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The Companies Law, Cap 113 as amended (the “Law”), enables an overseas company incorporated or registered under the laws of an approved country or jurisdiction to become registered as a company continuing in the Republic of Cyprus.
In order to initiate the transfer of the registered office of an overseas company to the Republic of Cyprus, certain preliminary matters must be considered:
Application for Registration
The application filed by an overseas company to the Cyprus Registrar of Companies for its registration as a company continuing in Cyprus must be accompanied by the documents required by Law which must be legalised by apostille and translated by official translation into the Greek language.
The Registrar of Companies who after being satisfied that these documents comply with the provisions of the Law, shall issue a temporary certificate of continuation. From this moment; the company is considered a body corporate incorporated in Cyprus and is provisionally registered.
Following the issue of the temporary certificate of continuation, the competent authority of the country of its incorporation shall have 6 months to submit proof to the Cyprus Registrar of Companies proof that the company has ceased being a company registered in the country where it was initially incorporated. The Cyprus Registrar of Companies will subsequently issue a permanent certificate of continuation.
Following the issue of the permanent certificate of continuation, the company will be taxed as any other company established under the laws of Cyprus and as such any taxable profit generated will be subject to a 12.5% corporate tax.
At the same time, the company will enjoy the following tax benefits:
* Subject to certain provisions.
Posted on Apr 26, 2017
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