Cyprus is a beautiful island with developed infrastructure and sound, business friendly financial practices, situated in the crossroads of Europe, Asia and Africa in the Eastern Mediterranean basin. Advantages of Cyprus Cyprus has traditionally been an attractive international financial services centre, combining a convenient location amongst three continents, advantageous tax rates, financial stability and credibility as well as a wide network of international treaties for the avoidance of double taxation. European & Eurozone Member State Cyprus joined the European Union as a ...
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Cyprus companies
Company formation The most common vehicle used for businesses is a company limited by shares. A new Cypriot company can be incorporated by our Office within 2 weeks. Certain information on the beneficial owner should be submitted to our Office. For details and request to form a Cypriot company, please refer to: Register an IBC Cyprus companies are governed by the Cyprus Company Law, Chapter 113 which is based on English law as amended to comply with the European Union requirements. They can be registered within a week from the date an application for approval is filed together with the ...
Cyprus Tax
Corporation Tax Cyprus tax resident companies are taxed at 12,5% from 1 January 2013 (previously at 10%) on their profits from all sources both in Cyprus and abroad. A company is tax resident in Cyprus if it is managed and controlled from Cyprus. The criteria of management and control are fulfilled if the company is owned by Cyprus tax residents, the majority of the Board are Cyprus tax residents and the company has an Office in Cyprus Income exempt from corporation tax: -Profits from the disposal of securities -Dividend income -Interest (not from ordinary activities) Left ...
Value Added Tax
Value Added Tax (VAT) is imposed on the provision of goods and services in Cyprus, on the acquisition of goods from the European Union and on the importation of goods into Cyprus. As from 13 January 2013 the standard rate of VAT is 19% Submission of VAT returns and payment of VAT or claim for refund is made quarterly, 40 days after the end of the VAT period whilst the submission of the VIES returns must be made on the 15th of each month ...
Tax Calendar
Date Obligation 31 January Declaration of Deemed Dividend Distribution for the year ended 31 December two years ago. 31 March Electronic submission of Company’s tax returns. 30 April Final deadline for avoidance of 5% penalty for payment of corporation tax of the penultimate year, if not paid on 1 August of previous year. Submission of Personal Tax Declaration IR1. 30 June Payment of Defense Contribution Tax for first half of the year on rents and on dividends or interest from sources outside Cyprus. 31 July Electronic submission of employer’s return and ...
Bank holidays in Cyprus
1 January New Year’s Day Green Monday 25 March Greek Independence Day 1 April National Day Good Friday Easter Monday 1 May Labour Day Whit Monday 15 August Assumption Day 1 October Cyprus Independence Day 28 October Greek National Day 24 December Christmas Eve – Half Day 25 December Christmas Day 26 December Boxing Day 31 December New Year’s Eve – Half Day ...
Links
Inland Revenue Registrar of Companies Social Insurance Ministry of Energy, Commerce and Industry Ministry of Finance Bank of Cyprus Eurobank EFG ...
Audit and Assurance
Our Audit and Assurance department provides professional services of the highest standard and integrity, covering the following broad areas: Statutory audits of financial statements Assurance services IFRS services Internal audit and systems and controls reviews Fraud investigations Systems and process assurance, including IT processes and security reviews Business risk assessment Corporate governance practices ...
Tax and VAT Services
Our Tax and VAT specialists provide the following services: Personal tax advice Corporate tax advice Capital gains tax Defense contribution Temporary tax assessments Self assessments Handling of tax reporting and payments Tax planning VAT handling and reporting VAT advise VAT refunds support VIES and Intrastat ...
Accounting Services
Our Accounting Services Practice provides the following services: Book-keeping and maintenance of proper books and records, Bank account maintenance and reconciliations Preparation of management accounts Preparation of financial statements in accordance with IFRS requirements Preparation of consolidated financial statements for groups of companies Preparation of tax computations ...
Business Advisory Services
Our Business Advisory Services practice covers the following broad areas: Business consultancy services Corporate finance Mergers and acquisitions Share and business valuations Dispute resolution and mediation services Forensic and litigation services Business restructuring services Advise on local regulations and legal compliance Local stakeholder engagement Transactions support Corporate structuring ...
Transactions Advisory
Our Transactions Advisory practice covers the following areas: Acquisitions, divestments and strategic alliances. Mergers, Advice for distressed business Operational, financial, tax and legal due diligence for both buyers and sellers. Raising capital and arranging financing. Accounting and specialised financial management work ...
