Annual Fee payable by 30th June the year after incorporation.
|Dormant company: bookkeeping & audit fees:|
Fee conditional on whether the company has Bank Accounts, Bank Charges, Bank Transactions / Charges, number of shareholders, subsidiaries (Holding) etc.
|€250 – €500|
||€300 + VAT|
|Active Company: bookkeeping & audit Fees:|
||€250 + VAT|
||Determined by: number of transactions, amount of sales turnover and time spent|
|VAT & VIES:|
||€200 per annum|
||Determined by: number of employees of company – €50 per employee on a monthly basis|
Documents needed from clients for bookkeeping:
Applicable for all jurisdictions for newly incorporated companies:
- Detailed description of the company’s activities.
- Bank statements for the financial year for all accounts that are under the company’s name.
- Sales Invoices issued from the company during the financial year.
- Purchases invoices received from the suppliers of the company during the financial year.
- Any expense receipts issued under the company’s name.
- Any agreements and contracts signed by the company during the financial year.
Documents needed from companies that were transferred from another agent:
- All the above documents mentioned in Part A.
- A set of the financial statements from the previous financial year that were submitted to Cyprus Company House.
- A copy of the submitted and stamped IR4.
- A copy of the submitted HE 32.
Current Information on the Payment of Cyprus Income Tax
An individual is considered to be tax resident in Cyprus by spending a total (consecutive or otherwise) of 183 days or more in any one calendar year in Cyprus. Anyone earning an income in Cyprus falls into two categories:
UK Company Law: The Doctrine of Lifting the Corporate Veil
One of the main advantages of forming a legal entity is to limit the liability of the members of the company. However, in some circumstances, legal entities can be disregarded. This process is known as piercing the corporate veil and is the most common method for shareholders to take responsibility for the actions of the corporation.
How to Spot Professional Money Laundering Activities: A Guide for Companies
A sound client due diligence (CDD) policy is crucial for any providers offering banking, incorporation, legal or accounting services to any extent or otherwise. Compliance must play a huge role around all company decisions to accept and work with new clients, with an explicit set of rules for knowing and identifying different risk categories.
Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown
Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.
How the UK is Combating Offshore Culture & How it Could be Doing More
Typical tax haven destinations such as BVI, Jersey and Switzerland have always been in the spotlight from profiting off of helping clients circumvent legislation in their jurisdiction of residence for decades.
Nevis: The Offshore Tax Haven Nation of the World
In the world of offshore, Nevis specialises in letting its clients create corporations with greater anonymity than almost anywhere else on earth. Since 2012, the island’s financial services sector has grown exponentially, as those wishing to retain anonymity relocated to a place that promises just that. However, with ever-expanding counter legislation cropping up globally, how can Nevis continue to host such controversial services?
Expert Opinion on Cyprus’ New Borrower Incentives to Reduce the Islands NPLs
The Cyprus Ministry of Finance has released a statement regarding the IMF (the International Monetary Fund) & the European Commission is recommending Bills regarding the islands longstanding issue with Non-Performing Loans.
Keeping Europe Up-to-date with the Latest Legal & Financial Technology
The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.