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Cyprus
Cyprus is a base from which many leading international companies conduct their international operations, its location in the eastern Mediterranean being attractive to business from Europe, Africa and the Middle East. The population is approximately 700,000 and the official language is Greek, although English is widely used in business. Cyprus joined the European Union on 1st May 2004.
Cypriot Company Law is based on United Kingdom Law. A company may be registered as private with a minimum of two members or public with a minimum of seven members.
Since January 2003, a number of tax reforms have been effected to bring Cyprus into line with certain EU directives. One of the new laws introduces a uniform corporation tax rate of 10% applicable to all enterprises operating in Cyprus, domestic or international.
If a Cypriot company is beneficially owned by non-Cypriots it may be considered an International Business Company. Since 1st January 2003 such a company has only been considered resident in Cyprus if its business is centrally managed and controlled in Cyprus. Previously incorporation was sufficient to establish residency.
- A minimum of two shares are required which may be held by the same beneficial owner.
- A minimum of one director is required, which may be a corporate entity.
- A minimum paid up capital of Cyprus £1,000 is required.
- An annual general meeting must be held each year, there is no restriction as to the location of meetings.
- An annual return is required, and this, together with several other documents is filed on public records.
- Annual accounts must be prepared, audited and submitted to the Central Bank of Cyprus in the Greek language.
- Details of the beneficial owners must be disclosed to the Central Bank of Cyprus. Confidentiality of this information is guaranteed by law.
- There are no exchange controls relevant to an international business company.
- Incorporation may take up to 15 days unless an acceleration fee is paid.