Hello. I'm based in Lebanon and I'm planning to incorporate a non tax resident company in Cyprus as we will not have any business activity there. All our clients are based in the Middle East. Anyone formed this type of company? What are the advantages and disadvantages? What are the requirements, set up cost, annual fees, taxes...?
Incorporating a Non Tax Resident Company in Cyprus
- Thread starter zeeoffshore
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You can setup the company as non resident so you won't have to pay any taxes, this would require you to find banking somehwere else for this company. Otherwise you will have to setup a company including a real office, utility and real person director and shareholder nominees.
So you will have to pay 12,5% corporate tax and have options to get banking in Cyprus.
The next thing is that you need to visit Cyprus for this to be possible. The banks there are scared about remote account opening so unless you already know an agent in Cyprus it's going to be tof.
First solution you look at 2k - 3K in setup fees, aprox 3K renewal ongoing fees.
Second solution you look at 5 - 6K setup fees and 4K renewal ongoing fees.
Unless you have a profitable business running it's not worth it.
So you will have to pay 12,5% corporate tax and have options to get banking in Cyprus.
The next thing is that you need to visit Cyprus for this to be possible. The banks there are scared about remote account opening so unless you already know an agent in Cyprus it's going to be tof.
First solution you look at 2k - 3K in setup fees, aprox 3K renewal ongoing fees.
Second solution you look at 5 - 6K setup fees and 4K renewal ongoing fees.
Unless you have a profitable business running it's not worth it.
Many thanks for your feedback. You mean I can't open the bank account in Cyprus even if I go there to set up everything? I have no problem with the set up fees. As for the annual fees, they are high! I don't want to pay more than 1500$ per year overall l!
You won't get anything there for that little budget, just saying it.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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