And here is some additional information which I found, thats good reading in addition to the posting above.
Companies registered in Cyprus but managed and controlled from abroad, will only be taxed in Cyprus on their income generated in Cyprus. Offshore company in Cyprus will enjoy exemption from tax on foreign dividends and interest and income from any permanent establishment abroad, as well as all foreign tax credits and offsets of losses incurred abroad.
They will not be entitled to benefits under the double taxation treaties, but will not be subject to the exchange of information rules under such treaties. So offshore company in Cyprus can be referred to as an international business company nowadays.