Formation and changes in the following subjects:•Private Limited Company•Societas Europaea•Series of companies•Branch or establishment•International trust TaxesCorporation tax:12,5%Personal income tax:progressive from 20 % to 30% depending on the incomeWithholding tax:there is not any withholding tax on payments to countries outside theEuropean Union, which makes Cyprus the ideal intermediary for international business between EU and third countriesVAT rate:4 rates, the basic rate is 19%, other 5%, 9% and 0% are for specific goods orchanged every year by decree-lawVAT registration: Obligatory – at exceeding taxable transactions 15.600,- EUR in 12 months Voluntary – registration process is very easy, allocation of VAT takes 2 weeksTermination of a business:1.deletion from the Commercial Register preceded by liquidation of a company2.voluntary termination3.the company has a legal successor - the sale, M&A or split-up of the companyAccounting: obligatory including the tax return and auditPublicity of company´s data: company´s data are publicly available in the Commercial Register but the privacy protection can be achieved by using „nominees“.Bank account:it´s possible to open a bank account in Cyprus (necessary during VAT registration process) but also in different EU member state or in the Caribbean. Of course a bank account can be opened in some Slovak and Czech banks.Advantages of Cyprus jurisdiction•steady Anglo-Saxon law and simple, transparent tax system, very good business environment•Cyprus legal environment is ideal for asset protection at the highest possible level•invoices from Cyprus are well received by Slovak tax authorities or authorities from other countries•very low tax burden including many opportunities of tax exemptions•invoicing to Slovakia or abroad is VAT-free•simple VAT registration without deposits and checklists•ideal jurisdiction for trading with non-EU countries thanks to excellent economic relationships with most states•international trusts•Cyprus is open to trading with offshore destinations, there aren´t any limits in business•optimal jurisdiction for companies providing multi-level marketing, financial services, web-related services, software development, freight forwarding, stock exchange transactions or intellectual property.Other services:•International trusts•Yacht registration•VAT registration for business companies•Cyprus trade mark•International trade mark•Complex advisory•Services of translators•Formation of International Collective Investment Schemes - ICIS•Holding structures and connections with other countries•Representing a client before administrative authorities and courts•Registered seat and virtual officeSummary of the characteristics of our services in Cyprus:The Republic of Cyprus has become our most important destination in recent times. Thanks to our reliable business partners we have established a very strong background in the financial, economic field and in the field of economic and financial law. We provide services to our clients from the very beginning of the establishment of the company and trust up to the final audit including international tax advisory. We provide representation for our client during various kinds of proceedings before the administrative authorities and courts. We offer well researched and financially effective solutions for registering private vessels in Cyprus.
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LEGAL DISCLAIMEROur website includes articles concerned with tax system analysis of some countries, comparison of business environment and in some cases articles may allocate advantages of legal international tax planning of legal as well as physical entities. These articles are not published with the intention to induce the reader to avoid legislative norms, especially tax regulations of individual countries of the European Community or third countries. We are trying to provide complex and accurate information, on the other hand, we refuse any legal responsibility for the statements and stand-points published in various articles of this presentation. The content of articles is not intended and shall not be considered in any way as tax advisory nor as a relevant statement regarding tax issues and legal matters.