Most European credit reports are delivered by email within 24 hours, the rest of the world within 72 hours in most cases.
The reports are updated on a daily basis and include, where available:
Copies of original legal documents filed at the company registry. Documents are in the official local language and certified translations can be arranged if required. Please contact us to order documents.
All Cypriot Companies, whether local or international, must maintain accurate books of accounts. Cypriot companies are required, according to section 141 (1) of the Company Law, to maintain account books justifying the:
The layout and content of the accounting documents should be in conformity with the format defined in Annexure 8 of the Company Law. Accounting documents should justify each transaction, giving an honest and clear picture of all the dealings of the company. The Cyprus Company Law commands company’s accounts to comprise of:
Audited financial statements and an Income Tax Return is required for all companies, even companies with no taxable income and/or dormant companies.
Registered Branches (in Cyprus) of foreign companies are not legally bound to submit full separate branch accounts however when taxed on the island, are obliged to do so for income tax purposes. Additionally they have to submit accounts of the main company, translated into Greek, to the Department of Registrar of Companies.
Are exempt from the requirement to prepare audited accounts, but they are legally obliged to keep proper books of account which must be available for scrutiny by individual partners.
The term IBC refers to any legal entity whose beneficial ownership and main business activities lie outside of Cyprus, however trading within Cyprus will also be allowed. Being covered by the law of confidentiality, IBC companies may use nominee shareholders who are often Cypriot based lawyers, accountants or bankers, to hold the legal title in their share capital for beneficial owners and to act as directors. Until recently, beneficial owners were made known, only to the Central Bank of Cyprus that used to grant the permission for the company´s registration in Cyprus. After Cyprus accession in the EU this practice changed. Beneficial owners of an IBC are now known to the Lawyers/Auditors who affect the company´s registration.
IBC´s have no withholding of tax on dividends, interest and royalties paid by a Cypriot company to a non-Cypriot resident (company or individual). This, in combination with the non taxation of dividends and profits from permanent establishments abroad but also with double tax treaty provisions and the Parent-Subsidiary Directive can result in a virtually tax free situation. Cyprus has concluded an impressive number of double tax treaties. The existence of these treaties offers significant possibilities for international tax planning throughout the island.