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COMPANY FORMATION

We can assist with company formation services in various parts of the world

Europe

ASIA & MIDDLE EAST

OFFSHORE

Incorporation of Company in Cyprus

Cyprus has a rather favourable tax regime opening doors for investment to companies and individuals from EU & non-EU countries, planning to operate in Cyprus market.

Registering a company in Cyprus is a rapid and straight-forward procedure that is generally completed within approximately 10 days. Cyprus Company formation includes certain procedures and undertakings prior to the registration of the company, such as the drafting of the Memorandum and Articles for the company, a document which outlines the rights and obligations of the shareholders.

Step 1: Apply for a company name approval

Companies should submit an application of approval of company name to the Registrar of Companies and Official Receiver. We suggest having 2-3 options for your company’s name. Note that the company’s registrar may reject names identical or similar to existing companies or names that imply illegal activities.

Step 2: Submission of all relevant document to the RCOR

Some of the documents required for the application are:

  • Copies of the owners’ passports certified by a notary public
  • Confirmation of the owners’ residential addresses (internal passport, proof of address or utility bill), with English translation, and certified by a notary
  • CV describing the work experience and source of income of each owner
  • Bank reference letter
  • Document confirming the source of the owner’s wealth
  • A brief description of the main objects of the company, unless the standard Memorandum and Articles of Association are to be used
  • Other various forms required by the RCOR

Step 3: Incorporation of the company by RCOR

After the name approval, application to the Cyprus Registrar department with all the relevant documentation and paperwork follows. The examination of the application takes 4-5 working days and will be completed usually in 7 or 10 working days timeframe, with the issuing of all the approved documentation including the Company Memorandum and articles of association.

Issued documentation by the RCOR

  • Incorporation certificate
  • Board of directors and secretary certificate
  • Shareholders certificate
  • Registered address certificate
  • Memorandum and articles of association 

Step 4: Company registration with the tax department and opening of a bank account

All companies must register with the Tax Department in order to obtain a tax identification number, as well as with the Social Insurance in order to be able to employ.

Opening a bank account in Cyprus is simple, but documentation and compliance with anti-money laundering requirements are necessary. Our banking team can assist you with the preparation of all necessary documents and the application process and ensure a successful account opening.

Annual and legal obligations of a Cyprus company:

  • To perform a board of directors meeting at least once per year.
  • The company is obliged to keep accounting records and prepare audited financial statements.
  • Submit the annual return form.
  • Submit annual reports and audited financial statements to Company Registrar department.
  • Has to be registered to the Tax Department and get a Tax Identification Number and execute all payments on time

Incorporation of Company in The UAE

The UAE is a thriving business hub, offering a strategic location, excellent infrastructure, and a business-friendly environment for companies and entrepreneurs worldwide. When incorporating a company in the UAE, there are three main economic zones: Mainland, Free Zone & Offshore. All of them have distinct advantages, and the choice depends on the nature of your business, target market, and growth plans.

Mainland companies are ideal for businesses looking to operate within the UAE and internationally, particularly those targeting government contracts. Free zone companies suit businesses focusing on international trade or sector-specific operations, offering attractive tax incentives. Offshore companies are best for those seeking international business operations, asset protection, or wealth management, without the need for a physical presence in the UAE.

To learn more about our UAE related services click here.

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  • Luxembourg

Political structure

Member state of the EU since 1958 and member of the Eurozone since 1999

Government

Unitary parliamentary
Constitutional monarchy

Legal system

Civil Law

Statutory requirements

Financial Statements,
Annual Shareholders Meetings,
Audit (depending on the size of the company)

Corporate income tax rate

18%

Residence

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Luxembourg-source income.

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Luxembourg-source income.

Taxation of dividends received from overseas

“Participation exemption” applies to dividends received from shareholding of at least
10% held continuously for 12 months and does not fall below the acquisition price of EUR
1.2 million throughout that period. Otherwise, the dividends are included in the taxable income.

  • Malta

Political structure

Member state of the EU since 2004 and member of the Eurozone since 2008

Government

Parliamentary republic

Legal system

Common-Law

Statutory requirements

Financial Statements,
Annual Return, Audit

Corporate income tax rate

35%

Residence

Incorporation and management and control

Basis

Resident and domiciled companies are taxed on worldwide income. Companies that are either resident or domiciled companies are taxed on a remittance basis. Non-resident companies are taxed only on Malta-source income.

Taxation of dividends received from overseas

“Participation exemption” applies to dividends received from the shareholding of at least 10% in an EU entity or non-EU entity, which derives less than 50% of its income from passive sources or must be subject to the tax rate of at least 15%. If none of the conditions above are satisfied, the holding cannot be a portfolio investment and the entity must be taxed at a rate of at least 5%. In other cases the 35% rate applies.

  • Netherlands

Political structure

Member state of the EU since 1958 and member of the Eurozone since 1999

Government

Unitary parliamentary constitutional monarchy

Legal system

Civil Law

Statutory requirements

Financial Statements,
Annual General Meetings, Annual Tax Return,
Annual Fillings

Corporate income tax rate

Rate is 19% on taxable profits up to EUR 200,000 (reduced from 20% as from 1 January 2019) and 25% on taxable profits exceeding that amount.

Residence

Management and incorporation

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Netherlands-source income.

Taxation of dividends received from overseas

“Participation exemption” applies to dividends received from shareholding of at least 5% provided: (1) the subsidiary is not held as a mere portfolio investment; (2) the subsidiary is subject to a reasonable effective tax rate; or (3) less than 50% of the assets of the subsidiary consist of “passive” assets. Otherwise, dividends are taxed at applicable corporate tax rates.

  • Switzerland

Political structure

Non-member state of the EU, but is a part of European Economic Area

Government

Federal multi-party directorial republic with thorough elements of direct democracy

Legal system

Civil Law

Statutory requirements

Financial Statements,
Annual General Meetings, Annual Tax Return,
Annual Fillings, Audit

Corporate income tax rate

12% – 24%

Residence

Legal seat and management and control

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Switzerland-source income.

Taxation of dividends received from overseas

“Participation exemption” applies to dividends received from the shareholding of at least 10% in a resident or non-resident company or the participation has a value of at least CHF 1 million.

  • Luxembourg

Political structure

Member state of the EU since 1973

Government

Unitary parliamentary constitutional monarchy

Legal system

Common-Law

Statutory requirements

Financial Statements, Annual Return, Audit (exemption for small businesses)

Corporate income tax rate

19%

Residence

Incorporation or place of central management and control

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on UK-source income.

Taxation of dividends received from overseas

A dividend exemption applies to most dividends and distributions unless received by a bank, insurance company or other financial trader.

  • Austria

Political structure

Member state of the EU since 1995 and member of the Eurozone since 1999

Government

Federal parliamentary republic

Legal system

Civil Law

Statutory requirements

Financial Statements,
VAT Returns, Audit

Corporate income tax rate

25%

Residence

Management and control and incorporation

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Austria-source income.

Taxation of dividends received from overseas

Dividends received from a non-resident company are exempt if the following conditions are satisfied “International Participation Exemption”: (1) the non-resident is a company comparable to an Austrian company or a company listed in the EU parent-subsidiary directive; (2) the parent company holds directly or indirectly at least 10% of the equity capital of the subsidiary; and (3) the minimum 10% shareholding is held continuously for at least one year.

  • Estonia

Political structure

Member state of the EU since 2004 and member of the Eurozone since 2011

Government

Parliamentary republic

Legal system

Civil Law

Statutory requirements

Financial Statements,
Annual Returns, Audit

Corporate income tax rate

20%

Residence

Incorporation

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Estonia-source income.

Taxation of dividends received from overseas

“Participation exemption” applies to redistribution of dividends if underlying dividends are received from the EEA member state and the holding is at least 10%. Dividends received from other countries may also fall under the exemption provided the holding is at least 10% and income tax or withholding has been paid on the underlying share of profit. Otherwise, dividends are taxed at a standard corporate rate.

  • Hungary

Political structure

Member state of the EU since 2004

Government

Unitary parliamentary constitutional republic

Legal system

Civil Law

Statutory requirements

Financial Statements,
Annual Return

Corporate income tax rate

9%

Residence

Incorporation and place of management

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Hungary-source income.

Taxation of dividends received from overseas

Dividends are exempt from income tax unless received from a CFC

  • Latvia

Political structure

Member state of the EU since 2004 and member of the Eurozone since 2014

Government

Parliamentary republic

Legal system

Civil Law

Statutory requirements

Financial Statements,
Annual Tax Return, Audit

Corporate income tax rate

20%

Residence

Incorporation

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Latvia-source income.

Taxation of dividends received from overseas

Dividends are exempt from tax unless received from a blacklisted jurisdiction

  • Cyprus

Political structure

Member state of the EU since 2004 and member of the Eurozone since 2008

Government

Unitary presidential constitutional republic

Legal system

Based on English Common Law

Statutory requirements

Financial Statements,
Annual Tax Return,
Annual Company Levy, Audit

Corporate income tax rate

12.5%
*Special Defense Contribution (“SDC”) is imposed on residents of Cyprus only on the income originating from dividends (20%), interest (30%) and rents (3%)

Residence

Management and control

Basis

Resident companies are taxed on worldwide income. Non-resident companes are taxed only on Cyprus-source income.

Taxation of dividends received from overseas

Dividends received from a non-resident company are exempt if the following conditions are satisfied “International Participation Exemption”: (1) the non-resident is a company comparable to an Austrian company or a company listed in the EU parent-subsidiary directive; (2) the parent company holds directly or indirectly at least 10% of the equity capital of the subsidiary; and (3) the minimum 10% shareholding is held continuously for at least one year.

  • Hong Kong

Political structure

Government

Special administrative region of China

Legal system

Common-Law

Statutory requirements

Financial Statements, Annual Return, Audit

Corporate income tax rate

0% on foreign profits

Residence

Incorporation or management and control

Basis

Only Hong Kong-source income is subject to Hong Kong profit tax

Taxation of dividends received from overseas

Dividends are exempt from profit tax

  • Labuan

Political structure

Government

Federal territory of Malaysia

Legal system

Common-Law

Statutory requirements

Financial Statements, Annual Return, Audit

Corporate income tax rate

3% or MYR 20,000

Residence

Management and control

Basis

Generally only Malaysian-source income is subject to profit tax in Malaysia exceptions include banking, insurance, air transport of shipping sectors

Taxation of dividends received from overseas

Dividends are exempt from profit tax under a single-tier system

  • Singapore

Political structure

Government

Unitary parliamentary constitutional republic

Legal system

Based on English Common Law, but with substantial local differences

Statutory requirements

Financial Statements, Annual Return, Audit (with small exemptions)

Corporate income tax rate

17%

Residence

Management and control

Basis

Income accrued in or derived from Singapore and all foreign income remitted or deemed remitted to Singapore, with certain exceptions is subject to profit tax in Singapore

Taxation of dividends received from overseas

Dividends are exempt from profit tax under a single-tier system

  • UAE

Government

Federation of 7 hereditary monarchies

Legal system

Civil law and Sharia law

Statutory requirements

AML/CFT Compliance Requirements & Substance Requirements

Corporate income tax rate

• 0% for taxable income up to AED 375,000;
• 9% for taxable income above AED 375,000; and
• a different tax rate for large multinationals that meet specific criteria

Residence

Under the UAE Corporate Law, companies and other juridical persons that are incorporated or otherwise formed or recognised under the laws of the UAE will be considered a Resident Person. This covers juridical persons incorporated in the UAE under either mainland legislation or applicable Free Zone regulations.

Basis

N/A

Taxation of dividends received from overseas

There is no tax on dividends. Capital gains generally are not taxable, unless derived by a company that is subject to tax under an income tax decree/concession agreement or banking tax decree.

  • Anguilla

Political structure

Government

Parliamentary dependency under a constitutional monarchy of UK

Legal system

Common law

Statutory requirements

Financial statements

Corporate income tax rate

0%

Residence

N/A

Basis

N/A

Taxation of dividends received from overseas

No

  • Aruba

Political structure

Government

Unitary parliamentary representative democracy under constitutional monarchy of the Netherlands

Legal system

Civil law

Statutory requirements

Financial statements, filing accounts

Corporate income tax rate

25%

Residence

Incorporation and management and control

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Aruba-source income.

Taxation of dividends received from overseas

Dividends are taxed under regular taxation rules with participation exemption possibility provided certain conditions are met

  • Bahamas

Political structure

Government

Unitary parliamentary constitutional monarchy

Legal system

Common-Law

Statutory requirements

Financial Statements

Corporate income tax rate

0%

Residence

N/A

Basis

N/A

Taxation of dividends received from overseas

No

  • Belize

Political structure

Government

Unitary parliamentary constitutional monarchy

Legal system

Common law

Statutory requirements

Financial statements

Corporate income tax rate

0%

Residence

N/A

Basis

N/A

Taxation of dividends received from overseas

No

  • BVI

Political structure

Government

Parliamentary dependency under a constitutional monarchy

Legal system

Common-Law

Statutory requirements

Financial Statements

Corporate income tax rate

0%

Residence

N/A

Basis

N/A

Taxation of dividends received from overseas

No

  • Curaçao

Political structure

Government

Unitary parliamentary representative democracy under a constitutional monarchy

Legal system

Civil law

Statutory requirements

Financial statements, filing accounts

Corporate income tax rate

22%

Residence

Incorporation and management and control

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Curaçao-source income.

Taxation of dividends received from overseas

10%, but participation exemption applies for dividends received from participations where a share of holding is more than 5% and where the participation is (1) subject to a tax of at least 10%; (2) an active business company.

  • Cayman Islands

Political structure

Government

Parliamentary dependency under a constitutional monarchy

Legal system

Common-Law

Statutory requirements

Financial statements, Annual return

Corporate income tax rate

0%

Residence

Incorporation

Basis

N/A

Taxation of dividends received from overseas

No

  • Marshall Islands

Political structure

Government

Unitary parliamentary republic

Legal system

Based on English Common Law

Statutory requirements

n/a

Corporate income tax rate

0%

Residence

N/A

Basis

N/A

Taxation of dividends received from overseas

No

  • Mauritius

Political structure

Government

Parliamentary republic

Legal system

Based on English Common Law

Statutory requirements

Financial statements, filing accounts, Audit

Corporate income tax rate

15%

Residence

Management and control

Basis

Resident companies are taxed on worldwide income. Non-resident companies are taxed only on Mauritius-source income.

Taxation of dividends received from overseas

Foreign dividends are taxable under regular taxation rules, but tax credit may be claimed for underlying and withholding tax.

  • Panama

Political structure

Government

Unitary presidential constitutional republic

Legal system

Civil law

Statutory requirements

Financial Statements

Corporate income tax rate

25%

Residence

Incorporation and central management and control

Basis

Only Panama-source income is subject to Panama profit tax

Taxation of dividends received from overseas

Dividends are exempt from profit tax

  • Samoa

Political structure

Government

Unitary parliamentary republic

Legal system

Common-Law

Statutory requirements

Financial Statements

Corporate income tax rate

27%

Residence

N/A

Basis

N/A

Taxation of dividends received from overseas

No

  • Seychelles

Political structure

Government

Presidential republic

Legal system

Hybrid law

Statutory requirements

Financial Statements

Corporate income tax rate

0%

Residence

Incorporation and central management and control

Basis

Only Seychelles-source income is subject to Panama profit tax

Taxation of dividends received from overseas

No

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