I would like to know the maintenance costs of a Cyprus company on a yearly basis. How much cost the audit, the virtual office, the secretary...?
thank you.
thank you.
How much money your Cyprus company cost you on a yearly basis?
- Thread starter LisaSimpson
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This will depend upon how active the company is and how much work is involved in the accounting and audit function. It is impossible to say without more information.
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Multiple accounting companies told me it would cost 1,200 EUR annually for mandatory audit + like 2,000 EUR for accounting. And thats for 50 transactions a year 😵
It does not include any gov fees + virtual office which, in my opinion, is crazy unless you are running 1m EUR/y business.
3300 EUR per year for me. Accounting, Audit, Registered address, secretary and government fee included. I have around 5 invoices a month.
This sounds about right to be honest. I personally find Cyprus quite an expensive location generally.
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The company could literally be created anywhere in the world. What is your preference?
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Looking for a setup max $3k, up to $2k / year maintenance, up to 15% total tax on receiving royalties from Europe for the use of the software (IP). Banking should be able to fit in $200k/year income.
yearly:
€2.200 company renewal (nominees, registered address, secretary and government fee included)
~ €2.000 accounting and auditing (5-10 invoices/month)
~ €1.000 vat returns and vies
€600 bank account maintenance (€50/month)
Comes down to about 5-6k/year, plus 13.75% tax (12.5% tax + extra 1%)
€2.200 company renewal (nominees, registered address, secretary and government fee included)
~ €2.000 accounting and auditing (5-10 invoices/month)
~ €1.000 vat returns and vies
€600 bank account maintenance (€50/month)
Comes down to about 5-6k/year, plus 13.75% tax (12.5% tax + extra 1%)
It's not that expensive compared to what setup get, that's at least what I considered. I have been looking into many setups and even though many seem to fight against, then Cyprus still has been the savest country to operate in for me for years.
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That is a complete BS. There is no such thing in Cyprus, someone is trying to rip you off. My Cyprus lawyer is not charging for VAT/VIES return for example, it is free ... I think realistic annual maintenance of CY company is some EUR 3500, depending on the amount of work accountants have + bank fees for account maintenance.
Cyprus is ok if you want a clear EU setup with EU banking. But it's still an expensive setup, you pay a half simply for nothing. I'm afraid to imagine what the cost will be for a regular trading company with 100 invoices monthly.
Cypriot company must correctly estimate expected annual income and pay tax in advance for it. As a rule, accountants are too lazy to do this and 1% is a fine for not doing this estimation. Simply this is a regular hidden tax.
a lot depends on your circumstances, income, residency, how much invoices per month you have etc
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