Cyprus company yearly running costs

[Macky]

I want to ask you guys what are approx. yearly running costs for your Cyprus Ltd. ?

• Accounting approx 15 items per month
• Possibly VAT tax returns monthly
• Once a year tax audit required by law
• Do I need to rent registred office ?
• + What did I forget ?

 

[Admin]

You should expect something like 2 - 3000 euro per year.

 

[ozymandias]

You should expect something like 2 - 3000 euro per year.

Considering these ongoing costs, plus the likely EUR3000-5000 setup costs, what would you recommend the minimum turnover of an EU company should be before considering moving to Cyprus worthwhile?

 

[Admin]

You want to make a budget and some calculation to find break even and when it would profitable for you to setup something in Cyprus. Many people do this because they have limited options while others do it because they have it within their tax planning.

 

[blueweb]

Cyprus is cool for company and banking if you know how to setup your business AND if you are not to stupid to setup a real looking business.

 

[Vaios01]

"AND if you are not to stupid to setup a real looking business."

Could you please elaborate on this? Why would a real looking business be stupid, surely something that was fake looking is worse??

 

[Crowell]

Exactly my thought Vaios01

 

[ImKing]

The problem with most people are not that they are stupid but more to lazy to structure and setup their business correct.

You want to get a professional website setup which is reflecting the fee structure of your "hidden" business. If you are unable to do this task yourself then find a professional webdesigner to make the website for you. Next things is the business description and even a business plan. If you can provide both in professional English and which explains your "new" business activity in a professional language your chances to get a bank account rise by 80%.

The final step is to generate invoices each time you sell something, if you produce many each day you need someone to build a system for you that do this automatically, if you only generate a few invoices a week you need to do the task manual and find a professional accounting system to do the task. If someone request a particular invoice it looks way better and professional if you can deliver the request within minutes.

that's just a few hints, hope it helps for a better understanding!

 

[bastard]

I want to ask you guys what are approx. yearly running costs for your Cyprus Ltd. ?

• Accounting approx 15 items per month
• Possibly VAT tax returns monthly
• Once a year tax audit required by law
• Do I need to rent registred office ?
• + What did I forget ?

Did you setup a Cyprus company? if not already then ask the agent what the next year / ongoing year costs are before you order in that way you don't get any suprise.