Nevis vs Gibraltar: which is better for business? We’ve compared business conditions in Saint Kitts and Nevis and Gibraltar. Find out which one offers better benefits and is more suitable for you. Saint Kitts and Nevis There are a lot of advantages of incorporating a company in Nevis. Firstly, the owners can be of any nationality […]
New legislation for SVG forex companies Please note that St. Vincent and the Grenadines Financial Services Authority (SVGFSA) recently adopted a new policy. According to the memorandum published on January 6, 2023 on their official website, the following requirements are introduced: Companies wishing to engage in FOREX business must provide a certified copy of the […]
How to open a company in Cyprus Establishing a virtual office Establishing a virtual office is suitable for small companies. This might be the right way for you if you need to fulfill substance company requirements in Cyprus but don’t have a large budget to spend. They can be in compliance while reducing their costs. […]
Second provisional tax instalment for 2022 We would like to remind you that the 31st of December 2022 is the submission deadline for a revised (where needed) provisional tax calculation for 2022 and the payment deadline for the second provisional tax instalment for 2022. Provisional tax payment obligation The following should re-consider whether they should […]
NEW ADDITIONS TO THE EU LIST OF NON-COOPERATIVE JURISDICTIONS FOR TAX PURPOSES On 14 February 2023 the EU decided to add four more countries to the EU list of non-cooperative jurisdictions for tax purposes. The goal is to promote fair tax competition and deal with harmful tax practices. These countries are: British Virgin Islands, Marshall […]
Tax incentives for highly qualified foreign specialists approved in Cyprus. On July 14 the Cyprus Parliament approved important amendments to the Income Tax Law. They introduced provision of significant tax benefits to highly qualified foreign specialists. In particular, employees who were hired by Cypriot companies from January 1, 2022 will now be exempt from paying […]
As of November 23, 2022 the access to the Register of Beneficial Owners for the general public is suspended according to the Judgement of the Court of Justice of the European Union (CJEE). Following the above-mentioned Judgement of the CJEE, Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council, […]
Please note that all Belize companies will need to be re-registered. The reason for the re-registration is due to the repeal in the IBC Act. These companies will now be governed under the Business Companies Act. This takes place from November 28th, 2022 when the registry re-opened. There is no transaction that will be processed […]
Virtual and physical offices in Cyprus Create a virtual office Opening a virtual office is possible for small companies that need to comply with the laws of Cyprus, but do not have a large budget. Thus, they can comply with the requirements while reducing their costs. Create a physical office Another option is to rent […]
Merry Christmas & Happy New Year 2023! We are sending you the warmest wishes of joy, happiness and love. May this holiday season be filled with light and laughter. May the holidays and the year ahead bring all the health, happiness and success to you an your loved ones.
Updating the Register of Beneficial Owners in Cyprus Definition of beneficial owner Pursuant to Section 2 of the Money Laundering Prevention and Suppression Act 2007-2021, hereinafter referred to as the “Law”, the “beneficial owner” of a legal entity is the natural person who has ultimate ownership or control over the legal entity. Ownership or control […]
Review the financial statements of some companies instead of an audit in Cyprus The House of Representatives voted on June 9, 2022 for the following amendment to the Companies Act: “Verification instead of audit of financial statements for companies whose net turnover does not exceed 200,000 euros and the total value of assets does not […]
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