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.
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.
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.
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.
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. As︀ a rule, accountants are too lazy to do this and 1% is a fine for︁ not doing this estimation. Simply this is a regular hidden tax.
Cypriot company must correctly estimate expected annual income and pay tax in advance for it. As︀ a rule, accountants are too lazy to do this and 1% is a fine for︁ 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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