Turner Little - Company Formation Agents & Banking Intermediaries.Chat to a member of our sales team.
Offshore Company Formation and Management Services
Mentor Group

Will Cyprus Incorporation Be Right for Your Needs?

bountymounty

Mentor Group Gold
depending on your budget, setup a foundation in the Seychelles which owns 100% of the shares in another company for instant in Cyprus, Malta or even Bulgaria I'm not sure if the latter is possible at all.
 

Saska2014

New member
Hello everyone,

Thank you all for providing great information about Cyprus company formation benefits.In my case,i have Belize IBC,incorporated back in 2012,that has been successfully doing business through Bank of Cyprus.
However,as you already know,Cyprus Banks have been instructed to close Belize companies' bank accounts and that's what basically happened to my account at BoC.
As an alternative,i'm looking into opening a Cyprus company with Cyprus bank account.
I am a greek resident doing online internet services such as file hosting services,so i wonder if i could get advise on following:

1.Is this set up good for my business? Cy company + Cy bank ?
2.If i start a non-resident Cy company will I be obliged to pay corporate + income taxes in Greece?
3.Can i easily set up a merchant account and get online payment solution with above set up?

Thanks for taking your time in answering my questions,I really appreciate it!
 

hiju

Mentor Group Gold
However,as you already know,Cyprus Banks have been instructed to close Belize companies' bank accounts and that's what basically happened to my account at BoC.
not really it depends on how your business is structured and what business you are into!

As an alternative,i'm looking into opening a Cyprus company with Cyprus bank account.
It makes things easier if you look into banking and payment processing as well as paypal.
 

Saska2014

New member
not really it depends on how your business is structured and what business you are into!


It makes things easier if you look into banking and payment processing as well as paypal.
Thanks for your reply Hiju,
The business is cloud/file hosting services,but i received inform from my agent/introducer that the closure of the bank accounts are made for all Belize IBC,regradless of their business nature.
 

hiju

Mentor Group Gold
Thanks for your reply Hiju,
The business is cloud/file hosting services,but i received inform from my agent/introducer that the closure of the bank accounts are made for all Belize IBC,regradless of their business nature.
That's not true at least not if this is with a Cyprus bank!
 

hofo

Active Member
Thanks for your reply Hiju,
The business is cloud/file hosting services,but i received inform from my agent/introducer that the closure of the bank accounts are made for all Belize IBC,regradless of their business nature.
considered high risk by most banks! I have hosting as a business and got declined by all banks I asked :(
 

Saska2014

New member
considered high risk by most banks! I have hosting as a business and got declined by all banks I asked :(
Hi Hofo,thanks for your reply! So what solution did you find for your business since you say you were declined by all banks you asked?
 

Admin

Forum Moderator
Staff member
Not really, if you have the right setup you can get a Cyprus bank account easely. If you have some sort of funny business or don't understand the requirements of the bank you are lost.
 

Loizos

New member
Hi Loizos. We currently have our companies setup through Rashal international in mauritius, they are also managing our licenses and provided us with 2 UBOs. We paid around 2000$ for our GBC companies and we have 2 bank accounts one EUR and one USD bank account. The renewal fee for both of these companies are currently at 1600 /per year which rashal are maintaining and we have no problem moving and transfer our money to any bank accounts from the mauritius bank accounts. working very good so far.

My question, how much does it cost to setup a Cyprus company with bank account, is it more cheaper?..
And what are the benefits.?
Thank you.
A Cyprus company is not cheaper but it is more expensive than the costs you mention in your comments.
Benefits of a Cyprus Company is that dividends taken by a Cyprus company from a foreign individual are totally tax free in Cyprus.
Additionally it gives more credibility (if needed) to business partners since the Cyprus company has to prepare audited accounts.
 
Last edited by a moderator:

Admin

Forum Moderator
Staff member
My question, how much does it cost to setup a Cyprus company with bank account, is it more cheaper?..
You may consult a agnecy service in Cyprus to get an answer for your question in regards to costs. I till not allow any provider around here to to advertising nor hidden advertising here by allowing to post costs and contact details!

The costs are roughly 2500 - 3500 euro depending on which agent you are going to approach.
 

BlueMist

Active Member
Cyprus has become very expensive. I used to pay for a holding company something like €1000 per year. However due to compliance changes and some recent changes where appointment of external auditor is required, it costs me now something around €5000 per year with nominee shareholders.
 

blueweb

Corporate Services
Mentor Group Gold
Elite Member
it costs me now something around €5000 per year with nominee shareholders.
You can't say what a Cyprus company cost to setup nor what it cost to renew. The fees are based on individual cases. What I pay for my Cyprus company may not apply for your company. Every agent has different fees and you can do arrangements with most of them which get down the total costs.

With costs of 5K for a Holding company I must say, either you have a very high activity in your company or you use services which may drive up the price!
 

BlueMist

Active Member
You can't say what a Cyprus company cost to setup nor what it cost to renew. The fees are based on individual cases. What I pay for my Cyprus company may not apply for your company. Every agent has different fees and you can do arrangements with most of them which get down the total costs.

With costs of 5K for a Holding company I must say, either you have a very high activity in your company or you use services which may drive up the price!
Well, yes and no. Every corporate service provider has some fixed fees pricing schedule and in my experience you can't really negotiate them much. I have just looked up the invoice, it is €4.500 to be exact, however it is including 19% VAT, so €3.800 all in fees before VAT. It is already negotiated and discounted, as I have been with them for many years. In fact few years back it was much less expensive, however due to increased amount of work, compliance, annual municipality fees, recent requirement for external auditor came out at this amount. I am not using a high profile csp, they are present in only 3 jurisdictions. I did compare prices this year with another reputable Cyprus corporate service provider, which always had a good feedback and it came out almost the same. I guess removing the (unnecessary these days?) nominees could lower down the price.

It is important to understand that incorporation per se is not expensive. It is also impossible for new clients to estimate all in fees. There are always some predictable and unpredictable fees.
 

FritoPendejo

New member
I agree with Bluemist. The fees have doubled/tripled in recent years. Even with minimal number of transactions / year the fees add up 6000+ for a cyprus company with nominee directors. They will charge you exorbitantly for every little thing (e.g. 400E to renew LEI, which you can do with bloomberg for 50E) , and bank fees have skyrocketed as well
 

Sols

Entrepreneur
You might be able to get away with some small personal usage but in general, Cypriot banks are not crypto friendly.
 
Mentor Group

Latest Threads

Mentor Group
Top