Doing business in Cyprus is pretty easy and straightforward. Unless you are dealing with any of the below industries no operating licensing is required:
Cyprus Regulated Industries:
- Banking, Investment, Capital Markets
- Insurance
- Travel Agents
- Financial Consultants (Valuators, Accountants, Auditors)
- Lawyers
Consequently all other businesses can commence trading just by complying with the local tax and vat laws which are easy to meet. Simply contact a regulated audit and assurance firm to brief you on all accounting, tax, vat, import / export matters that can affect your business. Once those have been established your local accountants and local lawyers will be assisting you on an ongoing basis with any regulatory compliance matters as they emerge.
Compliance matters for regular trading companies:
VAT Registration
All companies and individuals trading in Cyprus must be VAT registered as the VAT registration threshold is really low Euro 15,600.
More information please click here
VIES / Intrastat
EU trading amongst companies is subject to VIES and Intrastat filings, a standardised approach that your local accountants / auditors can assist you with.
Tax Number
All Companies and local management appear on the financial statements but have the local Tax Identification Numbers. Foreign directors and shareholders may not have local tac numbers if they are not tax residents in Cyprus.
Social Securities
All employees and self employed persons must be registered with the social security system in Cyprus.
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Payroll Law & Taxes
Part of company compliance.
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Insurance Obligations
Fire & theft, employers liability insurances are common for all businesses in Cyprus and mandatory by law. A small amount of fees that must be paid on an annual basis.
Company Compliance
Your local regulated audit and assurance firm will ensure that all company statutory requirements such as accounting, tax, payroll, vat and submission of audited financial statements are met according to regulations.
Conclusion
Cyprus is a EU regulated island and as such contacting business in the Republic of Cyprus is very easy. Even the regulated professions mentioned are easy to contact; the only matter is how fast licenses can be obtained. As expected, banking and capital markets licenses take longer than the rest of the regulated professions.
Information about relocation to Cyprus can be obtained here
Information about incorporating in Cyprus can be obtained here
About Us
CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local Cyprus regulator granting them passporting access to the rest of the European Union.
CYAUSE Audit Services is an Audit & Assurance firm with offices in Cyprus and the UAE. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office's Procedures.
Being a Truly International Audit & Assurance firm, we have associates from all over the world and we are constantly looking for new associates to expand our network further. At present, CYAUSE Audit Services operates internationally through its membership with BKR International amongst the largest American associations in the world, Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Our network covers almost 40 jurisdictions with over 2,000 professionals, it supports more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and processes at least 170,000 payslips globally.
CYAUSE Audit Services Ltd is also a member of BKR International one of the biggest US Accounting Associations of the word and the 3E Accounting Network, an international accounting network which originates from Hong Kong and has more than 80 members from all over the world.
Learn More about Cyprus Corporate Environment
Information about CYAUSE Audit Services and the Cyprus Corporate & Tax System can be obtained from our Website or our YouTube channel which provides valuable information about the Corporate & Tax Environment of Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
