Our team of professionally qualified accountants will undertake bookkeeping, payroll, VAT compliance work.
Our services include:

• Maintenance of the general ledger
• Maintenance of proper books and records
• Monthly processing of Payroll Wages and contributions
• Quarterly Preparation of VAT Returns
• Reconciliation and analysis of bank accounts
• Preparation of management accounts
• Preparation of annual financial statements and consolidated accounts for group companies
• Preparation and submission of provisional tax declarations
• Payment of Taxes
• Preparation of Employer’s Annual Returns (I.R.7s);

Every Cyprus company is obligated to prepare annual audited accounts and submit its annual tax return to the Tax Department. Our services go beyond the statutory obligation by adding value and offering high quality service.

Our firm undertakes the following:

• Statutory audit in accordance with International Standards on Auditing (ISA’s) and the Cyprus Companies Law
• Preparation of stand alone and consolidated financial statements in accordance with International Financial Reporting Standards (IFRS’s)

We offer our clients the opportunity to register a Company in Cyprus which can have a Cyprus bank account.

Process of Cyprus company registration

1) The documents that are required for each shareholder/ officer of the Cyprus Company are:

• Copy of passport / ID
• Copy of a recent utility bill as a prove of place of permanent residence e.g. electricity bill, telephone bill etc
• Curriculum Vitae

2) Name approval from the Cyprus Company’s Registrar (2-3 days)

3) Incorporation documents to be submitted to the Cyprus Company’s registrar to complete the incorporation procedure (5-10 days)

Bank account Opening

At G D Panayiotides & Co we can assist you opening a bank account with a Cyprus bank through our established relationships with the 3 largest banking institutions of Cyprus. Furthermore, we can assist you with the bank account opening procedure in various other countries or provide you with the documents required for you to open in the country of your preference.

Cyprus Company benefits and other advantages

• Cyprus Registered company subject to low tax of 12,5%
• Cyprus Royalty box to tax intellectual property, including software development, at an effective tax rate of 2,5%
• Member of the EU since 2004, tax regime in full compliance with EU and OECD. Since 2004 Cyprus registered company is not an offshore company but a normal European company
• Cyprus is an established, reputable jurisdiction with an increasing appeal to large multinational companies like Amazon but also to small private companies
• Investment friendly and high-quality professional services
• Extensive list of Double Tax Treaties
• EU Directive on dividends, interest and royalties
• Cyprus Company tax on Dividends at 0%
• Notional interest Deduction to further reduce effective corporation tax rates
• Cyprus registered companies with 0% on disposal of shares and other securities
• Cyprus registered companies with 0% withholding taxes on payments of dividends, interest and royalties
• Unilateral credit for any taxes paid abroad on the same income
• Cyprus registered companies can deduct all business expenses such as payroll, travelling, entertainment, rent etc.
• No requirement to distribute dividends
• Earnings can be re-invested in Cyprus or abroad
• Cyprus registered companies can be ideal for shareholders that want to become tax resident in Cyprus by using the Cyprus Non-domiciled scheme and enjoy 0% taxes on worldwide dividend income
• The shareholder can have a bank card to pay business expenses all over the world
• The shareholder can have a personal bank account in Cyprus with debit card
• The shareholder can handle Cyprus company’s bank account through internet banking

Other important for Cyprus registered companies

• Cyprus registered company must have at least one director and a secretary and one shareholder
• Cyprus registered company is considered tax resident of Cyprus if its management and control is from Cyprus
• Cyprus tax resident director is recommended; however, any foreign individual can manage the company through appointment to the Cyprus company’s board of directors
• Cyprus registered company is recommended to maintain a proper economic substance in Cyprus
• Every Cyprus registered company must maintain proper accounting records and prepare audited accounts every year
• Every Cyprus registered company should pay €350 annual levy to the Cyprus Company’s Registrar

How can we help

We would like our clients to take well informed decisions thus before we proceed with the Cyprus company formation, we provide free advice on Cyprus tax regime and benefits, substance requirements and relevant costs to set-up and run the Cyprus company. Also, through our affiliates we can offer complete services that are needed by any Cyprus registered companies.

We can assist with:

• Registration of your Cyprus Company with the Cyprus Registrar of Companies
• Undertake all arrangements to create required economic substance
• Tax advice on Cyprus Tax regime and international tax planning
• Offer high quality accounting, VAT, payroll, tax and audit services
• After formation the Cyprus company we can assist with the opening of a bank account in Cyprus and abroad
• After formation of the Cyprus company we can assist you with the running of the company to ensure that the Cyprus company is in full compliance with legal and other requirements.

Our team of professionally qualified accountants will undertake outsourced financial services.
For companies that are not able to hire an internal Financial Advisor our team can cover your company’s needs in a cost efficient way.

• Financial performance analysis and presentation
• Preparation of cash flows
• Preparation of budgets
• Calculation of cost of production per product
• Preparation of cash flows
• Preparation of management accounts
• Reviewing the operations of an enterprise and suggesting improvements
• Advice based on findings
• Human resources and recruitment services
• Advice on mergers and acquisitions
• Business valuations
• Feasibility and special project studies