Some doing this that way to add an additional layer of privacy and protection. However, if it is simply business you are doing and you don't do much it won't be worth the costs to structure it that way.
Sorry, wasn't aware of this thread.. you can actually just go and incorporate a Seychelles Holding company, trasnfer all shares of your Cyprus company to the holding and appoint the Seychelles corp. to be director of the Cyprus company. This will offer you the additional layer of privacy you seek. It's not that expensive.
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