Cyprus Company Formation
Cyprus, located at the north-eastern part of the Mediterranean, is often said to be at the crossroads of Europe and Asia. The legal system in Cyprus is based on British law, and all statutes regulating business matters are based on English Common law. Cyprus is an important offshore and onshore business centre, with great business facilities. This has lead to the formation of thousands of offshore companies in Cyprus. Since Cyprus is very well-connected by air, and has a great communications network, it is also a very convenient place for company formation.
Cyprus Company formation has several tax advantages: There is only a 10% declared corporate profit tax, and dividends to shareholders are free. Double tax treaties have also been signed between Cyprus and 38 other countries including Ukraine and Russia. Nominee services allow the owner of the Cyprus Company to remain anonymous. The inclusion of Cyprus into the European Union (EU) has made Cyprus Company Formation attractive from the tax perspective.
Although there is a reasonably high occurrence of corruption as well as a lack of competitive spirit among companies, Cyprus Company Formation is still an advisable alternative as a Cypriot company is ideal for investment purposes. It is important, however, to hold a bank account in Cyprus, before undertaking company formation in Cyprus. Because of the beneficial business laws, Cyprus Company Formation is reliable, as both onshore and offshore companies are now taxed on the same basis.
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07-27-2009, 10:52 AM
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