Establishment Of An Offshore Company

Our firm is happy to provide you necessary legal service in order that you may become an owner of an offshore company, established here in Cyprus.

Minimum number of shareholders is two.
Shareholders must be of foreign origin and/or must not originally reside in TRNC.
Minimum share capital is €20.000, which has to be deposited at one of the local TRNC Banks.
The annual license fee of International Business Companies (IBC) is €5.000 per annum. Annual license fee is payable on the following month of incorporation. Thereafter at the end of each January.
The IBC company is liable to corporation tax only at the rate of 1% (previously 2,5%) of taxable profit, payable after the 5th month of the end of fiscal year, but later than 31st of May.
In the event of setting up an office, at least one of the employees must be a TRNC citizen.
You have to appoint a local person as representative in TRNC to receive any notices or documents sent to the company by the TRNC authorities. This representative should be an approved auditor or Advocate registered with TRNC bar. Where such representative is not appointed, a TRNC citizen must be appointed as director.
Director may be a local Lawyer.

The original Application Form in respect of forming an IBC.
Notarized photo-copies of the applicants’ passports.
Police clearance certificate for applicants, stating that there are no criminal records.
An original reference letter from a bank that handles the accounts of the shareholder, stating that the financial standing of the shareholder is good.
An original CV of the promoter.
A foreign utility invoice for electricity, water or local phone, proving that applicant is a foreign national and residing abroad.

The Memorandum and Articles of Association.
Certificate of Incorporation
List of the shareholders showing type, number and value of shares held by each shareholder, nationality and address.
List of directors and secretary given names, address and nationality
A newly dated certificate from the foreign Chamber of Commerce or Industry or any other related body that the company is presently active and in operation.

N.B. All of the documents that are not in English or Turkish, have to be officially translated and certified by a notary.