Through our pre-approved international network of lawyers, accountants and commercial experts who are fully conversant with international business and the world’s tax treaties we are able to offer you a bespoke advisory service at our reasonable pre-decided beneficial fees.
We offer you a customized ‘one stop shop’ incorporation service on a global scale. Whether you wish to establish a corporate presence in Europe, USA, Asia, elsewhere or simply offshore, our service is rapid, and solution driven. Alongside the newly formed entity, we offer a package of Fiduciary and Administration services to enhance the security of having your company structured properly in accordance with local legislations, and tax requirements.
The statutory records, accounting and audit requirements as well as the annual returns are maintained up to date to ensure the company annually fulfills its obligations.
Setting up a limited liability company
Setting up of an International Limited liability company in Cyprus requires the submission of an application to the local Registrar of Companies for:
- approval of the name of the company, and then
- filing of the Memorandum and Articles of Association
Name of the company
The name of the company has to be approved by the Registrar of companies. It is recommended to give a choice of three names in order of preference as each application is being checked against previously registered names before granting approval.
Filing of the Memorandum and Articles of Association
Following the approval of the name of the company by the Registrar of Companies, the next step is to prepare and file the Memorandum and the Articles of Association.
The Memorandum describes the activities that the company will carry out. The Articles of Association specify the rules governing the internal management of the company.
This document must be filed in the Greek language.
Requirements for shareholders
The minimum requirement is to have at least one shareholder for whom the following information is essential:
- Full name and surname
- Residential Address
- Number of shares to be held
- Copy of passport
- Current utility bill
Note that if required, it is possible for shares to be registered and held in the name of nominee shareholders.
Share capital requirements
- Minimum authorized and issued share capital is EUR 1.000
- If the company will be maintaining office in Cyprus then it is recommended to have a share capital of EUR 10.000
Requirements for directors
The following information is required for each director:
- Full name and surname
- Residential Address
- Copy of passport
- Current utility bill
Secretary and Registered office address
It is a requirement by the Cyprus Company Law to maintain a secretary and a registered office address in Cyprus.
We are able to offer secretarial services to our clients if required as well as providing several distinct registered office address.
- On a yearly basis the audited financial statements and the tax returns must be filed with the Inland Revenue one year after the current year’s end (ie for the year ending 31st of December 2013 the filling deadline is the 31st of December 2014). This reporting information is not available to the public.
- An annual return together with the audited financial statements must be filed to the Registrar of Companies
EAS assists our private and corporate clients in the area of International Banking. Clients are introduced to leading banks in premier international financial centers which offer accounts in all major currencies, credit and debit cards, investment related products and online banking.
EAS may open a bank account, in most of the main currencies, in many jurisdictions internationally. Available upon demand are debit or credit cards depending on the selected bank and jurisdiction requirements.
The signatories of such accounts need not necessarily be directors of the company, but appropriate resolutions must be taken by the company (following the format of the particular bank), to instruct its bankers accordingly and a specific Power of Attorney may be issued by the Directors upon the client’s request.
In opening a bank account here in Cyprus, the bank requires certain particulars, which are necessary to avoid “money laundering” and to comply with the Cyprus’s Central Bank requirements.
ACCOUNTING & VAT
By entrusting us with your accounting support functions, you are freeing up your resources for yourself and your team to focus on your core areas of profitability. While giving the clients sufficient time to prepare accordingly, our dedicated staff has proven their proactive and efficient approach in filling ahead of time and deadlines the required documentation.
We assist our clients comply with all legal and regulatory requirements, allowing them to focus on the areas of their business which are key to profitable growth.
Our services include:
- Ensuring legal and mandatory tax registration requirements are met
- Arranging for tax registration
- Assessing the need for VAT or VIES registration
- Arranging for review of transactions to be entered into to achieve compliance with tax, VAT, legal, statutory and reporting requirements
- Providing reconciliation and monitoring support on sales, debtors, purchases, creditors’ functions
- Preparing ageing analysis of debtors and debtors statements
- Assisting with preparation of budgets and producing variance analysis reports for monitoring actual performance against budget
- Computerized bookkeeping
- Preparing periodic management financials
- Compiling financial statements in line with IFRSs
- Providing specialist support on IFRS interpretation through internal IFRS technical panel.
Our audit competence and credibility can been assured from the widespread industry knowledge and international experience the partner enjoys. We provide a real value adding service to the client and not just a routine Cypriot statutory requirement. Local companies are required to prepare statutory financial statements in accordance with International financial Reporting Standards and the requirements of the Cyprus Companies Law, Cap.113.
We offer a totally outsourced payroll function suitable for organizations employing project teams, contractors abroad or maintaining local offices in Cyprus.
In detail our services include:
- Arranging for registration of the company as an employer with the authorities
- Calculating salaries and related personal income tax, social insurance and other deductions
- Preparing and dispatching payslips
- Arranging for payments to employees and government authorities
- Preparing relevant forms and returns
- Liaising with the Income Tax authorities and the Department of Social Security
- Advising on regulations, guidelines and tax issues affecting expatriate employees
- Advising on employment contracts and employment law issues
- Assisting in obtaining work and residence permits
- Advising on the set up and handling of provident funds.
COMPLIANCE & INTERNAL AUDITS
Within the ever changing business environment and the companies extending beyond their traditional barriers into complex relationships with third parties, an unprecedented demand for managing the risks has surfaced. We have the expertise and the technology to familiarize ourselves with and provide assurance on any area of concern, a client may require.
TRUST & TRUSTEE SERVICES
In such a dynamic tax and legal environment in the world we live in, your wealth and assets obviously need protecting and EAS is ideally equipped to assist you in creating the structures and framework for achieving this safety. The most widely used vehicle for asset protection is a trust. A variety of assets can be held in a trust, including immovable assets, stocks and shares, investment products, real and intellectual property, bank deposits and life insurance policies.
Specifically we engage in the:
- Formation and administration of Cyprus International trusts or other trusts
- Provision of corporate trustees
- Providing advice on family asset protection and inheritance issues
- Providing administration services to the trust
- Making distributions to the beneficiaries and
- any other service to facilitate the administration of a trust
We continuously aim to keep you and your business on a competitive advantage and one of the ways we use is through training. We organize in-house seminars tailor-made to suit your company’s needs and pertaining to any subject in which you wish to expand your staff’s knowledge.