Cyprus has established itself as an important financial services centre since it joined the European Union in 2004. It has an advanced infrastructure base relative to the size of the island to its main European counterparts, including modern banking facilities, corporate, telecommunications and travel services.
With a low tax regime firmly in place and a highly strategic position for connecting Europe with the Middle East, Africa and Asia, Cyprus is a solid choice in selecting a centre for international trade.
The key benefits of selecting Cyprus are:
Tax; one of the lowest corporate tax rates in Europe of only 10% on profits, 0% capital taxes and VAT of 17%. Wide-ranging DTAA’s in place.
Establishment; a physical base can be established at low rent and labour cost compared to the rest of Europe.
Services; with Cyprus Law and standards of practice being historically derived from England, the banking, accounting and legal industry is of a very high standard and compliant with other European requirements.
IBC’s are private limited companies incorporated under the Companies Law, Cap.113 of Cyprus.
The main body of the Law has been in force since 1952 and it was an exact copy of the Companies Act, 1948 of the UK. Recently, it has been amended to incorporate European Union directives.
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