Cyprus is a country with great business and financial structures and offers numerous tax advantages. Therefore, many foreign investors feel attractive to opening an offshore company on the island.
Here are 10 of the most frequently asked questions on offshore companies in Cyprus our Cypriot lawyers have received from our clients over the course of the years.
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An offshore company represents a legal entity registered in a jurisdiction with zero or low taxes and with a non-resident status.
Indeed, offshore companies can be acquired by foreign entrepreneurs in this country.
There are many purposes for which entrepreneurs choose to open an offshore legal entity. Among these, our lawyers in Cyprus mention:
The time frame required to set up a ready-made company in Cyprus is two to three business days after receiving the name approval from the local government.
In Cyprus, it is required to produce annual accounts, as well as auditing when running an offshore company here.
It is a frequently asked question about offshore Cypriot companies our attorneys in Cyprus often get. The answer is no, it is not necessary for the entrepreneur to travel to Cyprus at the time of the company incorporation. We can take care of all the details from here, as long as you provide us with all the necessary documents via fax or post.
An offshore company in Cyprus cannot trade inside of the country.
An offshore company does not come together with a bank account. Opening a bank account represents a distinct process.
Cyprus brings many advantages for offshore companies, among which our lawyers in Cyprus would like to mention:
Usually, offshore companies can own any item, be it material or intellectual.
If you have more questions about offshore companies in Cyprus, or for assistance in opening such a legal entity in the country, please contact our law firm in Cyprus.