Auditing, Banking & Taxes

Auditing
Local Auditors must be appointed. Companies are required to keep proper books of account and to prepare financial statements and to prepare financial statements every year in accordance with the International Accounting and Auditing Standards (IFRS).

Financial statements are required to be audited and filed with the Registrar of Companies and the Income Tax Authorities.

Banking
Bank accounts can be opened on the company's name as well as on the names of individuals. Bank accounts can be opened in Cyprus Pounds, US Dollars, Euros, and other major currencies. In this way movement of funds can be facilitated by the use of Cyprus banks, and at the same time financing can be obtained by the banks for purchase of property or any kinds of business activities.

Taxes
In Cyprus a uniform 10% corporation tax rate is applicable to the worldwide income of all resident companies. This is the lowest profit tax rate in Europe.

There is no withholding tax on payment of dividends and interest to non resident individuals or any corporate entities.

There are no time restrictions on the carrying forward of tax losses.

There is no tax on profits from buying and selling shares.

There is no tax on the liquidation of the holding company in a subsidiary.

Our tax advisers can provide you with a detailed tax efficient planning minimising your tax burden.