If you are relocating to Cyprus, these are the main issues to consider prior to your stay!
-
City, which one
-
Schools for children, if any
-
You need a car for your transport
-
Company, sole trader or employee?
Although we can go into a great extent for all of them, this article focuses on the last part which is deciding whether to trade as a physical person or as a company. The answer to this choose is made easier by the introduction of the 35% personal taxation on salaried income exceeding the first Euro 60,000 taxable income. Coupled with the legal protection a company offers, individuals who are going to set up a business in Cyprus are more likely to do so via the setup of a Cyprus company.
Advantages of Cyprus Company:
-
Legal protection
-
Corporation tax at 12.5 % only
-
Non dividend tax if the overseas shareholders register for non dom.
-
Neat and tidy accounting records as the year end results must be audited by a local accountant and Company filings need to take place.
Disadvantages (if we can call them as such):
Conclusion
It takes no mathematical brains to determining that setting up a company is a winner as not only it protects you against the local laws and regulations (employment law, tax law, vat law et) but also if you are non-domiciled individual, you will only be paying 12.5% corporation tax vs Cyprus salary tax which is scaled and reaches 35% for salaries exceeding Euro 60,000.
Feel free to ask for a specific consultation using one of our experts or contact support@finhub.com.cy for 1 to 1 consultation by a licensed chartered accountant.
About Finhub
Designed by Accountants for Accountants & Businesses
FinHub is the solution to thousands of Cyprus Companies who aim to find the appropriate service provider to cater their professional needs. In seconds, the business owner will be able to submit their request to qualified service providers and obtain quotations from several service providers. No more telephone calls, unanswered e-mail requests or quotations out of budget!
We have combined tens of years of experience to revolutionise the way business is being conducted. We want to save you time so that your focus is where it should be. Switching accountants, auditors and tax consultants will never be the same. Try our service and let us know what you think!!!
Quotations Offered by FinHub.com.cy for services such as:
- Audit
- Accounting
- Tax
- Payroll
- Assurance
Why You Should Try Us?
- Accurate, Within Budget Quotations without Human Interaction (to save you time).
- Save the owner/ finance director Time, Effort & Energy searching for qualified accountants, auditors and tax consultant.
- Tool that enables you to compare quotes and make informed decisions on who your service provider will be.
- Designed by Auditors, Accountants and Tax Consultants for UK Businesses
- Eliminate stress and inconvenience, process is designed to be quick and efficient
- It takes less than 60" , what do you have to loose.
Our Why
Being accountants, auditors and tax consultants ourselves, we have been spending too much time in meetings with prospect clients, going through their records to realise they were not fit to our clientele profile and visa versa. We wanted to find a way to reduce the initial calling time, introduction time, e-mail receipt of information / documentation and subsequent meeting for the pricing. There had to be a better way. And we have found it!!!
FinHub does all of the above.
Go ahead, give it a go at --- > www.finhub.com.cy