Cyprus

Population:

802,500

Currency:

Cyprus Pound; CY1=US$2.19 (mid-2005)

Language:

Greek and Turkish are the official languages and English is widely spoken particularly in the corporate field.

Time zone:

GMT plus 2 hours

Centre's expertise:

Financial centre, double tax treaties, tax incentives, lowest tax in EU

General requirements

Type of entity

Private Limited / Public Limited

Type of law

Common Law

Shelf company available

Yes

Time to establish a new company

5 days with acceleration fee, subject to name approval

Taxation

10%

Double taxation agreements

Yes

Forex restrictions

No exchange control restrictions

Language & name restrictions on companies

Latin and Greek alphabet. Must be approved by Registrar. Words banned include any similar to an existing company or imply legal activity or royal or government patronage or financial activities

Share capital

Permitted currencies

Any

Minimum paid up

CY100 (usual issued capital CY1,000)

Usual authorized capital

CY5000

Directors and personnel

Minimum number

1

Local required

No but advisable for tax purposes

Company secretary & qualifications

Required, but no specific qualifications required

Shareholders and AGM

Minimum number

1

Disclosure requirements

None if nominees are to be used

Publicly accessible records

Yes

Obligations for annual meetings

Yes

Location of AGM

Anywhere

Accounts

Requirement to prepare

Yes

Audit requirements

Yes

Account filing obligations

Yes

Publicly accessible accounts

Yes

Other

Requirements to file annual return

Yes

Change in domicile permitted

No

Need to registered office

Yes

Number of companies set up in last year

11,586

Total number of companies on register

163,227 as of mid-2005