Banking – Merchant Accounts – Offshore Companies – Company Formation

Matters to be considered

• Avoidance of permanent establishment in Russia by making sure that no services are provided in Russia by employees of the Cyprus company.
• Avoidance of having mind and management in the investors’ country.
• Maintenance of office in Cyprus where administrative services are provided.
• Employment of personnel in Cyprus either expatriate or local.
• The majority of the Board of Directors are residents of Cyprus.
• Bank accounts are maintained and operated from Cyprus.
• Keeping of accounting records is carried out in Cyprus and all documents are kept in Cyprus.

Advantages off­ered by Cyprus to companies establishing offices in Cyprus

• Availability of office and housing accommodation at very competitive rates and of high standard.
• Telecommunication facilities rank amongst the best in the world.
• Air connections with Europe, Russia and the Middle East.
• Qualified personnel at very competitive rates. Salaries are about 60% of rates in Europe.
• Excellent climate and very high standard of living and education facilities.
• Duty free goods of a capital nature for the company and the expatriate employees.
• Working permits are easily granted to expatriate employees.
• Low taxation for expatriates working in Cyprus.
• There are no payroll taxes for expatriate employees.

The above is intended to provide a brief guide only. It is essential that appropriate professional advice is obtained.