POLICY FOR INTERNATIONAL BUSINESS COMPANIES IN CYPRUS
All companies of foreign interest (International Business) should fulfil the following conditions in order to obtain the approval to employ third country nationals in Cyprus:
The majority of the company’s shareholders have to be foreign. In case the shareholders are other companies, proof should be given of the identity of the ultimate or beneficial shareholders in order to be approved by the Civil Registry and Migration Department (CRMD). The following companies are exempted:
- Public companies registered in any recognized Stock Exchange.
- International Business Companies which were operating before the change of regime and for which the Central Bank of Cyprus possesses all the necessary data.
In case the percentage of the foreign participation in the share capital of a company is equal to, or below 50% this foreign participation should represent an amount of €170,860 or more.
The applicant must also own a deposit account with a bank with the amount of €41,006. This should be a different account than the bank account mentioned above.
Applications of companies offering only services and therefore investing capital below €170,860 will be examined, taking into consideration that the nature of their business may not require a higher capital investment.
Newly established companies will have to prove by banking and other documents that the direct foreign capital investment amounts to at least €170,860 and that this capital was brought into Cyprus legally from abroad.
All applying companies have to operate from self-contained offices in Cyprus, located in suitable distinct premises, not part of a private residence or another office (except if they share tenancy). If the nature of the business allows people to work from their home, such cases will be examined individually.
For further information and for any help in filling out the necessary documents, please contact one of our team members.
Find out details about Cyprus Tax by downloading our annual publication Tax Facts 2015.
Important note: This article has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice from a qualified accountant.