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Eurofinanzza Tax Legal Law Center
Corporate Tax & Legal Consultors
An Excellent European Option for International Trade
For those looking for a sound solution to International Developments
There have been huge developments on many different fronts, from FATCA to CRS and from BEPS to “deoffshorisation” and to the substance-related amendments in the Parent-Subsidiary Directive plus the introduction of the fourth EU AML Directive with its requirement for registries of beneficial owners, to name but a few.
Concepts such as substance, transparency and compliance are having a prominent role in the new era of international investments and business operations.
The use of Cyprus
International Trading Company in International Tax Planning
Cyprus International Trading Companies
New Tax Legislation
The new taxation status on Company is residence-based. A company is only ‘resident in the Republic’ if its business is centrally managed and controlled in Cyprus.
Therefore, under the new rules, a resident corporation is taxable on its worldwide income accrued or arising from sources both within and outside Cyprus if it is managed and controlled from Cyprus.
In view of the new tax legislation, also its Holding International Business Companies operating from Cyprus are now in a much more beneficial position because they can enjoy the benefits deriving from the tax exceptions as well as the corporate tax benefits by virtue of the new tax legislation.
Cyprus Limited Liability Company
The national currency is the European currency which is the Euro. The official languages are Greek and Turkish, while English is widely used within the business environment.
The Cyprus Resident vs. Non-Resident Company
Tax Resident Company
Authorised and Issued Share Capital
Classes of Shares Permitted
Financial Statements Required
Amendments made in 2003 to the Companies Law as part of the EU accession process included the following changes:
- Every company must prepare a full set of financial statements in accordance with International Financial Reporting Standards, and every parent company that has one or more subsidiaries, other than a company which is itself a wholly owned subsidiary, should present consolidated financial statements.
- Under article 120, every company must complete an annual return within a period of 42 days from the date of its Annual General Meeting and must file immediately with the Registrar of Companies, a copy of the annual return, signed by a director and the company secretary. Under article 121, the annual return filed with the Registrar of Companies must be accompanied by the full set of financial statements.
The minimum number of shareholders is one.
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