Cyprus Company Formation with nominee director and shareholder
Written by Administrator Saturday, 12 December 2009 17:51
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Cyprus Company Formation; the new tax laws Nestled in the Mediterranean Island and bordering the southern part of Turkey; Cyprus is an exceptional and savoir-faire place to invest your money. The business aptitude of this country has well been documented after considering the number of businessmen that have come in the country in droves to invest. Most of the businessmen reaping almost all the profits of this nation got their hold on these properties before Cyprus joined the European Union. However, Cyprus Company Formation is still a very lucrative business option in this nation as those who have tasted its profits want more and those who have heard of it want a piece of the pie. Cyprus became part and parcel of the European Union as from May of 2004. This inclusion heralded a change in the taxation system which in turn affected the Cyprus Company Formation rules and regulations. All the citizens of Cyprus, again as a result of this inclusion, were made citizens of Europe and to get into the company formation it would be prudent for one to acknowledge this fact. One snippet of information about the changed taxation system involves the tax on an offshore business owned by foreign investors. Before the change, the taxation of the offshore company under the ownership of a foreign investor was determined by location of the company itself, notwithstanding where the mangers and owners were. With the change, the management location of the company is now the determinant whatever taxation. This in effect means that, only the income garnered in Cyprus is taxed as far as companies managed abroad are concerned. Other interests, income and dividends garnered abroad are not in any way taxed. But if you though that it is all good news, think again; the said abroad companies don enjoy double taxation treaty benefits at all. Another taxation issue affecting Cyprus Company Formation is the name of the company. Greek names and the Latin alphabet can be used to form a company name but there are other particular words whose usage is unacceptable by new law. Broker, derivative, credit, banker, deposit, fiduciary, custody custodian, insurance, financial, future, finance, brokerage, etc are some of the words not accepted. Knowledge of this, it is now evident, is important so that as you engage in the formation of the offshore company you are not caught off guard. With such a taxation change, Cyprus Company Formation will require a localized, efficient and expert consulting firm to guide you in the step by step formation process that is in tune with the new law. But of more importance is the assurance still, that Cyprus, even with the change in law, offers one of the best offshore company formations. Competing countries upon realizing this truth have, albeit grudgingly, admitted to it. With such assurances who wouldn’t want to be part of the history making investment group who will also get massive profit returns in the process. A combination of wealth and legend for you should be a coveted, mouth watering option; don’t you think? |