Why is Cyprus the "Safe Harbor" for Israeli Citizens and Businesses? Share Written By Standard Admin Tags account opening cyprusbankbanking cyprusbanking system cypruscompanycompany incorporation cypruscyauseCypruscyprus company formationcyprus eu relocationisraelisrael offshoreisrael onshoreisrael set uprelocate cyprusrelocate from israelrelocation cyprustramountanellis 2023-10-31 Why is Cyprus the "Safe Harbor" for Israeli Citizens and Businesses? Israel businesses and entities are no strange to Cyprus. Via the use of Cyprus companies Israel interest entities gain access to the European markets in an easy and effortless manner. This is because the creation of Cyprus Companies and Cyprus Bank accounts is a standardised simple process which has been tested for more than 2 decates. This is why Israel has been traditionally a business ally to Cyprus. The close proximity between the two countries (30 minutes flight), shared business acumen, same Orthodox religion and off course the need to enter the European Markets makes perfect sense for the Israel businesses. In fact, Cyprus has become one of the main technological hubs of the Mediterranean due to the Israel Investment Firms which have brought to the Republic advanced technological solutions, the necessary expertise and innovation required for them to operate. Had they not been investing in the Republic, bringing their resources and capital Cyprus would not have achieved its Financial Hub Status at least for regulated entities! We are referring offcourse to CIFs, Cyprus Investment Firms and Funds which are regulated by the Cyprus Securities and Exchange Commission called the CySEC. Consequently, Cyprus is widely accepted within the Israeli community as a safe harbour and an entry point in the EU to this date counting almost 2 decades of active collaboration, company formation and group structures, shared resources and technology and most importantly relocation to the Republic of Cyprus; something that started early in 2000. What is happening now? Given the recent turmoil in the Middle East and the recent attacks on Israel by the Hamas, Israeli businesses are facing many dilemmas amongst others diversification of their operations, ringfencing of resources and safekeeping existing assets including cash at bank as well as exchange rate volatility (another main aspect to consider). How can this be achieved? With Cyprus structures of course and local (Cyprus) bank accounts. Regarding Bank Accounts The creation of a Cyprus company is just a vehicle which can be used by anyone. A Cyprus company may have as many bank accounts as it considers fit with any bank anywhere in the world. There is no real need to have a Cyprus bank if it is not required by the business. Relevant Articles and Publications Cyprus Structures and solutions to our Israel clients Information needed to open Cyprus bank accounts Information about Cyprus compliance matters Article: Find the right jurisdiction for your business, matters to consider Setting up a Cyprus Company – the Process The process is smooth and tested for several decades. The clients decide on the structure with our team, they agree on a fee quote, and they wire us the funds to proceed with the incorporations. To save time, all necessary paperwork is requested in advance to reduce the incorporation and banking time as much as possible. Thereon, our team of accountants, tax experts and auditors will onboard the company and start servicing it according to the local requirements. A Cyprus company is an EU company which is widely acknowledged and accepted by countries all over the world. Similarly, EU bank accounts are fully regulated by EBA (European Banking Authority) and are also recognised and accepted by all banking institutions everywhere in the world. This means that as soon as you will have your Cyprus Company incorporated and the bank account activated you can trade anywhere in Europe and the World, business as usual! Note that Cyprus been a fully compliant EU member applies VAT as well as other EU directives and requirements. Our existing Israel clients are referring work to us primarily for banking purposes and following the latest incidents in Israel to keep the operations of their local business alive / afloat. This is common for technology companies, marketing companies and any company in the service industry. We assist them via our extensive network of banking partners in Cyprus but also across the world and via our international counterparts which are members in BKR International and ACCACE. Interested in Setting up a Cyprus Company? --> Information to Consider Timeframes for Companies and Bank Accounts Creation of a Cyprus Company - 2/3 working weeks Creation of a Corporate Bank Account - 2/3 working weeks (after the creation of a Cyprus Company) Creation of an Individual Bank Account - 2/3 working weeks Purchasing Existing Cyprus Companies This is a convenient solution when you are in real urgency to operate Existing Cyprus companies can be purchased, and their ownership transferred to the new shareholders within a day. This is because existing companies are compliant with all local filing requirements (or ought to have) and the change of shareholders, directors, registered address etc takes effect from the day the filings are performed. The actual certificates may take longer to be issued but the legal point the changes are affected are the date the Registrar of Companies Forms have been filed. How to Buy Cyprus Companies or Obtain Fee quotes for such services We can assist you with the entire process from the Company Incorporation to Banking to the Accounting, Audit and Compliance work needed by your local Cyprus Company. If you want to check for already established companies and for alternative service providers or to split the work to various parties you can always use www.finhub.com.cy a Cyprus Search Engine for Service Providers; you can type in the service you need, the profile of the service provider and your budget (if known) and your enquiry will be matched with local Service Providers that fit your needs. Relevant Articles and Publications More about Israel Structures More on Cyprus as a Financial Centre Video Material on Corporate and Tax Matters (presented by our director) Article: Find the right jurisdiction for your business, matters to consider About CYAUSE Audit Services CYAUSE Audit Services is an Audit & Assurance firm with offices in Nicosia and Limassol in Cyprus. The firm has been awarded in 2 instances by its local regulators ICPAC and the ACCA for the Quality of our Audit Services and our Office Procedures. Our Partnership with BKR International (No 10 Global Accounting Network) and ACCACE Circle (European Network) ensures that we are wired and closely connect in all jurisdictions getting the latest corporate and tax news ensuring our tax planning is accurate and validated before finalisation. Being part of international networks gives us fast access to accurate information for payroll, accounting tax and incorporation. Our senior management day to day work is assisting overseas companies and HNWIs (High Net Worth Individuals) relocate or set up structures including Cyprus but not only in order to achieve their objectives. Information about the director of CYAUSE Audit Services. Contact Information: kt@cyprusaccountants.com.cy | +357 22 336 321