€4300 setup + €4400 annually for Cyprus. Is this the going rate?

[Martina]

Hi guys, I was quoted €4300 for the relocating (from EU) and business setup +‌ €4400 annually. I was wondering if this is reasonable. Of course you shouldn't skimp on‍ these things, but I was just curious what other forum members have paid in similar⁠ situations. And maybe I don't need everything on the list?

Included in the €4300 setup:⁤

• Non-Dom certificate
  
• Yellow slip
  
• Incorporation of Cyprus company (sole proprietor)
  
• Tax, VAT and social security⁣ registrations
  
• Office address for the 1st year (after that it's €600 per year)
  

Annually €4400:⁢

• €350 annually for the business government fee
  
• €150 annually for submission of the annual return︀ to the Registrar of companies.
  
• €1500 annually for the audit (includes tax computation and submission︁ of tax return)
  
• €200 monthly for bookkeeping (I do around 100 B2B invoices annually)
  

Would love to get your input in this, thanks.

 

[JohnnyDoe]

The right price of a service is what you are willing to pay for what‌ you receive.

 

[Martina]

Very helpful comment, thanks.

 

[JohnnyDoe]

“best deal” is a relative concept, but this chart might help:

The green zone is where ideally you⁤ want to be as a buyer. Nothing wrong with paying more, but it’s very dangerous⁣ and potentially extremely expensive to try to pay less.

It’s not a high price in absolute terms. You can check with︀ @CyprusLawyer101

 

[Martina]

Nice chart, thank you. I'm just curious what other people⁤ paid for these services and what their experience was.

Let's say someone on this forum⁣ paid half for the same service and had a great experience, that would be something⁢ to take into consideration.

For example; some agencies have more overhead than others or might︀ be more established.That doesn't mean a smaller/leaner agency could do the same job for a︁ much lower price, with even better end result in less time.

I'm not trying to︂ cheap out here, just trying get a feel for the going rate. Maybe this quote︃ is on the high end, maybe on the low end. Maybe these guys are a︄ ripoff, maybe they're the best in the business.

If you choose not to compare prices︅ and ask other people's experiences, etc. to get the best offer, that's totally fine.

 

[CyprusLawyer101]

Hello,
The overall fee is an average fee. Some items could have been little less‌ some are fine. However you should focus on the relationship with your provider. A happy‍ provider will always give you a better service. If you push the provider with the⁠ fees you may keep him unhappy and you dont want that from someone who will⁤ be next to you servicing you for the years to come.

 

[SoNewToAllShit]

It is the average fee for a Cyprus setup, nothing special nothing wrong. Just make‌ sure the agent that charge this fee is doing his work and keep being responsive.‍ Some of the jokes in Cyprus are very responsive in the beginning, after all is⁠ done, and you need their help you can wait a week!

 

[Martina]

Yes I agree on the relation part. Same as don't want to upset the⁢ person serving your food 😉 Never bite the hand that feeds you or saves you money.︀

Thanks for confirming this is average pricing. That's helpful. Can you send me a PM?︁

 

[CyprusBusiness]

Hi

I agree that the fees are quite average, however it depends on the quality‌ of service you want to receive.

Usually an average-high pricing model is accommodated with personal‍ touch service executed in a fast and reliable manner.

We have many cases that clients⁠ are switching providers in the middle of the service as they are either unresponsive, delivery⁤ of work is bad, leading the client to unforeseen costs.

 

[RealDude]

Just get quotes from @CyprusLawyer101 and @CyprusBusiness and compare them with your numbers. They have‌ probably already contacted you 😉

 

[luap]

Based on what I've seen for similar services and what I paid for my own,‌ the setup could be maybe 1000-1300 less, and the yearly fee about 600-800 less, but‍ if the quality of their services and communication is good, it's not such a bad⁠ deal.

 

[FinTech Avenger]

Yea, exactly! There are many cheaper offers as competition⁤ in Cyprus is tight, but the key point, as already mentioned here is quality of⁣ service.

Cypriots like many other islanders tend to be lazy AF, being said...

 

[fortunespeculator]

Ah demand and supply my favourite topic

 

[bubbledouble]

You pay for what you get.. cheap should not be the deciding pointer for your‌ future business.

 

[kkein]

Yea, the problem is that money is not‍ always closely linked to QoS.
Anyway, if the setup is just what OP posted, i⁠ would say there should not be a lot to worry about. Seems pretty basic. AkA⁤ no self employment and other things that might get tricky if not done right.

 

[Dandyline]

It all depends on the services you need. 4K+ for the setup seems a bit‌ pricy to be honest, almost UAE levels.

The annual price seems normal compared to other‍ EU countries.

You can of course incorporate the company yourself here, and pay 165€

https://www.companies.gov.cy/en/bus...g-a-company/applying-to-incorporate-a-company
Non-dom, VAT and so on is pretty basic to register. Fill out some documents. Rent⁠ some cheap office address.

 

[CyprusLaw]

Just to avoid this type of⁣ misinformation to other users. The site you have put a link to is the Registrar's⁢ website, the fees referred to there is just part of the out of pocket expenses.︀ The total, including fast track, english language file etc would be around EURO 900. However,︁ you are NOT ALLOWED TO REGISTER A COMPANY BY YOURSELF. In order for a company︂ to be incorporated you need (1) to be accompanied by an affidavit by a lawyer;︃ (2) for the Memorandum and Articles of Association of the company which will be filed︄ to be prepared by a lawyer and countersigned by a lawyer

 

[bubbledouble]

I must admit with @CyprusLaw - you will need a company like them to register‌ the company and do all the paper work for you, otherwise you will fail totally.‍