Attention to all business entities in Cyprus! The Cyprus Registrar of Companies has announced a crucial obligation for all registered entities to confirm the details of their ultimate Beneficial Owners (BOs) in the Beneficial Owners Register (BOR). Here’s what you need to know:

🔹 Confirmation Period: October 1 – December 31, 2024
🔹 Who is Affected: Companies under Companies Law, Cap. 113, European Public Limited Companies (SEs), and Cooperatives

If you have had any changes or updates to your BOs during this period, make sure these updates are completed before proceeding with the confirmation.

🚨 Non-compliance Penalties:

• €200 on the first day of delay
• Additional €100 for each subsequent day
• Maximum penalty of €20,000
  This applies to both the company and its officers, regardless of any potential criminal liability.

At Optiplan Constancy Services, we’re here to help our clients through this mandatory process within the specified period, aiming to avoid any penalties. However, remember that the responsibility ultimately rests with the officials and BOs of each legal entity.

🔔 Action Required:

• Promptly communicate any changes in UBO details so we can update the BOR accurately.
• Expect an email confirmation with proof of filing from us. If you haven’t received it by November 30, 2024, please get in touch with our office immediately to avoid penalties.

For any questions, feel free to contact us. Let’s ensure complete compliance together!

#CyprusBusiness #BeneficialOwners #Compliance #Optiplan Consultancy Services

Welcome to Cyprus: A Premier Business Hub

Positioned strategically at the crossroads of Europe, Asia, and Africa, Cyprus offers a unique blend of advantages for businesses and investors. Known for its favorable tax environment, robust financial infrastructure, and a legal system rooted in English common law, Cyprus is the ideal location for companies looking to benefit from one of the most advantageous Intellectual Property (IP) regimes worldwide.

Understanding the Cyprus IP Box Regime

The Cyprus IP Box Regime stands out as a leading tax incentive program, specifically designed to promote innovation and support the development and management of IP assets. With international protection and compliance with OECD guidelines, the regime provides significant advantages for businesses engaging in research and development.

Key Features:

• Reduced Tax Rate: Benefit from an effective tax rate of only 2.5% on profits from qualifying IP assets, thanks to an 80% tax exemption on eligible profits.
• Qualifying Assets: Includes patents, copyrighted software, and other novel intangible assets, offering flexibility across various industries.
• Global Compliance: Aligns with international tax standards and endorsed by the EU Code of Conduct.

Advantages at a Glance

1. Innovation Incentives: The regime’s reduced tax rates drive R&D investment and innovation.
2. Competitive Edge: Enhance your global market position by maximizing after-tax returns on your IP activities.
3. Predictable Financial Planning: The assurance of reduced tax rates on IP income allows for effective long-term financial strategies.
4. International Expansion Made Easy: Leverage Cyprus’s vast network of double tax treaties to minimize global tax liabilities.

More Than Just Tax Benefits

• Capital Gains Exemption: Full exemption from capital gains tax on the sale of qualifying IP assets.
• No Withholding Tax on Royalties: Streamlined licensing and royalty income management.
• Attracting Foreign Investments: Ideal for companies aiming to establish or expand their presence in Europe.

Frequently Asked Questions

Who can benefit?
Any corporation or individual tax-resident in Cyprus, including permanent establishments of foreign companies.

How is compliance ensured?
While no prior administrative approval is needed, securing a tax ruling from the Cyprus Tax Department is highly recommended to confirm eligibility and benefits.

Ready to Transform Your Business?

Learn more about how Cyprus’s IP Box Regime can propel your business into a new era of innovation and growth. Contact us for personalized advice tailored to your unique business needs.

🌟 Preparation for Your Cyprus Company 🌟

🚀 Our Expert Advisory Team is Here to Support You!

• Tailored Company Types: Get personalized guidance to choose the perfect Cyprus company structure for your business.
• Name Approval Process: Ensure your company name gains Registrar approval with “Limited” or “Ltd.”—a swift 3 -7-day process that secures your name for 6 months.
• Stay Informed: Receive updates on Cyprus regulations, tax policies, and financial timelines.

🔍 Step 2: Key Details for Your Cyprus Company 🔍

Build Your Business with Ease and Confidence!

• Director & Shareholder Info: Provide essential details to get started—Director, Shareholder, and share distribution.
• Global Bank Accounts: Easily open accounts worldwide with your Cyprus entity
• Nominee Services: Benefit from tax residency and privacy with Local Nominee Director/Shareholder details online.
• Protect Your Assets: Register intellectual property and trademarks in any jurisdiction through Cyprus.
• Merchant Account Setup: Begin transactions as soon as your corporate bank account is ready.
• Future Bookkeeping: Plan ahead with our professional bookkeeping services.

📦 Receive Your Company Kit Hassle-Free!

Once your company is incorporated, we’ll send the original documents directly to your address through reliable carriers like DHL, TNT, or FedEx. During this time, you can also proceed with opening a bank account, securing a serviced office, and applying for licenses or trademarks.

Expect delivery within 2 to 5 working days. Once you receive the Certificate of Incorporation, your company is ready to operate and expand globally! 🌍

Stay tuned for updates and get in touch to kickstart your business journey! 🚀

👉 Follow Us for More Insights and Updates

• Facebook: Stay connected for tips and success stories!
• LinkedIn: Network with us for professional growth and insights.

🌍 Discover how seamlessly you can expand your business into Cyprus with our dependable and efficient services! Contact us today to get started! 💼

You have two options:

1. Establish a new business in Cyprus (Register a new Cyprus company)
2. Transfer your existing business to Cyprus

Option 1: Registering a Company in Cyprus

Step 1: Choose an Entity Structure
Decide on the legal structure of your business:

• 🏢 Private Limited Company (Ltd)
• 📈 Public Limited Company (PLC)
• 🤝 Partnership
• 🧑‍💼 Sole Trader

Step 2: Reserve a Company Name
🔍 Choose a unique name for your new company.

Step 3: Draft and Sign the Memorandum and Articles of Association
📝 Outline the objectives, rules, and regulations of your company.
✍️ Get the documents signed by the shareholders and directors.

Step 4: Register with the Registrar of Companies
🏛️ After signing, proceed to register your company with the Registrar of Companies of Cyprus.

After Registration:

1. Apply for a Tax Identification Number (TIN)
   🏷️ Required for all tax-related transactions in Cyprus.
   (Apply through the Cyprus Tax Department)
2. Register with the Social Insurance Department
   👥 Mandatory if you employ staff.
3. Open a Bank Account in Cyprus
   🏦 A crucial step to manage your business finances.

✨ Start Your Journey in Cyprus Today!

For more information or assistance, contact us!

Great news for new employees in Cyprus! 🌟 Here’s what you need to know:

Key Benefits:

• 50% Tax Exemption:
  Eligible individuals can enjoy a 50% tax exemption on remuneration from employment exercised in Cyprus!
• Who Qualifies?
  Individuals who:
  • Have returned from abroad after being away for 12 consecutive years
  • Earn at least €55,000 annually
• Grace Period:
  You have a 2-year grace period to opt into these benefits!

Legal Provisions:

As per the new provisions introduced under Article 8 (23A) of the income tax legislation, the 50% exemption applies specifically to income related to first employment in Cyprus.

📞 Need More Information?

Our team is ready to assist you with understanding these provisions and navigating your options!

📩 Contact us for expert advice!

Unlock the Advantages of Relocating to Cyprus

Are you considering expanding your business or relocating as a professional? Cyprus presents a wealth of benefits, making it an ideal destination:

Competitive Tax Advantages

• Low Corporate Income Tax: At just 12.5%, Cyprus has one of the lowest corporate tax rates in the European Union.
• Dividend and Profit Exemptions: Enjoy exemptions on dividend participation and profits from securities disposals.
• No Withholding Tax: Benefit from a tax-friendly environment with no withholding tax on income.

Incentives for Relocators

• 50% Income Tax Rebate: Available for foreign professionals and businesses relocating to Cyprus.

Strategic and Supportive Business Environment

• Geostrategic Location: Access a market of 500 million EU consumers and be close to the MENA region.
• Skilled Workforce: Utilize a well-educated, highly skilled, and multilingual talent pool equipped with the latest tech skills.
• Legal and Business Facilitation: Take advantage of a legal system aligned with the United Kingdom’s, along with updated immigration and relocation policies for non-EU tech professionals.

Cyprus offers an appealing corporate and income tax regime, with incentives tailored to help your business thrive.

📞 Need More Information?

Our team is ready to assist you with understanding these provisions and navigating your options!

If you are interested in relocating your business to Cyprus or moving there as a foreign professional, consult with us for expert advice and detailed guidance on the process and requirements.

Relocate Your Business to Cyprus: A Strategic Choice for Growth!

Cyprus presents a compelling case for businesses considering relocation. Here are the key benefits:

• Great Workforce: With a well-educated labor force where over 55% possess tertiary degrees and many speak fluent English, Cyprus offers the talent to drive your business forward.
• Pro-Business Environment: Cyprus is strategically positioned at the intersection of Europe, Asia, and Africa, providing seamless transport links and market access. Its legal system, grounded in UK principles, ensures a familiar and reliable framework.
• Attractive Tax Benefits: Cyprus boasts the EU’s lowest corporate tax rate at 12.5%, aligning with both OECD and EU standards. You can further reduce this rate via the National Interest Deduction.
• Affordability: Experience lower costs of living and business operations compared to many other regions.

Our dedicated team is ready to assist you with the benefits evaluation, legal compliance, and transition logistics of relocating to Cyprus. Contact us today to learn more about making this strategic move for your business!