|Companies registered in Cyprus are governed by the Cyprus Company Law, Chapter 113 which is based on English law.|
General Overview Fact Sheet:
• Cypriots or EU residents or foreigners or other companies - anybody!
• A name for the company. The name must be submitted for approval to the Registrar of Companies before proceeding. Generally the chosen name should;o Not be the same as an existing company name
• A description of the activity of the new company.For a detail information on the requirements and the procedure to be followed in incorporation a company in Cyprus, please see "Company formation " section.
The company documents are:
Under the Cyprus Companies Law, the directors of every company are responsible to keep proper books of account necessary for the preparation of financial statements and which are adequate for the presentation of a true and fair view of the company's affairs and an explanation of its transactions.
The directors of every company are responsible to prepare a full set of financial statements and, where applicable, consolidated financial statements, in accordance with International Financial Reporting Standards accompanied by the directors' report and the auditors' report. Financial statements in the Greek language must be filed with the Registrar of Companies with the annual return every year and there are special filling requirements for branches of overseas companies.
All companies should submit their annual tax returns based on financial statements to the tax authorities by the end of the year following the year of assessment.
For tax purposes, all financial statements must be audited. For Companies Law purposes, they must be audited unless a company meets the small business criteria which, in any event, do not apply for consolidated financial statements and to public companies.