Anyone who wishes to transact business in Cyprus is in need to find a Cypriot lawyer who will assist him with its registration. You will find quite a number of these lawyers offering their services online. Some may even offer cheap service rates, but before you even get tempted to choose them over more expensive law firms, you should first consider these factors:
Setting-up, registering, and maintaining business in Cyprus entails payment of the following four kinds of fees namely:
1. Annual Fees
This is mostly comprised of nominee services for the nominee directors and nominee shareholders of the company, which are more often than not lawyers and accountants; fee for the designated registered office in Cyprus, and secretary.
Note: It is common for Cyprus businesses to have nominees because it guarantees the anonymity of the ultimate owner of the company or corporation.
2. Registration Fee
This varies depending on the law firm hired for this particular service. Big companies may offer as high as €2500 to €3000 Euro for their services; in contrast to only half of this price offered by a one-man law firm. However, you should consider the after sale service these Cyprus lawyers will provide. Therefore, see to it that you emphasize the services you are expecting from them because it will give you a broader perspective if you are indeed gaining more savings from it.
3. Auditing and Accounting Fee
Part of the registration service provided by Cyprus Law Firms is the filing of significant tax number for the company from the Inland Revenue Office. After which, it is expected to file audited accounts for the company each year together with its calculated tax payment. There may be instances wherein the company may be given with a VAT number; in this case, the company should file their VAT return on a quarterly basis. The calculated amount of auditing and accounting fees is €1200 to €3000 in a year.
4. Annual Expenses Made Payable to the Registrar of Companies
An accountant or the law firm you have hired for the registration of your business prepares this. It is comprised of the various changes that took place within your company for the entire year including changes in directors, capital, and shareholders. The amount greatly depends on the report prepared by the lawyer or the accountant.
5. Miscellaneous Fees
Other service you may need from Cyprus Law firm is the opening of your corporate bank account. You are free to request it from the same company handling your registration or it may be included in the registration package they offer their clients.
It is best to request that a single Cyprus Law Firm handle all of these preparations. In this manner, you do not need to discuss the same thing with different organizations. It may even lead to a highly professional relationship with them they may offer to reduce bulk services you may request from them. Moreover, a client who trusts Cyprus Law Firms with registration packages is given high priority and importance.