Corporate & Business Law is one of the main areas of practice of our Law Firm which provides the following legal services:
Re-domiciliation of Cyprus & foreign Companies:
According to articles 354A to 354P of the Cyprus Companies Law Cap 113, Cyprus Companies and foreign companies based in Cyprus can be re-domiciled abroad, thus giving the possibility for foreign holding companies to move to Cyprus without creating a problem to their overall tax structure.
The Law Firm provides nominee directors, shareholders and secretary in order to guarantee Cyprus Tax Residence and confidentiality to the beneficiary owners/clients. However, we can only provide nominee services if the beneficiaries sign and return to us Nominee Director and Shareholder Agreements which dispense us of any responsibility for the acts of the beneficiary owners/clients, the only purpose of the nominees being to provide confidentiality and tax residency.
The Law Firm provides a full range of secretarial services, including Minutes, Power of Attorneys, Annual returns, etc.
Incorporation of International Business Branch:
According to section 347 of Cyprus Companies Law Cap 113 as amended, if a foreign Ltd company opens a “Cyprus branch”, it still remains the old legal entity / mother Company with its directors, its secretaries and registered office. By creating a branch office, no new legal entity or new “registered office” is created. Class Consulting Ltd will open a “Cyprus branch” with a “place of business” in Cyprus with one or more Cyprus residents authorised on behalf of foreign Ltd company to accept service of process or notices, basically acting as directors. The Cyprus Branch is taxed 10% on all profits made in Cyprus (like a Cyprus local Company), and for any taxation of the Cyprus Branch elsewhere, it will depend on double tax treaties.
Incorporation of Cyprus International Partnerships:
Partnerships are regulated under the Partnership and Business Names Law, CAP 116. There are two types of partnerships, the General partnership where all partners have unlimited liability and the Limited partnership where at least one or more partners has/have unlimited liability whilst the other partners have liability limited up to the amount contributed to the capital of the partnership. Cyprus International limited partnerships may be registered in Cyprus provided that their business is carried on outside Cyprus and the partners are non-residents. Partnerships may be composed of between 2 and 20 persons, individuals or companies, with restrictions related to the insurance and banking business. Relations of partners between themselves and towards third parties are regulated by a partnership deed.
Taxation: Cyprus International limited partnerships enjoy full tax exemption on partnership profits, the tax exemption being extended to the partners' profits as well.