Trading in Cyprus. Easy? Complicated?

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.

More information please click here

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 CYAUSE Audit Services

We can facilitate an A to Z service from physical to corporate relocation, assistance with premises selection and of course corporate,  accounting, tax and audit services as indicated below:

1. Cyprus Company Creation

2. Assistance for Work Permits

3. Opening of a Bank Account

4. Obtaining Visa / Immigration Services

5. Maintenance of the Cyprus company

6. Accounting, Payroll, Banking services for your company

8. Year End Audit and Payment of Company Taxes

9. Advisory Services across the board

Contact Us

If you would like us to assist you with relocating your HeadQuarters to Cyprus please contact us at kt@cyprusaccountants.com.cy or call us at +357 22 336 321.