COMPANY FORMATION & MANAGEMENT
Registering a company in Cyprus opens a gateway for operations in the European Union and globally. The company formation process is transparent, but requires careful analysis to ensure the most effective outcome.
In order to fully benefit from the Cypriot tax jurisdiction, shareholders must demonstrate that their Cyprus company is actively managed from within Cyprus. Compliance with a range of filing deadlines and accounting requirements is necessary.
The Cyprus banking sector has been adversely affected by high Non-Performing Loan Volumes (NPLs), unionisation and legacy banking systems. Choosing the right Cyprus bank to work with is a challenge.
Cyprus companies keep their accounts based on International Accounting Standards. All accounts must be audited by an external auditor.
CYPRUS COMPANY AUDIT
All companies in Cyprus are required to be audited according to International Financial Reporting Standards (IFRS).
In order to mitigate tax avoidance and benefit from the Cyprus tax jurisdiction, investors in Cyprus must demonstrate a minimum physical presence and management control from Cyprus. This is also known as Cyprus Substance.
Common Reporting Standards (CRS) is an international attempt to improve tax transparency and reduce tax evasion by sharing bank account and ultimate beneficial owner (UBO) information.