Cyprus Company Formation through a certified Consultancy in Cyprus

August 31, 2009 -- Cyprus is a Mediterranean island located in the south of Turkey. It is a great place for investment and business set up. Already there are many people who own businesses in the country. These people may have acquired the property before the country became a part of the European Union.

If you are looking into setting up a company in Cyprus it is a wise choice to seek a consultancy organization to help you in Cyprus Company Formation. There are many consultancy organizations that you can go to for help on how to go about the process.

In May 2004 the country became a part of the European Union. This affected its taxation system as well as company formation guidelines. The country’s citizens gained European citizenship status together with the new development. It is important that you seek a company that is knowledgeable on this sector.

Part of the information on Cyprus Company Formation to expect from the consultancy company will be about the changes in the taxation system. Initially the location of the offshore company was the determinant on the taxation of the offshore companies that were controlled by foreign investors. With the new legislation the rules have changed and the taxation now depends on the location where the company is managed.

Companies not registered in Cyprus but are managed from abroad are only taxed for the income that the company generates in Cyprus. Foreign interest, dividends, income from an abroad company, loss offsets and tax credit are some of the areas that the offshore companies enjoy tax exemption on. However, the double taxation treaty benefits are not attainable by these companies. They, still, are not subjected to the trade information rules governed under these treaties. There is no reason therefore barring offshore companies from being referred to as international business companies.

The names to use as Company names are also an issue, although the use of Greek names and Latin alphabet in the company name formation is accepted, there are certain words which are not accepted. Some of these words include banking, banker, custody custodian, broker, deposit, brokerage, derivative, capital,, credit, fiduciary, financial, finance, fund, insurance, future, etc.

The company consultation in Cyprus gives much useful information on Cyprus Company Formation that tries to give you a clear picture of what to expect. This will enable you to set up a company that will be up to par according to the required laws and regulations. Some of the companies go the extra mile to set up the company for you in a step by step manner.

This is by assisting in such areas as providing a company secretary for your company according to the requirements, among other support. The fee for the services will depend on the company that you seek the help from. It’s up to you to choose the company that you deem right for you. You need to find a consultancy company that will give you the correct information on how to set up a company in Cyprus.