Accounting and consulting services for business in Cyprus

In Cyprus there are several types of residence permits available for foreign nationals.
Some of them include:

1. Temporary Residence Permit: This permit can be issued for a fixed period of time for persons temporarily residing in Cyprus, for example for study or work.

2. Permanent Residence Permit: Immigrants who have lived in Cyprus for a certain period of time and meet certain requirements can apply for a permanent residence permit.

3. Residence Permit for Investors: Cyprus has an investment immigration program under which foreign investors can obtain a residence permit if they make significant investments in the country’s economy.

4. Residence Permit for Persons Sustainably Employed in Cyprus: For foreign nationals working in Cyprus under contract with a local employer, it is possible to obtain the appropriate residence permit.

Each of these categories has its own particularities and requirements. For more information we recommend you to fill in the “Consultation” form and our specialist will contact you to advise you on all questions.

All companies registered in Cyprus are required to submit annual financial statements to the Companies Registration Office (CySEC). Although the standard reporting period corresponds to a calendar year, this can be extended to 18 months for new companies. This means that if your company was incorporated in the second half of the year, you do not have to prepare a separate report for several months.

The financial statements of Cypriot companies are prepared in accordance with International Financial Reporting Standards (IFRS) and include an income statement, balance sheet, cash flow statement, notes to the accounts, a statement of control and management, and an auditor’s report.

Even if a company has no turnover, it is still required to present financial statements and an audit is mandatory. The accounts must be signed by a director of the company and have an audit report signed by a certified public accountant.

Cyprus offers tax planning services, including optimization of tax liabilities, reduction of tax risks and preparation of tax returns in accordance with the requirements of the tax legislation.

Cyprus has low tax rates, for example, income tax is only 12.5%. In addition, there are a number of benefits for residents, such as exemption from tax on dividends and income from the sale of shares. There are also special programs that allow IT companies and other organizations engaged in innovative developments to pay tax on only 20% of profits from inventions, while the remaining 80% is not taxed.

Because of its favorable tax laws, convenient corporate legislation and stable tax policy, Cyprus has become an attractive place for the establishment of thousands of new companies every year, becoming an important international financial center. Foreign investors in Cyprus can engage in any business they like, except those that require a special license. If a license is required, investors can expect additional time to obtain it.