IBC Cyprus: One of the big advantages of the IBC Cyprus company is the low corporate tax rate which is only 12.5% after being increased lately from 10%. The Cyprus Government after deliberations with the central bank, the political parties, the lawyers and other economic factors and on pressured being exerted by the EU, had decided to increase the corporate tax to 12.5%. It is a major player in the Cyprus economic growth now, with more than 20.000 companies incorporated every year.
The Government has realized that increasing the corporate tax would endanger the whole industry but it looks as though the increase has been absorbed without any major problems. An IBC Cyprus company is easy to incorporate and it can be managed and run cost effectively since the cost of life if Cyprus in the human resources sector is much lower than that of many EU states. A company can take advantage of a very professional and fast banking system and high end communications plus a very rich in destinations air carriage.
IBC Cyprus: Tax Benefits
After the recent increase of the corporate tax from 10% to 12.5% an IBC Cyprus still continues enjoying a very low privileged corporate tax, making it the ideal vessel for a businessman worldwide to plan his business operations and his international tax optimization. Of course in other EU states the corporate tax is much higher. In some countries corporate tax plus dividend tax combined can be as high as 65% or 75% or even can be as high as 95%.
So even the tax increase to 12.5% that is a very low and attractive flat corporate tax rate. Cyprus economy, is benefiting in a big way, as the company incorporations will in the future carry the major burden of propping up the Cyprus economy by bringing much needed revenue. Now that huge Gas and Oil deposits have been spotted offshore, the Cyprus will see a huge increase in preference to other low tax or no tax jurisdictions.
Bank Account For Your IBC Cyprus
IBC Cyprus: It already enjoys a lot of respect worldwide, as Cyprus is a member of this EU and the Euro zone. It is not on any black lists. Cyprus has a free economic environment and it has very developed communications, banking and air links sectors. It is also easy, cheap and fast to incorporate. You can have a Cyprus Bank Account for your IBC Cyprus very fast in Cyprus, or in any other country. Cyprus Banking is of the most advanced in the world, offering you a number safe, international Cyprus and foreign Banks to choose from. We can offer you a corporate bank account in a few days with internet banking, visa card, digipass, multi-currency, no minimum deposit terms and low bank fees. We can also open a bank account for your company in many other countries fast and fuss free.
The documents required for the opening of a bank account for your IBC Cyprus are the incorporation documents of the company, a copy of the passport of all the persons to be directors, shareholders, secretaries or account signatories and a fresh utility bill for them too. A know your client procedure is followed, and the bank will need to know the activities of the company and the contacts of all persons involved. Buy one today and you are on your way to success. For more information about setting up a Cyprus IBC follow this link:Cyprus IBC.
Quick Facts About The IBC Cyprus
IBC Cyprus: It is a limited liability company, which means that the shareholders of the company have no liability for the debts of the company. The capital of the company can be in any currency and the minimum is one Euro. The shares can in one Euro value or more. There is a tax of 0.6% on the capital paid once. The capital can be increased or decreased. It does not have to be paid in cash at the time of the incorporation of the company. It must have at least one Director.
There is no provision for the maximum number. A shareholder is also necessary. the maximum number of shareholders is fifty. A Secretary must also be appointed. More can be appointed if necessary. The owners of the IBC Cyprus must also designate the registered office address of the company at the time of its incorporation. To this address all the correspondence from Government departments is sent. Finally the name of the company must be approved by the Registrar.