Setting up a Cyprus company takes about 10 working days for complete set-up. Please allow a further 4 working days if a particular name is required.

Ready-made shelf companies are also available and 4 working days are required for the necessary changes to the statutory information.

In order for a company to make full use of the Cyprus Tax Law provisions it must be tax resident in Cyprus which requires either:

To have its management and control in Cyprus or Operates through a permanent establishment in Cyprus

Management and Control

It is most essential that management and control of the control of the company is considered to be exercised and in actual fact be exercised in Cyprus.

In other case the company will not be considered as tax resident and will be taxed at zero %. Management and control requires:

• Majority of local directors representation to the board
• Local business and registered office address
• Local bank signatories, for control with overseas directors dual signatures can be arranged
• Local company secretary
• Local office facilities i.e. postal address, telephone/fax/e-mail
• Preparation of board minutes/decisions on a local level and signature of contracts by local directors. Facilitation of execution overseas can be achieved through the use of special Power of attorney
• Nominee shareholders is not a prerequisite of management and control