Setting up a Company office in Cyprus (substance)

Company substance in Cyprus

Substance - actual presence of the company in the country of registration (or other jurisdiction)

What makes company resident of particular country?
In case, company’s management and control are situated and performed in the country of incorporation, company is considered as resident of this country. Test for management and control is one of the main factors for Tax Authorities in many countries. If the mentioned test recognizes that management of the company is performed from particular country, the company is considered to be tax resident of this country.

Criteria of OECD of company’s management
• Location of the board of directors’ meetings
• Location of the executive board of the company
• Location of chief executives of the company

The actual presence of the company in the country is determined by the following criteria:
• existence of company’s office (own or rented)
• director should be employed by company with real duties and salary
• accounting and other reporting documents should be kept in the company’s office
• meetings of board of directors should be hold in the country of company’s presence
• managing and control of the company's bank accounts should be mainly performed form the country of company’s presence
• company should have a tax number, assigned by the tax authorities of the country

I&C Services is ready to offer the following services:
• Searching of office space in accordance with your requirements;
• Office equipment with everything necessary for work (furniture, office appliances, telephone line and Internet);
• Preparation and conclusion of rental agreement
• Searching of employees for the company and assistance in further process of their employment.
• Registration of a company in tax authorities (TIC and VAT);
• Provision of accounting services and legal support;
• Opening a corporate bank account;
• Documents management of the company;
• Keeping accounting and corporate documents.

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