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Cyprus Ltd Company Starter Pack

Complete company formation and corporate bank account

Easy and quick formation of a Limited Company within the European Union with a low tax rate & Free international corporate bank account with CIM Bank (Switzerland)

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FACTS & INFO

  • Corporate Information

    COMPANY NAME

    A Company name must necessarily end in “LIMITED” or "LTD" (no other suffix is allowed) and must be approved by the Registrar of Companies. This procedure usually takes 2-4 business days.

    MEMORANDUM AND ARTICLES OF ASSOCIATION

    To register a Company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at the Office of the Registrar of Companies. The Memorandum specifies the activities in which the Company may engage and the Articles of Association specify the rules governing the internal management of the Company.

    SHAREHOLDERS

    The number of shareholders in a Company may be from 1 to 50. A shareholder can be a physical or legal person of any nationality. Details of shareholders such as their name, address and nationality, are part of the public record, however they may avail themselves of a nominee service by appointing a nominee shareholder, which we can provide by virtue of an agreement or a Deed of Trust for a reasonable fee.

    SHARE CAPITAL

    There are no minimum legal requirements as to the minimum or maximum share capital of a Cyprus private limited liability company. However, for practical purposes, it is recommended that companies be incorporated with a minimum share capital of €1.000 divided into 1.000 shares of €1,00 each.

    DIRECTORS AND SECRETARY

    Cyprus companies are managed and controlled by a board of directors. A Cyprus private company must have at least one director. There is no restriction as to the nationality of the directors and both physical and legal persons can be directors of a Cyprus company.

    Management and control of a Cyprus company will determine the tax status of the company. It is therefore customary for the majority of the directors be Cypriot residents. In this case the company is regarded as resident in Cyprus for tax purposes.

    Details of directors are part of public record; however our firm can provide a nominee director, if required, for a reasonable fee.

    The company Secretary can be either an individual or a legal person and is responsible for administrative matters concerning the company.

    REGISTERED OFFICE

    Every Company is required to have a registered office and address in Cyprus which should be registered and updated at the Registrar’s Office.

    OFFICES IN CYPRUS

    A Cyprus company may operate from abroad or may have a fully-fledged office in Cyprus. There are certain regulations and procedures that must be fulfilled in case a businessman wishes to establish a fully-fledged office in Cyprus.

    MEETINGS

    Company meetings need not be held in Cyprus.

    INCORPORATION TIME

    Normally from 2 to 3 weeks, however a priority claim can be requested.

    RECURRING MAINTENANCE FEES AS FROM 2ND YEAR

    • Provision of registered office and registered address
    • Provision of company Secretary

    Note: Government Annual Levy. As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June of every year (irrespective of the date of incorporation) an annual levy of €350,00 in order to be considered in good standing and for their name to be retained on the register maintained by the Registrar of Companies .

    ABOUT THE BANK

    CIM Bank was founded in 1990 and provides traditional Swiss private banking services for private and corporate clients. The bank is located in Geneva, Lugano and Wollerau. CIM Bank is regulated by the Swiss Financial Market Authority (FINMA) and is a member of the Swiss Bankers Association (SBA) and SIX Swiss Exchange. In 2012 CIM Bank has acquired the Croatian bank Primorska.

    For the fourth consecutive year (2010, 2011, 2012 and 2013), CIM Bank has been awarded by the Deutsche Bank for the excellent quality of its SWIFT payments (Euros and Dollars).

    WHAT CIM BANK OFFERS:

    • Corporate and personal multi-currency accounts.
    • International transfers
    • Commercial bank accounts for performing business activities of any type and size
    • Advisory and Mandate Portfolio Management
    • E-banking with facilities of international online transfers and payments
    • Lombard Loans
    • Online Trading: futures, options and stock trading, forex
    • Credit and Prepaid Visa and MasterCards (Swissbankers TravelCash, Gold, Silver, Visa Platinum, American Express, business cards)

    The approximate timeframe for account allocation is 7 to 10 business days receipt of the original documents by the bank.

    BANK TARIFFS AND CHARGES

    CIM Banque can be considered as medium-cost bank with respect to account maintenance and bank transfer fees. The fee for incoming funds depends on the amount of transaction and varies from CHF 15 up to CHF 550. The commission for incoming payments greater than CHF 1,500,000 will be 0,035% of the transaction amount. The bank fees for outgoing payments sent via e-banking system range from CHF 3,50 and CHF 450. For outgoing payments greater than CHF 1,000,000 the bank will charge 0,025% of the transaction amount.

    Personal account maintenance fee is CHF 120 per quarter.

    PLEASE NOTE that bank tariffs may be changed anytime at the sole discretion of the bank, we therefore suggest to contact us or visit the bank’s website for updated details on specific fees and charges.

    STARTING BUSINESS professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit or minimum balance.

    IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES

    If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, STARTING BUSINESS will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.

    Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.

    Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.

    SHIPPING COST

    Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and will be USD 130. Please be advised that there will be some exceptions where the fee might be higher.

  • TAXATION

    BASIC TAX PRINCIPLES

    According to Cyprus Tax laws, Cyprus Companies are considered to be Cyprus tax residents by default and are taxed at 12.5% on profit. However, non-resident Companies are not subject to Cyprus tax provided that the Company management and control are exercised outside Cyprus and the Company does not derive any income in Cyprus. It should be noted that in such case the Company might not take advantage of the Cyprus double tax treaties network.

    FIXED ANNUAL LEVY

    As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June of every year an annual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the Registrar of Companies.

    DOUBLE TAXATION AGREEMENTS

    Cyprus has concluded double tax treaties with: Austria, Armenia, Bulgaria, Belarus, Belgium, Canada, China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Qatar, Poland, Romania, Russia, Singapore, Slovenia, South Africa, Sweden, Syria, San Marino, Serbia, Seychelles, Tadzhikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom and USA.

    FINANCIAL STATEMENTS AND AUDIT

    A Cyprus Company must submit audited financial statements to local tax authorities and the Registrar of Companies. The Company Law requires that a Cyprus Company maintain proper accounting records in accordance with the International Accounting Standards. The first reporting period can be up to 18 months from the date of incorporation and thereafter financial statements must be prepared annually. A Cyprus auditor is required to be appointed.

  • OUR SERVICES & REQUIREMENTS

    OUR SERVICES FOR THE COMPANY FORMATION IN CYPRUS INCLUDE:

    • Name check and approval
    • Filling incorporation documents with the Registrar of Companies
    • Registration Forms
    • A standard set of original corporate documents
    • Payment of government subscription tax on the authorized capital up to EUR 1,000
    • Provision of registered office and registered address for one year
    • Provision of company secretary for one year
    • Registration with Cyprus Tax Department and obtaining a Cyprus tax number
    • Rubber stamp

    DOCUMENTS REQUIRED FOR THE COMPANY FORMATION

    Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:

    • Notarized copy of valid passport.
    • Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
    • Original or certified copy of Banker’s reference letter (dated within 3 months).
    • In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).

    IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES

    If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, STARTING BUSINESS will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.

    Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.

    Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.

    REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH CIM BANK IN SWITZERLAND

    • Personal visit to the bank is not required, however a face-to-face meeting via webcam must be arranged after initial pre-approval of the account.
    • The minimum initial deposit required is USD 10,000 and the minimum remaining account balance is USD 1,000.
    • Offshore jurisdictions (e.g. BVI, Bahamas, Panama, USA, RAK, Marshall Islands, Mauritius, Seychelles, Nevis, Belize, etc.) are not accepted for account opening.
    • The bank will not accept companies with the following business activities: precious metal trading, Pharmaceutical product or Dietary supplement trading, Casino or Poker, Insurance, Financial intermediary (Bank, Broker, Forex trader, virtual currency), Terrorism finance, weapon trading, diamond trading and can refuse any other activity which is not in accordance to the law.
    • U.S. companies or citizens are not accepted for account opening.
    • Account opening timeframe. The account will be activated within 7 - 10 business days, upon receipt by the bank of all duly completed forms, relevant information, initial deposit and face-to-face meeting or webcam interview.

    DOCUMENTS REQUIRED

    For the Company:

    A set of legalized company documents consisting of:

    • Certificate of Incorporation
    • Memorandum and Articles of Association
    • Documents confirming the appointment of company directors and secretary (if any)
    • Document confirming the location of the registered office
    • Share Certificate(s)
    • Certificate of Good Standing if the company is more than 12 months old
    • Copy of the Corporate Structure, identifying the ultimate beneficial owner(s)
    • Valid License (if applicable)

    For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:

    • Notarized copy of valid passport.The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.
    • A Tax Statement or Government issued proof of address is required.
    • Original or notarized copy of Banker's reference letter, dated within 3 months
    • Power of Attorney (where applicable)
    • Personal CV

    For each corporate officer (Where the company directors or shareholders are legal entities), please provide:

    A set of legalized company documents consisting of:

    • Copy of constitutional documents (Certificate of Incorporation, Articles, etc.).
    • Copy of Corporate Register (which shall include Register of Shareholders, Directors and Secretary).
    • Copy of the Corporate Structure.
    • Certificate of Good Standing.

    PLEASE NOTE:Documents that are not in English must be accompanied by a certified translation.

    Once all documentation is available please email electronic copies to our representative for review; incomplete or unexecuted forms can create delays in the account opening process.