Our Cypriot accounting firm has extensive experience in working with local and international companies doing business in the country. Our solutions are tailored to the needs of the client and with particular attention to the business field in which the company activates.
Working with our accountants in Cyprus has invaluable benefits in terms of adequate compliance with the tax laws and the general Cypriot company formation and reporting standards.
Cyprus is an attractive business destination, and its fame as a company location is perhaps preceded only by its notoriety as a holiday destination. As a member of the EU, Cyprus has aligned its laws to the applicable standards, at the same time maintaining its status as an attractive business destination.
The country has grown into one of the most attractive destinations in the world for international businesses, mainly from a taxation point of view. The low tax rate, the absence of certain withholding taxes and capital gains tax are some of the main features to mention. Moreover, the large number of double tax treaties offers an advantageous base for avoiding double taxation for foreign investors. Our accountants in Cyprus can provide counseling and advice for double taxation relief as well as information about all of the applicable tax requirements. We can assist investors with VAT registration, which is mandatory after a certain threshold and for the intra-community acquisition of goods.
Our accounting firm in Cyprus can help all business owners comply with the corporate reporting and taxation requirements. We can help take care of these obligations so that entrepreneurs can focus on the other key aspects of developing and growing their Cypriot business.
|Tax registration support (YES/NO)||
YES, we offer support in registering companies for taxation in Cyprus
VAT registration services (YES/NO)
|YES, we can offer assistance in voluntary and mandatory VAT registration|
Payroll and HR assistance (YES/NO)
|YES, HR and paryroll services are available with our accountant in Cyprus|
|Audit services (YES/NO)||
YES, among our accounting services in Cyprus are also internal and external audits
|Bookkeeping services (YES/NO)||YES, we provide bookkeeping services|
|Financial statement filing services (YES/NO)||
YES, financial statement filings are available in respect to the local accounting requirements
|Accounting services for foreign companies in Cyprus (YES/NO)||
We offer accounting services for branch offices and subsidiaries of foreign companies
|Accreditted accountants availability (YES/NO)||YES, our accountants in Cyprus are members of the Institute of Certified Public Accountants|
|Personal income tax rate||Progressive rates apply (0% – 35%)|
|Corporate tax rate||The standard corporate tax in Cyprus is 12.5%|
|VAT rate||The standard VAT rate is 19%|
|Social security contributions||
8.3% on the gross income for both employers
|Access to tax incentives/deductions (YES/NO)||YES, our accountant in Cyprus can verify the access to incentives/exemptions/grants and help you apply for them|
|Access to double tax treaties (YES/NO)||
YES, Cyprus has more than 65 double tax treaties
|Other services||Tax minimization support, business and financial consulting services, investment and wealth management solutions, specialized assistance in EU tax regulations|
Services offered by our accounting firm in Cyprus
Our Cypriot accounting firm offers a wide range of services, for companies of all sizes and for offshore companies in Cyprus. Our packages include complete accounting and audit services but can be tailored to the needs of the company to include only some of the key services.
Below, we present our services for Cypriot companies:
- General accounting services: included here are the standard accounting services for companies in Cyprus, the maintenance of books and financial records as well as the preparation of the annual financial statements.
- Tax and VAT: consulting and assistance in all matters concerning taxation in Cyprus, offered by our team of experts; we can also help you comply with the requirements for submitting all types of tax returns.
- Payroll: the payment of your staff and compliance with the social security contributions can be outsourced to our team of accountants in Cyprus.
- Audit: we offer complete services for audit in Cyprus and our agents prepare the internal audit reports in accordance with the applicable standards.
Our services include but are not limited to the four main categories described above. The experts at our accounting firm in Cyprus can provide you with more information and you can reach out to us to request a personalized offer, according to business and company particulars.
Accounting principles in Cyprus
As a member of the European Union, Cyprus complies with the International Accounting Standards and the International Financial Reporting Standards. The requirement for companies is to prepare annual financial statements.
Our Cypriot accounting firm provides all of the relevant services to help companies comply with the applicable laws in the country.
What you need to know about taxation in Cyprus
Cyprus can offer a lot of tax benefits if one knows how to take advantage of it. Our accountants in Cyprus are here to offer legal tax planning solutions based on our clients’ needs and particularity of their cases.
In order to know how taxation in Cyprus works, one should pay attention to the following aspects:
- – the taxation system in Cyprus is made up of several direct and indirect taxes;
- – individuals and companies with activities in Cyprus are imposed different taxes;
- – Cyprus has signed various double taxation treaties and thus offer various advantages;
- – Cyprus tax residents are taxed on their worldwide income here, while non-residents are taxes on the income generated here only.
Individuals will be imposed with the personal income tax which is imposed at progressive rates, as it follows:
- – a 0% rate is applicable to a maximum income of 19,500 euros per year;
- – a 20% rate is applicable on annual incomes ranging between 19,501 and 28,000 euros;
- – a 25% rate is applicable on annual incomes ranging between 28,001 and 36,300 euros;
- – a 30% rate is levied on annual incomes between 36,301 and 60,000 euros;
- – a 35% rate applies to any amount above 60,000 euros per year.
As an advantage, local and foreign individuals living in Cyprus should know that the tax authorities here do not impose any inheritance and capital gains tax on the holding shares in a company. If you need an accountant in Cyprus, our accounting team is at your disposal.
Speaking about companies, the corporate tax in Cyprus applies at a flat rate of 12.5%, which is one of the lowest in Europe. Adding that to the fact that Cyprus is an onshore business destination within the European Union, makes this country very appealing from a taxation point of view.
If you want to know more about the taxation system, our accountant in Cyprus is at your disposal with detailed information. We are also here with tax advice and planning solutions.
Tax exemptions and deductions available in Cyprus
Cyprus has many tax benefits, among which some refer to exemptions on incomes such as dividend incomes. Earning derived from distributing or receiving dividends are exempt from taxation in Cyprus. Various incomes derived from employment services can also benefit from tax exemptions under the legislation in Cyprus. Capital gains obtained from disposing of securities are also fully exempt from taxation in Cyprus.
Other exemptions can be obtained from interest payments, under Cyprus’ double tax treaties. However, it should be noted that these exemptions are granted based on the conditions imposed by each country under the agreement with Cyprus.
Apart from tax exemptions, there are certain expenses which can benefit tax deductions in Cyprus. Among these, we remind about the expenses incurred by renting real estate properties in Cyprus. Also, any interest resulted from the purchase of assets used for business purposes will benefit from deductions.
Charities can also be used to deduct certain taxes. These can be achieved by making donations or by establishing various structures such as trusts. Our accountant in Cyprus can give you more details about this matter.
Profits earned from intellectual property-related activities can also benefit from various tax deductions in Cyprus.
Every entrepreneur who chooses to invest in Cyprus will find himself in need of specialized accounting services. Our Cypriot company formation agents are ready to provide all our clients with a very complex and personalized accounting package including all types of services they require for smooth and accurate tax compliance. Our accountants offer advice and consultancy in a wide range of services and will make sure all bookkeeping and financial statements are always in order.
Company management and tax consultancy in Cyprus
A specialized accountant in Cyprus will be able to help your company with qualified advice in order to improve the financial results. A well-conducted company management process can save a lot of the business owner’s time, money and energy.
Our accountant will be able to assist in taxation issues related to the registration of your company in Cyprus. Also, we can help entrepreneurs in organizing their financial department and the company’s flow of documents. We can provide consultancy in Cypriote financial and accounting policies and also prepare the necessary documentation for loans applications.
Specialized advice for double tax treaties signed by Cyprus
Cyprus has signed over the years double taxation agreements with more than 48 countries in order to attract foreign investors choosing to open companies in Cyprus by avoiding the situation when they are taxed both here and in their country of origin. We believe all new companies should benefit from the experienced advice of a knowledgeable Cypriote accountant in regards to the provisions of these treaties and that can provide assistance in this matter since he will save a considerable amount of the company’s budget.
Payroll services offered by our accountant in Cyprus
When starting a new business in Cyprus an entrepreneur may want to benefit from the professional advice of a qualified accountantfor matters related to payroll procedures. Please contact our accountants in Cyprus in order to take advantage of our payroll preparation and employee statements services.
Audit services in Cyprus
The financial statements must be filed on an annual basis in Cyprus. Our accountants can provide accurate and professional audit services, by running a thorough verification of evidence supporting the financial statements and helping the company correct all misstatements.
Cypriot economic environment
Cyprus offers plenty of possibilities for foreign investments. As an EU Member state since May 2004, the country provides foreign investors with the opportunity to easily access the EU market. Furthermore, the advantageous location of Cyprus, at the crossroads of three continents, Africa, Asia, and Europe, offers a gateway to and from each of these zones.
The European standards infrastructure, a robust telecommunications system and a very comfortable standard of living have attracted over the years a qualified and educated workforce ready to provide entrepreneurs decided to form a company in Cyprus with high-quality services for low operating costs. Another very important advantage offered by this country is pro-business legislation and one of the most friendly and attractive tax systems in Europe.
For more details about the accounting services offered by our accountants in Cyprus, please contact our team. If you want to relocate or start a business in Cyprus and need accounting services, our local accountants are at your disposal. You can also rely on us if you need specialized company formation services in Cyprus.
Contact us for more information and for a complete offer for your company.