How I Built a Full Cyprus Company Setup for Cheap! Real-World Example.

[icecold]

I’m skeptical about the solution you’ve chosen and have several questions regarding its sustainability.

I’m assuming this is something you only need short-term? Would you be open to connecting via DM?

I’ve sent you a DM, so feel free to ask whatever you need. Most of the answers are already covered in a thread inside the Mentor Group Gold forums, and that’s where I go into the details.

But no, it’s not a long-term solution. It’s a setup you use and discard, typical lifespan is about 1 to 2 years, and then it’s done.

 

[brianK]

Hope this gives a bit of inspiration if you’re thinking about setting up something similar or just wanna get out of your home country and run a lightweight, tax efficient business that only pays corporate tax!

I'm pleased to read it worked out for you. Personally I would do things slightly different.

 

[TimeAttack]

Total yearly cost for everything? Around €19,000, and that includes bookkeeping and filing the yearly reports.

If you don't mind, can you briefly state what the rest of the costs go towards? Because I've counted €4500 is spent on the director and shareholders. What is the line of business that this company is doing?

 

[icecold]

800 € / month office costs
150 € / month utility + Internet
150 € / someone picking up the phone and such
Renewal of company fees agent yearly
Acconting and tax reporting for the company
nominee service for make the office real
nominee service for other stuff

Don't know how you can count anything while not knowing what it is the setup is like.

rest you can discuss inside mentor group gold if anyone want https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/

 

[Houdini]

800 € / month office costs
150 € / month utility + Internet
150 € / someone picking up the phone and such
Renewal of company fees agent yearly
Acconting and tax reporting for the company
nominee service for make the office real
nominee service for other stuff

Don't know how you can count anything while not knowing what it is the setup is like.

rest you can discuss inside mentor group gold if anyone want https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/

These look like legitimate expenses, and if you’re properly recording everything and have documentation proving your stay there, that should be enough to convince even the most persistent tax inspector in your country.

 

[brianK]

I’m thinking about doing a light setup like yours, but with a UK company and a Wise account.

You think that could work? And could I pull off the same thing with a New Mexico LLC instead?

Not really, Wise can't be misused for this purpose!

I’m a bit skeptical about this setup as a long term solution. It might work in the short run, but I wouldn’t rely on it for anything serious.
Still, thanks for sharing!

Always think short with setups like these.

800 € / month office costs
150 € / month utility + Internet
150 € / someone picking up the phone and such
Renewal of company fees agent yearly
Acconting and tax reporting for the company
nominee service for make the office real
nominee service for other stuff

Don't know how you can count anything while not knowing what it is the setup is like.

rest you can discuss inside mentor group gold if anyone want https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/

I remmeber a few guys saying they could get this cheaper, wonder what they can get it for?

 

[Houdini]

Not really, Wise can't be misused for this purpose!


Always think short with setups like these.



I remmeber a few guys saying they could get this cheaper, wonder what they can get it for?

I agree, don't understand how you can get all this cheaper.

 

[daniels27]

I agree, don't understand how you can get all this cheaper.

I guess they save on office. If you take a real small one, you can go down quite a lot. 400 EUR per month is definitely possible:
https://commercial.cy/real-estate-to-rent?sort=relevance_desc&type=office&price_max=400
https://commercial.cy/real-estate-for-sale/retail-shop-for-sale-in-nicosia-147465

 

[Houdini]

But if you look at the size of that office, it doesn’t exactly seem credible that a real company is operating there, it comes across as extremely small and unprofessional.

 

[happyjohn]

I’ll make sure to set up a professional office, similar to what the OP has suggested. And honestly, if you can’t afford something like 19K a year to maintain a tax-free and anonymous setup, then you probably shouldn’t be getting into this at all, it’s just not worth it for your business.

 

[pesto]

I’ve sent you a DM, so feel free to ask whatever you need. Most of the answers are already covered in a thread inside the Mentor Group Gold forums, and that’s where I go into the details.

But no, it’s not a long-term solution. It’s a setup you use and discard, typical lifespan is about 1 to 2 years, and then it’s done.

Thank you, I'm okay with that, will look to what you have send.

 

[AlicaFunk]

What I would do is register a standard Cyprus company, make sure all nominee documents are fully prepared in advance, and then head to Cyprus to get everything finalized. I’d follow the same approach no matter which country I was setting up in.

Also, make sure the person helping you with the company formation has a network that goes beyond the usual when it comes to financial services m those are rare. There are so many empty shells out there with nothing behind them, so finding the right one can be tricky.

 

[icecold]

If you don't mind, can you briefly state what the rest of the costs go towards? Because I've counted €4500 is spent on the director and shareholders. What is the line of business that this company is doing?

As you can see below, I’ve listed all the company’s expenses. It’s pretty clear that it can’t be done much cheaper if everything is to remain credible.

I run quite a few e-commerce sites focused entirely on selling products and services that are easy to convert and don’t require any inventory. Among these, I also do some dropshipping, on a small scale, generating around €700,000 per year.

 

[EliasIT]

800 € / month office costs
150 € / month utility + Internet
150 € / someone picking up the phone and such
Renewal of company fees agent yearly
Acconting and tax reporting for the company
nominee service for make the office real
nominee service for other stuff

Don't know how you can count anything while not knowing what it is the setup is like.

rest you can discuss inside mentor group gold if anyone want https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/

This reminds me of a similar setup I put together in Switzerland a few years ago, which has been running flawlessly, despite all the naysayers who swore it wouldn’t work.

 

[koohl]

800 € / month office costs
150 € / month utility + Internet
150 € / someone picking up the phone and such
Renewal of company fees agent yearly
Acconting and tax reporting for the company
nominee service for make the office real
nominee service for other stuff

Don't know how you can count anything while not knowing what it is the setup is like.

rest you can discuss inside mentor group gold if anyone want https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/

To me, this looks like a typical setup with substance. You've included everything needed to theoretically convince the taxman.

 

[plotoffshore]

In less than a month, this thread has received over 3,000 views, way more than similar threads usually get.

It would be great to have a solid guide explaining how to set up a proper structure in Cyprus, especially one focused on keeping costs as low as possible without compromising on substance or compliance.

Most importantly, who’s actually capable of delivering a clean, reliable setup?

 

[daniels27]

In less than a month, this thread has received over 3,000 views, way more than similar threads usually get.

Hahahahah! Yes, and way more posts and users deleted than any similar thread.

It would be great to have a solid guide explaining how to set up a proper structure in Cyprus, especially one focused on keeping costs as low as possible without compromising on substance or compliance.

You can check the details here:

https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/

Most importantly, who’s actually capable of delivering a clean, reliable setup?

I think anybody. Just do it.