Frequently Asked Questions for Cyprus Corporate Matters

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Is Cyprus a good destination for Fund Set Up? Do we need to rent offices and hire personnel to run our fund from Cyprus? How many types of Cyprus funds exist? How much does it cost to set up a Cyprus fund which is externally managed? Can a Non Cypriot be the Fund Asset / Portfolio Manager? Why Cyprus? How long does it take to register a Cyprus Fund? Is it easy to set up a Cyprus Fund Can the risk manager also be the portfolio manager in a Cyprus Fund? Can the set up cost be amortised? Can a fund has subfunds? Is a sub fund a different legal entity? We need to have the total control of our fund. Which type is more suitable for us? Does a fund require the establishment and maintenance of a Cyprus company? What is a fund? What are the steps of setting up a fund? Can the portfolio manager also be the risk manager? How many types of funds exist and what are their characteristics? What is the purpose of the personal tax return? How do I complete my tax return? I earn taxes in numerous countries. Which country is responsible for my taxes? Can a person have dual tax residency? IR1, IR4, IR7, Employed Self Employed. I am confused. Please explain Which records do we need for bookkeeping? Is bookkeeping easy? Can i do it? How many VAT rates exist in Cyprus? Do i need to create a Company to trade in Cyprus? What is the difference between a Sole Trader and a Cyprus Company? Shall i trade as a Sole Trader or a Company Do I need an accountant straight away? Is Cyprus different to other European countries? Which types of industries or businesses choose Cyprus? What type of taxes exist in Cyprus? How much accounting and audit cost for a small Cyprus company? Is an audit required for Cyprus Companies? Can i keep the accounting of my Company? Is it possible to upload a confidential payroll file into our bank and pay directly from our account (the bank provides a template)? Please explain your method. How the data transfer management process works form our existing payroll to yours? Which reports you are able to provide (e.g. holidays accrual)? How could you support our firm as tax consultant for payroll related matters (i.e. defining if certain benefits or benefits in kind are subject to tax, social and health insurance, tax savings proposal, etc)? Are you able to provide payroll report in a format that can be directly uploaded in SAP for the accounting posting? Are you able to provide data/reports to HR per request? e.g. for completion of confirmations of income etc.? Would you be able to prepare tax returns of relocated employees (EU and third-country citizens)? How do you process annual tax reconciliation? Are you able to offer onsite support?? Which are the main labor / tax related topics you can provide assistance with? What is payslip delivery model of your firm. We prefer electronic payslip secured by password sent directly to the employees. What is payslip delivery model of your firm. We prefer electronic payslip secured by password sent directly to the employees. Do you have a Software that generates payslip in English language besides local ones?? Do you have a Software that generates payslip in English language besides local ones?? How long does it take to register the Company or Employee with local authorities for payroll purposes? How do you process the payroll request? Why would someone or a company relocate to Cyprus? What are the first steps for someone / business relocating to Cyprus? UK Brexit - what does it mean for Cyprus Ex Pats Living in Cyprus. Who are they? Where do they live? How much does it cost to set up my business in Cyprus? How much is a Cyprus Company taxed? What do our clients love the most when they relocate to Cyprus? Is Cyprus considered a Tax Heaven? Is Cyprus Corporation Tax the Lowest in Europe? I’m looking to setup as a non-dom in Cyprus. I’m looking to setup as a non-dom in Cyprus. Are Cyprus Auditors licensed? Are payment of taxes necessary? What types of taxes exist in Cyprus for Individuals? Which taxes are paid by Cyprus Companies? How does the Cyprus Income Tax Office know how much taxes to charge the Companies and Individuals? When is the tax year for individuals? Who is responsible for the preparation of the tax return? How do I file my tax return? What are the tax rates for individuals? What are the Social Insurance Rates? Which expenses can reduce my personal tax return? How can I pay my taxes? How can I find our if I owe taxes? I don't understand the tax codes. What do they mean? When shall I register for VAT? How long does it take to register a Cyprus company? What is a dormant company? What are the most common office expenses in Cyprus and how much they cost? How many types of Cyprus companies exist? Cyprus companies require an audit? What is the process of registering a Cyprus company? Which is the process of closing a Company? When is the tax year for companies? Can I perform the bookkeeping of my business? Are Cyprus bookkeepers licensed? When should I submit my books?