ranks among the world’s largest business centres. The island can offer a full range of services, both for small enterprises and large holdings. As for the reasons for opening the firm here, the following lawyers, FINWYN CONSULTANCY LTD described the most important of them:
- You can establish a new firm on the island quickly and remotely, with minimal cost and personal involvement in the process.
- To register a company in Cyprus, you do not need to visit the country personally. With the active implementation of online systems, the entire process of establishing a company can occur remotely.
- Wide distribution of online services, development of the banking sector and the presence of consulting and other organizations specializing in working exclusively with international business, allow you to keep your eye on the ball and manage all the current affairs of the Cyprus Company from anywhere in the world – to develop the business not necessarily live permanently in Cyprus.
- Together with the company, you can open both a corporate and personal bank account. The presence of an account in the Cyprus bank will allow you to use your funds anywhere in the world, and Internet banking service will allow you to carry out almost any operations remotely.
- Cyprus has created conditions for international entrepreneurs and a very wide spread of English
- There is no clear regulation in Cyprus regarding the minimum size of the company’s authorised capital. It is determined individually and depends on the size and specificity of each individual enterprise. So, you can specify in the authorised capital only 1000 euros.
- All required company certificates and certificates can be provided in English.
- It will take you no more than 2–3 days to get the VAT payer number. To date, Cyprus has concluded a treaty on the absence of double taxation with more than 60 countries.
- Island legislation allows the involvement of nominee shareholders and directors, which ensures the greatest possible confidentiality of investors for the European Union.
- Possibility of redirecting the company from another jurisdiction. If you intend to transfer the company to the international level, then you can transfer to Cyprus for an already finished enterprise.
- Cyprus is not on the OECD blacklist, so your business will operate in a respected jurisdiction on absolutely legal grounds.
- This country uses one of Europe’s most loyal tax policies. Thus, owners of island firms can expect zero tax on income from securities transactions, conversion of real estate, income from subsidiaries and foreign subsidiaries, etc. The local government has done everything possible to ensure that international businessmen not only want to do business, but also to live on the island.
- In Cyprus, both the cost of doing business and the cost of living are quite low, especially in comparison with other European EU member states.
- You can always close the company with minimal bureaucratic procedures.
- All closed firms can be reinstated in the commercial register within 20 years.