Cyprus offshore company : International Business company

Cyprus has become a popular jurisdiction for offshore companies due to its English-based (common law) legal system. The Cyprus offshore legislation was based on the United Kingdom model. In addition, full-ranged, high-tech and international offshore banking services empower Cyprus as an ideal jurisdiction.
A duly incorporated Cyprus IBC constitutes a separate legal entity. An IBC may take the form of a private Limited Liability Company either limited by shares or by personal guarantee of its members. By far the most common form that businessmen or corporations prefer is the Limited Liability Company.

To register a limited liability company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at the Office of the Registrar of Companies.

The number of shareholders in a private Limited Liability Company can be between 1 and 50 and at least one director must be appointed. The names of all members, their address and nationalities must be submitted to the Registrar together with copy of their passports. A beneficial owner of an IBC has the option not to disclose his details should he or she wish so.

A Cyprus limited liability company should have a minimum authorized share capital of EUR 1,000. The minimum issued capital is one share of EUR 1.00.

Every company is required to have a registered office and address in Cyprus as well as a secretary by law who can be a legal or natural entity.

An IBC must submit accounts with the Tax authorities and the Registrar of Companies. The submission of the first audited accounts may be made for the first time in up to 18 months from the date of incorporation of the company. Following that an annual submission is required.