Agriculture accounts for approximately 18% of the gross national product. The majority of farms
are small and medium-sized, country allotments. The leading sector of agriculture is farming.
66% of the country's land area is cultivated.
Tourism is a major contributor to national income. A large proportion of the population works in this sector, and the profits generated by tourism are the main source of foreign currency income for the republic's budget.
Cyprus has an active international policy of integration and cooperation. Cyprus is a member of the following organisations: Council of Europe, the EU's Common Foreign and Security Policy (CFSP), the European Bank for Reconstruction and Development, the European Investment Bank, the European Union, etc.
choosing a country
choosing a bank
payment (by any method)
bank account opening
From all the possible types of advantages that open up to the founders when incorporating a company, it is definitely worth noting:
According to current Cypriot laws, it is possible to register your company in the following legal forms:
Limited Liability Companies, which are divided into three categories, are the most popular in Cyprus. A general partnership and a limited partnership are also business forms that can be registered in Cyprus.
The most commonly used legal form is a Limited Company (LTD).
The amount of standard share capital is 1,000 - 5,000 EUR. The minimum share capital is EUR 1. The position of secretary in the company is required.
The liability of shareholders is limited to their contribution to the company's share capital.
Based on the analysis of the current legislation regulating the activities of business entities, the following can be highlighted with regards to the specifics of the process of registering your business:
The state has the following features for levying taxes and fees
In order to determine tax residency status, a company in Cyprus must prove its economic presence in the state. Cypriot companies are considered resident by default.
The standard corporate tax rate in Cyprus is 12.5%. Income tax is withheld from resident companies on the profits from any commercial activity, whether derived from sources within or outside Cyprus. Non-resident companies are subject to income tax on income originating from Cyprus.
VAT is charged at a rate of 19%, but there are also some reduced rates: 9% or 5% (depending on the activity).
All profits derived by a Cypriot resident in the form of royalties, dividends and interest are tax-free (exempt from taxation).