depending on your budget, setup a foundation in the Seychelles which owns 100% of the shares in another company for instant in Cyprus, Malta or even Bulgaria I'm not sure if the latter is possible at all.
Will Cyprus Incorporation Be Right for Your Needs?
- Thread starter JohnLocke
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Hello everyone,
Thank you all for providing great information about Cyprus company formation benefits.In my case,i have Belize IBC,incorporated back in 2012,that has been successfully doing business through Bank of Cyprus.
However,as you already know,Cyprus Banks have been instructed to close Belize companies' bank accounts and that's what basically happened to my account at BoC.
As an alternative,i'm looking into opening a Cyprus company with Cyprus bank account.
I am a greek resident doing online internet services such as file hosting services,so i wonder if i could get advise on following:
1.Is this set up good for my business? Cy company + Cy bank ?︀
2.If i start a non-resident Cy company will I be obliged to pay corporate +︁ income taxes in Greece?
3.Can i easily set up a merchant account and get online︂ payment solution with above set up?
Thanks for taking your time in answering my questions,I︃ really appreciate it!
Thank you all for providing great information about Cyprus company formation benefits.In my case,i have Belize IBC,incorporated back in 2012,that has been successfully doing business through Bank of Cyprus.
However,as you already know,Cyprus Banks have been instructed to close Belize companies' bank accounts and that's what basically happened to my account at BoC.
As an alternative,i'm looking into opening a Cyprus company with Cyprus bank account.
I am a greek resident doing online internet services such as file hosting services,so i wonder if i could get advise on following:
1.Is this set up good for my business? Cy company + Cy bank ?︀
2.If i start a non-resident Cy company will I be obliged to pay corporate +︁ income taxes in Greece?
3.Can i easily set up a merchant account and get online︂ payment solution with above set up?
Thanks for taking your time in answering my questions,I︃ really appreciate it!
Not really, if you have the right setup you can get a Cyprus bank account easely. If you have some sort of funny business or don't understand the requirements of the bank you are lost.
A Cyprus company is not cheaper but it is more expensive than the costs you mention︁ in your comments.
Benefits of a Cyprus Company is that dividends taken by a Cyprus︂ company from a foreign individual are totally tax free in Cyprus.
Additionally it gives more︃ credibility (if needed) to business partners since the Cyprus company has to prepare audited accounts.︄
Benefits of a Cyprus Company is that dividends taken by a Cyprus︂ company from a foreign individual are totally tax free in Cyprus.
Additionally it gives more︃ credibility (if needed) to business partners since the Cyprus company has to prepare audited accounts.︄
You may consult a agnecy service in Cyprus to get an answer for your question in regards to costs. I till not allow any provider around here to to advertising nor hidden advertising here by allowing to post costs and contact details!
The costs are roughly 2500 - 3500 euro depending on which agent you are going to approach.
The costs are roughly 2500 - 3500 euro depending on which agent you are going to approach.
Cyprus has become very expensive. I used to pay for a holding company something like €1000 per year. However due to compliance changes and some recent changes where appointment of external auditor is required, it costs me now something around €5000 per year with nominee shareholders.
You can't say what a Cyprus company cost to setup nor what it cost to renew. The fees are based on individual cases. What I pay for my Cyprus company may not apply for your company. Every agent has different fees and you can do arrangements with most of them which get down the total costs.
With costs of 5K for a Holding company I must say, either you have a very high activity in your company or you use services which may drive up the price!
With costs of 5K for a Holding company I must say, either you have a very high activity in your company or you use services which may drive up the price!
Well, yes and no. Every corporate service provider has some fixed fees pricing schedule and in my experience you can't really negotiate them much. I have just looked︀ up the invoice, it is €4.500 to be exact, however it is including 19% VAT,︁ so €3.800 all in fees before VAT. It is already negotiated and discounted, as I︂ have been with them for many years. In fact few years back it was much︃ less expensive, however due to increased amount of work, compliance, annual municipality fees, recent requirement︄ for external auditor came out at this amount. I am not using a high profile︅ csp, they are present in only 3 jurisdictions. I did compare prices this year with︆ another reputable Cyprus corporate service provider, which always had a good feedback and it came︇ out almost the same. I guess removing the (unnecessary these days?) nominees could lower down︈ the price.
It is important to understand that incorporation per se is not expensive. It︉ is also impossible for new clients to estimate all in fees. There are always some︊ predictable and unpredictable fees.
It is important to understand that incorporation per se is not expensive. It︉ is also impossible for new clients to estimate all in fees. There are always some︊ predictable and unpredictable fees.
I agree with Bluemist. The fees have doubled/tripled in recent years. Even with minimal number of transactions / year the fees add up 6000+ for a cyprus company with nominee directors. They will charge you exorbitantly for every little thing (e.g. 400E to renew LEI, which you can do with bloomberg for 50E) , and bank fees have skyrocketed as well
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