Cyprus

1. INTRODUCTION
- Cyprus is an island situated in the Mediterranean Sea. Associate member of European Union.

2. ADVANTAGES
- Large network of Double Taxation Treaties with many countries.

3. DISADVANTAGES
- Cyprus is not tax-free country but low-tax country. Income tax of 4.25% from worldwide income should be paid and annual reporting is obligatory.
- relatively expensive jurisdiction.

4. COMPANY NAME
- Sensitive words "Bank", "Building Society", "Assurance" etc.
- Must end with "Limited".

5. SHAREHOLDERS
- min. 2 corporate or individual

6. DIRECTORS, SECRETARY
- min. 1 individual director, secretary must be resident in Cyprus.

7. ACCOUNTS
- Annual audited accounts must be filed.

8. SHARES CAPITAL
- minimum 1000 Cyprus pounds (must not be paid up).

9. TIME TO SUPPLY
- from ready-made list - 3 days for courier.
- with new name - up to 3 weeks.