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.
The UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.
Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law
This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.
SINGAPORE: the regulation of digital currencies & whats to come
The Monetary Authority of Singapore has released its plans to further control and regulate the current elusive virtual currency market and intermediaries that facilitate their online trade in Singapore. The anonymity surrounding so-called crypto currencies such as bitcoin raises questions over potential money laundering & terrorist financing risks.
How to incorporate a company in Cyprus with the required documentation
Cyprus is the perfect location for incorporating an offshore or private company due to its simple incorporation procedures and agreeable tax structure. Below are the steps to company formation, the registration procedure, and all documentation required for incorporation:
ACRA release new initiatives for Singapore Filing Agents
ACRA have released new guidelines introduced to update the current system, bringing it transparently in line with other jurisdictions; going forward, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.
The servicing of documents to a Cyprus company & failure to act
A Creditor may apply to court for the issuance of a liquidation order against a company that does not comply with a demand notice to pay any outstanding debts. The notice of demand is served to the registered office of the company, who then has 21 days to pay the fine; failure to do so may result in the liquidation of the company deemed unable to pay its debts by the creditor who can apply to legally dissolve the company.
Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register
Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.
European Commission publishes tax avoidance disclosure directive
The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.