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Doing Business in Cyprus

What are the legal forms available to conduct business?

As a foreign investor you may establish any of the following business entities in Cyprus:

• limited liability company
• Branch of a company incorporated overseas
• An international Trust
• A partnership (LLP)

What is the legal framework in Cyprus?

The legal framework is common law and the basic principles follow the UK law.

What is the financial reporting framework in Cyprus?

Cyprus has adopted the International Financial Reporting Standards (IFRS)

What are shelf companies?

Shelf companies are ready-made, never-used corporations that have been established to meet a client's immediate needs. Please send us an email for more information.

Can I get a company or a personal credit card?

You can get both company and personal credit cards. You can also get a debit card which is connected directly to your bank account.

What are the normal due diligence requirements to open a corporate bank account in Cyprus?

In order for your bank account application to be approved, the bank requires the following documentation.

• A certified true copy of your passport
• Original Bank Reference letter
• Utility bill with your name and residential address shown clearly

Do I have to come to Cyprus for setting up company?

You do not have to be physically present in Cyprus either during the registration procedure or later when the company is operational. If you do not choose to set up a fully operational office and you use our address as the registered office of the company, you can send us instructions on any aspect of the company's administration by fax or e-mail and we will carry out any necessary work.

How is confidentiality ensured in the case of Cypriot companies?

When any company is registered in Cyprus, the company's file at the Registrar of Companies (which contains details of the directors, shareholders, company secretary and registered office) is open to inspection by the public. By choosing to appoint nominee directors and shareholders i.e. persons to act on their behalf you can avoid this. In such a case, it is the names of the nominees which will appear in the company's file. Information regarding the identify of the true owners is not disclosed to any third party or governmental authority unless it is in relation to a properly authorized criminal investigation.

Does Comform Global Services have any control over my company's corporate bank account if it is appoint?

Being a nominee director shareholder of the company does not mean that you need to be also the bank signatory. A bank signatory can be anyone. Also only the designated bank signatories of the account can control or have any access over the bank account.

A nominee shareholder is appointed, how am I safeguarded?

It is extremenely important to apoint a reputable trustee / nominee shareholder. our company provides you with special vehicles that will keep you in control and safe regarding your right and assets.

Can Comform Global Services provide nominee director services?

We can provide both nominee director and shareholder services in any country in which you wish to incorporate.

What is a nominee shareholder?

If the client does not wish to be appeared as the registered shareholder, he may choose to appoint a nominee shareholder to act for them as the registered shareholder. The actual ownership will remain with the non-resident beneficial owner and he will be provided with a trust agreement.

Why and when should I use an offshore company?

You can use an offshore company for:

- International trading
- Holding portfolios of stocks, bonds and cash
- Holding Investments in Subsidiary or Associated Companies
- Utilising Double Taxation Treaties
- Privacy and Wealth Protection
- Personal Service Companies for expatriates and individuals
- Property and Land Ownership
- Employment Companies
- Patent, Royalty and Copyright Holding
- Stock Market Listings and Capital Raising Exercises
- Financing
- Ship Management + Yacht Owning

What exactly does offshore entity mean?

An offshore entity primarly offers its services to people who are not in the jurisdiction in which the entity is incorporated. They are typically characterized by having no tax on profits, interest, capital gains or income. They offer also confidentiallity and unrestricted flow of capital and transfer of assets.

Why incorporating a company in Cyprus?

Cyprus is a reliable jurisdiction with low tax rates and by being a member of the European Union all the disadvantages inhered to the classical offshore jurisdictions are vanished.

• Has the lowest tax rate in Europe (10%)
• Reliable Cyprus Banks
• Take advantage of the double taxation treaties
• Participation exemption and Withholding Tax Exemption
• Stable political situation
• High quality of professional services and labor force
• Excellent business infrastructure

Why should I use Comform Global Services?

Administrating Cypriot and off shore companies is a form of a business which grows at a very rapid rate in Cyprus. Comform Global Services is a dynamic fast growing company acting on the best interest of its clients. We provide quick solutions to our clients.

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