Tax and accounting regulations
Summary of Requirements for a Limited Liability Company (SIA):
|Type of Company||Limited Liability Company|
|Timescale to incorporate||Approx. 14 working days|
|Taxation||The rate of corporate income tax is 15%. Corporate income tax is imposed on the annual accounting profits|
|Double Tax Treaty Access||Latvia has over 51 tax treaties|
|Minimum No. Required||1,Corporate Directors are not permitted|
|Local Director Required||No|
|Publicly accessible information||Yes, directors details are available on a public register|
|Location of Meetings||Anywhere|
|Minimum No. Required||1, Corporate Shareholders are permitted|
|Publicly accessible information||Yes|
|Location of Meetings||Anywhere|
|Local Secretary Required||No|
|Registered Office Required||Yes|
|Minimum Paid Up Capital||Share Capital to be paid up during the incorporation of the company.|
|Accounting & Compliance|
|Requirements to prepare Accounts||Yes|
|Requirement for Audit||Audit is required if the following criteria are exceeded:
|Local Auditor Required||Yes|
|Requirement to File Accounts||Yes|
|Requirement to file Annual Return||
|VAT||The standard VAT rate is 21%|
|Bank Account Opening||Eltoma Corporate Services can assist with bank account opening in the following banks; Rietumu Banka, Baltikums Banka, AB L.V.|
|Individual Tax Rate:||
|Corporate Income Tax Rate:||
|Taxation of Dividends||
|Capital Gains Tax Rate:||
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Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.