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The basis for co-operation between the two countries is an agreement which helps to avoid double taxation. This agreement includes all Cyprus companies which operate in the Russian Federation, Belarus, Czech Republic, German, U.K. and many others. The corporate tax rate for Cyprus companies is only 10 per cent. Under that agreement Cyprus Company (Tax resident in Cyprus) can operate in the Russian Federation, Belarus, Czech Republic, German, U.K. and others countries but corporation tax will be paid only in Cyprus. Provided only that their activities do not form a permanent representation, because then, the enterprise would have to pay taxes as any other Russian, Belarus, Czech Republic, German, U.K. and others company. In order to get tax clearance from Tax authorities in Russian, Belarus, Czech Republic, German, U.K. and many others company Cyprus company has to submit tax resident certificate. In order to receive the tax resident certificate Cyprus Company must be controlled and managed from Cyprus.

 

The term “resident in the Republic” when applied to a company, means a company whose management and control is exercised in the Republic. In practice management & control is:

After changes of the corporation tax rate from 4.25% to 10% Cyprus government had eliminated taxes on income received in the form of dividends, royalty payments (for the use of authorized rights, inventions, technological knowledge, know-how), gain raised from sale of securities etc. The Cyprus jurisdiction is unique. Firms in Cyprus are perfect for operations of foreign trade, holdings, shared funds, trusts, banks, ownership of ships and navigation. They can be used for construction, real estate investment, and intellectual property management.

 

Also Cyprus Tax authority does not impose withholding taxes on royalties paid by a Cyprus company, provided that the rights are exercised out of Cyprus by the Cyprus Company. This is irrespective of the location of the (non-resident) recipient to which the Cyprus Company makes the royalty payments.

 

It is very important that after joining with EU there is no differences between IBC and local companies. Obviously, our Client can get advantage to receive Cyprus VAT number which is belonged Europe VAT system. When Cyprus company buys any goods from EU supplier the Company will not pay VAT amount (providing that the Company has a Cyprus VAT number). Consequently, the purchasing price will be reduced to VAT amount figure.

 

Formation. Only licensed Agents may organize the Company in Cyprus, by subscribing to a Memorandum and Articles of Association as incorporators. The usual procedure is for a nominee to act in this capacity. OLYMPUS SERVICES can incorporate a company by providing the nominees services for our Clients. Also OLYMPUS SERVICES can offer ready-made shelf companies.

 

Board of Directors. The business and affairs of the company are managed by a Board of Directors that consists of one or more persons who may be individuals or companies. There are no nationality limitations. But if Cyprus Company be controlled and managed by foreign directors (non-resident of Cyprus) the Company can lose the advantage to be Cyprus Tax Resident ompany.

 

Registered Office & Secretary. A Company must appoint a Registered Secretary and a Registered Office within the Republic.  In case of any charges in legal structure of the Company the secretary must inform Cyprus Registrar within 14 days about the changes.

 

Disclosure.There is available public record of directors, secretary, registered office and shareholders of the Company. Also there is public information about directors, secretary and shareholders permanent address and nationality.

 

Bearer Shares. Bearer shares are NOT allowed in this jurisdiction.

 

Books,Records and Common Seal. A Company must have a corporate seal, which may be kept outside or within the territory of Cyprus. Seals must be used if the company enters into a contract which, if entered between natural persons, would be required by law to be in writing and under seal.  Cyprus Company directors are responsible for keeping accounting  records and preparation of annual financial statements with audit report.

 

Power of Attorney. A Company may grant general or special Powers-of-Attorney to any person, to act on its behalf and to execute contracts, agreements, deeds and other instruments. These powers are not recorded in the Public Registry.

 

Amendments. The Memorandum and Articles of Association may be amended by either a resolution of directors or of shareholders and the amendment filed with the Registry of Companies.

 

Certificates of Good Standing. Good Standing Certificates for Cyprus Company, can be obtained upon application to the Registrar of Companies.