- CYPRUS
 - POLITICAL CONDITIONS
 - LEGAL ENVIRONMENT
 - CYPRUS "OFFSHORE" COMPANY
 - ADVANTAGES OF CYPRUS
 - NAME FOR YOUR COMPANY
 - REGISTRATION REQUIREMENTS
 - REGISTRATION SET OF DOCUMENTS


CYPRUS

Cyprus is an island in the Eastern Mediterranean Sea, to the south of Turkey. It is an important strategic location. It is an independent sovereign Presidential Republic with an area of 9,251 sq km (3,572 sq mi). The capital is in Nicosia with a population of 200,000. Very well developed international telecommunication and courier services. Official currency – Cyprus pound (100 mils). This is one of the most stable currencies. Two official languages – Greek and Turkish. English is widely used in business, government offices and in the court system.

POLITICAL CONDITIONS

Cyprus gained independence from Great Britain in 1960, and introduced a democratic presidential system of government. It is a member of the British Commonwealth. Since 1974 Turkey has been occupying northern part of the island (about 40% of the territory). The president of Cyprus is the head of the state. It is a politically stable territory with solid commercial and professional infrastructure.

LEGAL ENVIRONMENT

Local laws are based on the British common law, and particularly on the UK Companies Act of 1948. Cyprus signed an associate agreement with the European Union. The Republic is a participant of a large number of international conventions and treaties including those relating to double taxation and protection of interests of foreign investors.

CYPRUS "OFFSHORE" COMPANY

Cyprus "offshore" company is an otherwise regular company that is owned by non-residents and is operating outside of the island. Income tax rate for those companies is 4.25%. Cypress has signed highly favorable tax treaties with a lot of countries, including: Austria, Bulgaria, Canada, China, Czechoslovakia, Denmark, France, German, Greece, Hungary, India, Ireland, Italy, Kuwait, Norway, Poland, Romania, Russia, Sweden, United Kingdom, United States, and Yugoslavia.

Registration documents should be prepared in Greek. Services of nominee shareholders and directors are available. Bearer shares are not allowed. Annual audited tax return is required. Every company must maintain a registered office address and a corporate secretary.

ADVANTAGES OF CYPRUS

- Highly favorable international tax treaties. 
- Well-developed commercial and professional infrastructure. 
- Two shareholders and a director are sufficient for registration. 
- Low corporate income tax of 4.25%. 

NAME FOR YOUR COMPANY

You can give a name to your company. Certain restrictions apply. A name must indicate the limited liability status by including the word of "Limited". The following words can not be used: "assurance", "bank", "Building Society".

REGISTRATION SET OF DOCUMENTS

Upon registration you will receive the following papers:

1."Certificate of Incorporation"; original in Greek and a copy in English.
2."Certificate of Nominee Shareholders"; original in Greek and a copy in
   English.
3."Certificate of Nominee Directors"; original in Greek and a copy in
   English.
4."Certificate of Registered Office"; original in Greek and a copy in
   English.
5.A permission of the Central Bank of Cyprus.
6."Power of Attorney", issued to a real beneficiary.
7.Share certificates.
8."Trust Deed".
9."Memorandum & Articles of Association"; a copy in English.
10.Corporate seal.