Cyprus has long been a popular option for company incorporation, due to its membership in the European Union. Some might even say it is the most popular jurisdiction for this purpose in all of Europe.

Instead of banking on this existing popularity and stagnating, as some other similar jurisdictions have done, the Cypriot authorities have decided to keep up with the times and adjust, and even in some cases lead, to the challenges of modern technology and changes in the international business landscape. Therefore, business owners should not mistake the long legacy Cyprus has in this arena for it being an old fashioned option. It really is not, business owners should still be considering Cyprus as an excellent option for company incorporation, for several reasons. Among them:
• The very flexible tax regime. The tax rate is 12.5% for net profits generated within Cyprus, otherwise it’s 0%. Cyprus also has a 0% tax rate for dividends.
• Cyprus has signed multiple Double Taxation Avoidance Treaties all over the world (45 countries in total).
• The low cost for company incorporation.
• The low costs for maintenance and administration, especially compared to most other European jurisdictions.
• The speed of the process (a company can be incorporated in as little as 5 working days).
• Excellent residency and citizenship schemes. A person incorporating a company in Cyprus is entitled to a visa and work permit for 2 years (along with immediate family), this visa is renewable. After 7 years in the country, that person is eligible for a citizenship.This citizenship also entails a European Union passport.
• The high standard of living and convenient location for business owners who actually decide to relocate there for a period of time.
• The allowance of a nominee director and shareholder, for anonymity reasons.
• The owner of the company does not have to reside in Cyprus.
• The company does not need to limit its operations to Cyprus, operations in multiple countries is possible.
• A company can be incorporated with 100% foreign ownership.
• The fact that the share capital does not need to be paid up in cash at once. Instead, the Cypriot authorities allow for this to be paid at a later stage, if needed.
• Access to multiple European Union related benefits, such as a EU VAT number.
• The jurisdiction is included on the OECD white list.
• Multiple options for virtual offices, dedicated phone lines and other similar services, allowing for completely virtual management of the business if needed.
• Highly trained and professional staff with excellent English skills widely available on the island for those who find themselves needing this (accountants, lawyers and others). The island is also home to many highly educated Russian speakers.
• The ease of closing the company if needed.
<h2>A few other things to be aware of if you are considering incorporating a company in Cyprus</h2>
• All companies in the country are required to hire an internal auditor as well as to prepare yearly accounts. There is also an obligation to submit financial and business records when requested. Auditors and accountants are widely available, for low costs in the country, many of them specializing in foreign owner businesses.
• There is also an obligation for Cypriot companies to hold annual general meetings. However, these meetings do not have to take place in Cyprus, but can take place in other countries as well.
• Cyprus is a former British colony, and therefore the English Common Law system is used and English widely spoken, making the jurisdiction ideal especially for UK residents and citizens and/or those familiar with the UK.

Porat Group has been offering full packages for company incorporation in Cyprus for multiple years, and this is in fact one of our specialities. Working with multiple governmental agencies and other partners in Cyprus for years, we have excellent contacts on the island, guaranteeing our clients a fast, smooth and hassle free experience when they chose to pursue Cypriot company incorporation with us.

<a href="https://www.porat.com/contact/">Contact us</a> for a free consultation if you are interested in incorporating a company there, or simply in comparing Cyprus as a jurisdiction with other relevant jurisdictions and we will offer personalized advice for your specific needs.