Cyprus is a modern, cosmopolitan commercial centre offering investment opportunities across a wide range of sectors.
A member of the European Union since 2004 (and the European Monetary Union since 2008), Cyprus offers quality, efficiency and transparency when conducting business transactions.
Its EU membership ensures peace of mind and stability for the investor, as well as access to a market of more than 500 million EU citizens.
Grounded in English Common Law, Cyprus’ robust legal and regulatory framework is widely recognised as exceptionally business-friendly with a high degree of transparency.
Offering foreign companies a familiar and reliable framework in which to conduct transactions, Cyprus is fully compliant with EU directives, the Financial Action Task Force on Money Laundering (FATF), OECD, FATCA, Financial Stability Forum regulations and EU AML directives.
Cyprus ensures that its laws, regulations and infrastructure remain conducive to doing business. It is committed to providing a high-quality, duly regulated commercial environment to create the best possible experience for global investors and business people.
Cyprus’ beneficial holding company rules have persuaded hundreds of thousands of companies to incorporate their businesses and control their investments on the island.
The tourism and business services sectors have fared particularly well despite the economic crisis with the country continuing to attract and retain custom.
Cyprus offers numerous tax advantages:
- One of the lowest corporate tax rates in European Union
- A sophisticated network of double taxation treaties
- Zero withholding of tax on payments to non-Cypriot tax residents
- Avoidance of tax liabilities for properly structured holding companies
- Taxation of income generated in Cyprus only for non-resident companies
- Tax incentives for new capital injection via cash or benefit in kind
- Tax incentives for IP companies (provided that R&D takes place in Cyprus)
- Tax incentives for expatriates, high-salaried executives and first-time Cyprus tax residents
- Tax incentives for film industry companies
Cyprus offers many other benefits for the establishment of an international company:
- Anonymity of the beneficial owners
- Tax incentives
- Internationally renowned expertise servicing international companies
- Superb infrastructure
- A skilled professional workforce
- Low operating costs in comparison to other European countries
- No exchange control restrictions or exit barriers
- Flexible, tailor-made company incorporation
Our unique network offers our clients a valuable competitive advantage, granting them access to a broad swathe of local and international financial services.
Our knowledge and experience will ensure the creation of a business structure designed to enhance the profitability of your company and ensure compliance with local and international regulations.
TAX & ACCOUNTING SERVICES
We have in-depth knowledge of both direct & indirect taxation. Combined with many years’ practical experience dealing with the tax authorities, we can help structure your business in the most tax-efficient manner possible.
DIRECT & INDIRECT TAX SERVICES
- Company registration with local tax authorities
- Preparation and submission of provisional tax declarations with the local tax authorities
- Submission of the company’s annual income tax return (IR4 Form) (based on audited results) with the local tax authorities
- Preparation of documents related to corporate and defence tax liabilities (and payment thereof)
- Company registration with the local VAT authorities
- Preparation and submission of quarterly VAT returns
- Administering the registration, preparation and submission of VIES and INTRASTAT declarations on a quarterly and monthly basis respectively
- Administering the reclamation of VAT from other European countries
- Administering VAT registration with the authorities of another EU member state (providing the company’s operations require or permit it to do so)
FOREIGN VAT RECLAIM
- European VAT recovery rules diverge considerably with each state taking different approaches to the implementation of the VAT refund directive.
- Through our network associations we can handle all contact with tax authorities in their local language. Transparency is provided through an online client report service in a very simple process where no refund means no fee. Simply send your invoices subject to VAT to the relevant tax authorities of any foreign country and we shall revert on your eligibility for a refund.
- Preparation of monthly, quarterly, six-monthly and yearly management accounts
- Preparation of Annual Financial Statements based on International Financial Reporting Standards (IFRS) provisions
- Preparation of a corporation tax calculation based on accounting results
We offer a full-range of business services committed to ensuring that every question you have about the utilisation of Cyprus for your business is answered – and making that decision an easy one. By easing the administrative burden we will allow you to focus on your core business activities.
Our business services include:
- Company Incorporation
- Trade Name Registration
- Review and execution of agreements
- Intellectual Property Registration
- Issuance of invoices
- Provision of nominee shareholders to safeguard anonymity of beneficial owners
- Provision of professional directors to manage and control your company’s operations
- Establishment of a registered local office
- Provision of a company secretary to comply with local reporting and legal requirements
- Preparation of the minutes of Directors and Shareholders’ meetings
- Preparation and issuance of Powers of Attorney
- Preparation of Annual General Meetings (AGMs)
- Administration of required filings with the Registrar of Companies
- Maintenance of the Corporate Registry
- Safekeeping of corporate documents
- Provision of bank signatories
- Opening of bank current accounts
- Opening of fixed deposit accounts
- Opening of personal accounts
- Issuance of bank guarantees and letters of credit
- Issuance of personal and business cards
- Provision of monthly and yearly bank reconciliations
- Execution of payment orders and provision of swift confirmations
Our office is an introducer to the major Cypriot banking institutions with whom we maintain exceptionally good relationships. This guarantees the smooth running of your accounts and prompt execution of your payment orders, as well as providing you with the opportunity, if required, to explore each bank’s financing and private banking services.
- Company and employee registration with the Social Insurance Department
- Calculation of individual income tax payable (based on gross salary)
- Calculation of social insurance contributions payable by the company and employees (based on gross amounts paid and received respectively)
- Provision of monthly payslips
- Preparation of the required documents related to income tax and social insurance contributions (and payment thereof) on a monthly basis
- Issuance of the annual gross benefits certificate (IR63 Certificate)
- Assistance with the completion and submission of the annual individual income tax return (IR1 Form)
- Preparation and submission of the Annual Employer’s Return (IR7 form)
INTERNATIONAL TRUST services
- Establishment of an international trust both locally and abroad
- Provision of a professional trustee to manage the assets of the trust
- Preparation of an annual Trust Fund Statement
Our international network facilitates the establishment of international trusts which, correctly structured, offer remarkable tax benefits.
ANDERSEN TAX IN CYPRUS
Andersen Tax in Cyprus is a private consulting house providing international tax, accounting, payroll and consulting services. It is regulated by the Institute of Certified Public Accountants of Cyprus and provides:
- an international network of tax and VAT specialists
- An international network of corporate administrators and business consultants
- In-depth knowledge of local and European tax and VAT regulations
- Superb working relations with the tax and VAT authorities
- A strong local network of audit firms, banking institutions and legal consultants
- A comprehensive range of corporate and business consulting services
Our integrated model provides unique, tailored solutions for companies and high-net-worth individuals seeking to structure their businesses and assets in the most tax-efficient way possible. The deep knowledge of our experts, combined with that of our international partners, will always result in commercial, international and, above all, business-driven solutions for our clients.