Re-domiciliation is the process of moving the jurisdiction of incorporation of a company from one country to another.
Cyprus is a popular destination for re-domiciliation due to its favorable tax system, strategic location, and business-friendly environment. Cyprus is also a member of the European Union and has a stable legal system.
Private and public limited liability companies, as well as branches of foreign companies, can re-domicile to Cyprus.
The process of re-domiciliation involves several steps, including obtaining approval from the relevant authorities in both the current jurisdiction and Cyprus, transferring assets and liabilities to the new jurisdiction, and making necessary changes to the company's articles of association.
To re-domicile to Cyprus, a company must be registered and in good standing in its current jurisdiction, have a legal and operational existence, and provide the necessary documentation to the authorities in Cyprus.
The length of time it takes to re-domicile a company to Cyprus depends on various factors, including the complexity of the company's structure and the efficiency of the authorities involved. However, it usually takes around three to six months to complete the process.
Re-domiciling to Cyprus may offer tax advantages, including lower corporate tax rates, a wide range of tax incentives, and access to Cyprus's extensive network of double tax treaties.
Yes, it is possible to re-domicile your company to Cyprus remotely. However, it is recommended to engage a local law firm or business services provider to assist with the process and ensure compliance with local regulations.
We can help guide you through the process of re-domiciling your company to Cyprus, from the initiation of the procedure by liaising with local experts from the company's home jurisdiction and ensuring a smooth transition to Cyprus. Contact us if need any assistance or have any queries at info@blegalcy.com.
The process for incorporating a company in Cyprus typically involves the following steps:
- Choose a unique name for the company and obtain approval from the Registrar of Companies.
- Prepare the company’s Articles of Association and Memorandum of Association.
- Register the company with the Registrar of Companies by submitting the necessary documentation, including the Articles of Association and Memorandum of Association, and paying the required fees.
- Obtain a tax identification number (TIN) for the company and register with the Cyprus Tax Department.
- Apply for any necessary licenses and permits, depending on the nature of the business.
There are several types of companies that can be incorporated in Cyprus, including private limited companies, public limited companies, companies limited by guarantee, and partnerships.
At least one director is required for a Cyprus company, and there is no residency requirement for directors. Shareholders can be individuals or corporate entities, and there is no minimum or maximum number of shareholders required.
Cyprus has a favorable tax regime for companies, with a corporate tax rate of 12.5%. In addition, there are no withholding taxes on dividends, interest, or royalties paid to non-residents. There are also double taxation treaties in place with over 65 countries.
Cyprus companies are required to file annual financial statements with the Registrar of Companies and the Cyprus Tax Department. In addition, they must hold an annual general meeting of shareholders and maintain proper accounting records.
There are several advantages to incorporating a company in Cyprus, including the favorable tax regime, the country's membership in the European Union, the availability of a skilled workforce, and the ease of doing business in Cyprus.
Yes, foreigners can incorporate a company in Cyprus. There are no restrictions on foreign ownership of companies in Cyprus, and there are no residency requirements for directors or shareholders.
We can help guide you through the process of re-domiciling your company to Cyprus, from the initiation of the procedure by liaising with local experts from the company's home jurisdiction and ensuring a smooth transition to Cyprus.
Contact us if need any assistance or have any queries at info@blegalcy.com.
There are many advantages to registering a ship in Cyprus, including favourable tax laws, efficient administration, and a strategic location at the crossroads of Europe, Asia, and Africa. Additionally, Cyprus is a member of the European Union and has a good reputation in the international shipping industry.
Cyprus allows for the registration of all types of vessels, including cargo ships, tankers, passenger ships, and yachts.
The requirements for ship registration in Cyprus vary depending on the type of vessel, but generally include proof of ownership, compliance with safety and environmental regulations, and a valid International Maritime Organization (IMO) number.
The process for registering a ship in Cyprus involves submitting an application to the Department of Merchant Shipping, along with supporting documents and payment of fees. Such an application can only be made by local lawyers on behalf of the owners. The application is then reviewed and if all requirements are met, a certificate of registry is issued.
The length of time it takes to register a ship in Cyprus can vary depending on a number of factors, such as the completeness of the application, the type of vessel, and any additional documentation that may be required. However, in general, the process can take anywhere from a few days to several weeks.
The costs associated with ship registration in Cyprus can vary depending on a number of factors, including the size and type of vessel, the length of registration, and any additional services required. However, fees are generally considered to be competitive when compared to other popular ship registry jurisdictions.
Once a ship is registered in Cyprus, the owner/operator must comply with all relevant international and national laws and regulations related to the operation and maintenance of the vessel. This includes complying with safety and environmental standards, maintaining accurate records, and conducting regular inspections. Additionally, annual fees and taxes must be paid to maintain the vessel's registration in Cyprus.
We can help guide you through the process of registering your ship in Cyprus, from the initiation of the procedure through to the registration and on-going compliance with local requirements.
Contact us if need any assistance or have any queries at info@blegalcy.com.