Is there a minimum capital requirement and what is the minimum share capital?
There is no minimum capital requirement. The minimum share capital of the company is 1,000 Cyprus pounds. This money does not have to be paid in a bank account of the company. Also, in Cyprus no share capital amounts are blocked like in some other countries and in any case, if the fees that are paid for the registration and set-up of the company exceeds the share capital amount, this automatically means that the share capital has been paid.
Will Cypriots be allowed to participate in IBC’S?
Up to 31/12/2002 participation of Cypriots who are permanent residents of Cyprus was not allowed. As from 01/01/03 the tax distinction between International Companies and Local Companies is abolished and the participation of Cypriots and non-Cypriots in the capital of the companies, registered in Cyprus as from that date, is allowed.
Can we open a bank account in Cyprus or abroad?
A Cyprus company can open a bank account anywhere in the world. We have links with a number of banks in the UK, Greece, Cyprus and elsewhere and can assist you with the opening and maintenance of bank accounts.
How can someone tell that the company is tax resident in Cyprus?
To all of our clients we give a tax domicile certificate issued by the Cyprus Tax Authorities which certificate states that "the company is a Cypriot Company, resident in Cyprus, pays taxes in Cyprus on its worldwide income etc etc”. This gives credibility to your company and no one can claim it is a “tax haven” company.
Can a Cyprus Company and its directors/staff obtain visa cards?
Yes, one can obtain a Visa/Master/Electron Card etc., which will be directly connected to his/her account. Moreover, internet banking is also available.