We are delighted to announce that Mundo and NTL have partnered with the most recognized experts in corporate solutions and banking services in Cyprus to offer our distinguished readers a unique possibility.

Our Cyprus business package consists of a preferential rate for the establishment of any kind of business structure on the island plus the management of opening a business bank account to start enjoying the benefits of the Cypriot banking system from the very beginning!

The jewel of the Mediterranean Sea

In the middle of the sea, with one of the most fascinating stories in the world, there is an island that has lived longer than the greatest civilizations that have witnessed conquests and reconquests that have impregnated it with a cultural variety that cannot be found in many other places. We are talking about Cyprus, an island so magnificent and beautiful that it is said that Aphrodite (the Greek goddess of love) was born there.

Cyprus is an island where contrasts and dualities are everywhere. The dichotomous landscapes are either harmoniously brought together or rejected by natural imposition, and either way, the result is a spectacle like no other in the world.

Cyprus has a history that is the product of the innumerable conquests that the island has experienced, and which is blended into a cocktail of ancient legends. Orthodox Church and Greek mythology come together in the lives of the inhabitants of villages frozen in time and modern metropolises alike. This is the charm of Cyprus, to feel at the center of the whirlwind of history.

Cyprus is today the lighthouse with the brightest light in the entire Mediterranean Sea due to its mega optimized tax scheme that guarantees low taxes for tax residents and a wide range of possibilities when it comes to encouraging investment in the island for both locals and foreigners.

The advantages that make Cyprus the destination of so many foreign investors are not small but we list the best ones to give you an idea of the economic potential of this charming island:

• One of the lowest tax rates in the EU
• Access to numerous double taxation treaties
• Wonderful banking products
• Full compliance with OECD substance requirements
• Full access to the European market
• Excellent opportunities in tourism, real estate, gas, and agriculture.
• Favorable financial environment
•  Reliable Limited Liability Company (LLC) Legislation

• A major destination for holding companies

Cyprus is a fascinating place, but also one of the best options when it comes to accessing first-class banking services and registering companies to invest or protect your assets.

Corporate structures in Cyprus

Starting a company in Cyprus is the best way to do business in the EU. If you are looking for compliance with EU and international standards, tax efficiency, and stable tax planning, Cyprus is your best option. The country offers many opportunities to reduce your tax exposure and optimize your taxes.

Cyprus has become an essential destination for companies seeking a legal way to optimize their taxes, and the fact that the laws and regulations for foreign investors are the same as those for local investors makes it even better. Cyprus has four main types of corporate structures:

• Cypriot company
• Branch of a foreign company
  
• Association
• Sole proprietorship

If you want to know more about Cypriot corporate structures, check out our Country Focus right here.

First-class banking services

When it comes to banking services, Cyprus shines brightly. People who want to open a bank account on the island for themselves or companies will not compromise on the advantages of this place.

Many multinationals and family offices make Cyprus their base of operations mainly because of its highly developed banking infrastructure.

The banks offer multi-currency accounts with the most varied characteristics. Some even allow the opening of accounts without the applicant having to visit their offices in person! So, if you are thinking of diversifying and protecting your assets, Cyprus should definitely be one of your main options.

Banking services in Cyprus

Cyprus has one of the most developed financial systems in the whole of Europe, the main objective of the Cypriot government's financial policy has been to create a sound banking system, with the lowest tax rates in the whole of the European Union. The banks in Cyprus can be divided into three categories:

• Cypriot registered banks
• Foreign banks with branches in Cyprus
• Representative offices of foreign banks

Cyprus is a perfect jurisdiction to have bank accounts for individuals and companies because they offer first-level transparency in a low tax environment and guaranteed funds of deposits. Cypriot banks are used to opening multi-currency accounts, as it considerably increases customer security in the ups and downs of the foreign exchange market. 

In addition to being reliable, Cypriot banking is characterized by the lower cost of maintaining current accounts, compared to other jurisdictions such as Switzerland, the United Kingdom, and Liechtenstein.  The requirements for opening an account in Cyprus are not demanding, compared to other jurisdictions. If you are looking for a bank account in the European Union, both for you and your company, which guarantees security, low maintenance costs, and specialization in e-commerce, Cyprus is your ideal jurisdiction.

The main advantages of opening a bank account in Cyprus are the following:

• Open a bank account in Cyprus for companies and individuals without physical presence.
• Affordable bank account maintenance.
• Professional banks with online banking to perform any transaction and possibility to apply for any type of banking service: Foreign exchange accounts, credit cards, letters of credit, accounts for investment in the stock market, payment gateways, credits.
• Banks in Cyprus are highly regulated and maintain laws protecting deposits made by clients.
• Professional banks with online banking to perform any transaction and possibility to apply for any type of banking service: Foreign exchange accounts, credit cards, letters of credit, accounts for investment in the stock market, payment gateways, credits.

• Opening a bank account takes somewhere between 10 to 20 days maximum (depending on the bank), as long as the applicant correctly provides the required requirements.

   Requirements for opening a bank account in Cyprus

Each bank in Cyprus has particularities, but in general, the requirements for opening bank accounts maintain a standard that does not differ much for corporate and personal banking. Generally, banks on the island require the following information to open accounts:

For individuals, there are three types of accounts: deposit accounts, checking accounts, and savings accounts. The requirements are:

• Copy of passport or identity card
• Utility bill (not older than three months).
• CV
• Source of wealth
• Bank reference letter

There is no minimum deposit to open the account, and no minimum balance is required on the account. Some banks may require more information if they deem it necessary.

For a legal entity to open a bank account in Cyprus, the main requirement is that the entity has a "substantive" presence in the country. This means that the entity must demonstrate a real presence in Cyprus through, for example, a small office. This is not a disadvantage for our readers, because this is one of the services we have available in Cyprus.

For companies, there are four types of bank accounts: fixed deposit accounts, checking accounts, commercial accounts, and savings accounts. The requirements are:

From the shareholders:

• Notarized copy of the identity card or passport.

From the directors:

• Notarized copy of the identity card or passport.

• Bank reference letter (cannot be more than six months old).

From the beneficiary owners and authorized signatories:

• Notarized copy and of the identity card or passport.
• Proof of place of residence.
• CV
• Bank reference letter (cannot be more than six months old)
• Business card of the final beneficiaries.

Corporate documents

• Notarized copy of the certificate of incorporation.
• Notarized copy of the memorandum, bylaws, and operating agreement.
• Notarized copy of the certificate of good standing (if the company is more than one year old)
• Notarized copy of the certificate of good standing (if the company is more than one year old).
• Notarized copy of the certificate of directors, shareholders, registered office and secretary, or certificate issued by the registration body of the country of origin, or in some cases by the Ministry of Finance, showing the tax-exempt status of the company.
• An authorized copy of the minutes assigning the official directors.
• An authorized copy of all minutes of the Board.
• Power of attorney (if any)
• Copy of the trust deed (in case there is a nominee shareholder).
• Brief description of the business plan, the websites (if any).
• Contracts, agreements, invoices, brochures, presentations (if available).
• Presentation of the structure that will guide to the final beneficiary.
• Checking the address of the main traders.
• Recent financial statements/account management
• Bank statements for the last six months.

Setting up a company in Cyprus to optimize taxes

The company in Cyprus pays 12.5% corporate tax. However, Cypriot companies can reduce their taxes enormously.

The effective tax rate of a Cyprus company can be lower than 5% as with an appropriate corporate structure setup profits of a Cyprus company could be diverted to offshore entities. The offshore companies receive the pre-tax money and distributes it in the form of dividends to its partners on which no tax is paid in Cyprus.

For companies having certain types of IP income, the Cyprus corporate tax rate is only 2.5% while the effective tax rate can be less than 1%, not bad, right?

Cypriot companies have no problems obtaining business bank accounts in other countries, nor do they have any problems using payment services such as PayPal and Stripe or registering on platforms such as eBay and Amazon.

For a company in Cyprus to do business in the EU, it needs an establishment. However, the office can be located in any private apartment and, of course, you can deduct your rental costs from tax purposes, even if it is in a luxury villa.

In short, with the right tax advice, your company in Cyprus will pay hardly any taxes. Luckily, we have the best experts in the field.

Check out our articles about tax residency and companies in Cyprus.

Establishing a holding company in Cyprus

Of course, a Cypriot legal entity can also be useful as a holding company. This is one of the most extraordinary opportunities the island offers.

In Cyprus, transfers by holding companies to their subsidiaries have the privilege of being tax-free. Moreover, Cyprus is the only EU country that does not subject the transfer of profits to offshore jurisdictions to withholding taxes.

On the other hand, the multiple double taxation agreements signed between Cyprus and other countries, reduce the withholding taxes in case of transfer of profits to the Cypriot parent company.

Of course, as an EU country, Cypriot holding companies also enjoy the benefits of the common system applicable to parent companies and their subsidiaries, whereby profits distributed by a subsidiary to its parent company are exempt from withholding tax.

Cyprus Holding companies provides you with:

• A tax exemption on the disposal and trading of securities
• A tax exemption on dividends received from Cypriot companies or the foreign permanent company of your holding company (with certain exemptions, such as income arising from jurisdictions with lower tax rates or foreign companies with mostly passive income)
• Dividends, royalties (except for intellectual property), or interests paid by the holding to non-residents are not subject to withholding tax
• Re-organization is tax-exempt
• Losses can be carried forward for five years

• No Controlled Foreign Company laws

In short, whether you need a holding company or prefer to do it as an active company, setting up a company in Cyprus can offer you many advantages and allow you to create fascinating structures to diversify and protect your assets.

Business package in Cyprus: bank account and company registration. An unmissable opportunity on an unforgettable island

At Mundo, we’ve partnered with the best experts in business registration and banking services in Cyprus to bring our readers the most robust package for registering a business and opening a bank account in record time in one of the most prosperous places in the entire European Union.

Starting a business and enjoying one of the most reliable banking systems in the whole Mediterranean Sea has never been a more attainable possibility than it is now

Our alliance with the best experts in banking products and corporate solutions in Cyprus allows us to bring our readers today a unique package consisting of establishing a company (whatever its corporate structure) plus opening a bank account at an incredible price.

If you want to know more details about this promotional package or our services on the island of Cyprus, do not wait to contact us and meet our experts! Enquire now

Who are we, and what can we do for you?

At Mundo, we have dedicated more than 25 years to working for the freedom of people seeking access to better financial services and the protection of their wealth. Our experience in providing investors and high net worth individuals to safeguard their legacy and maximize the fruit of their work has solidified our commitment to contribute to a freer world.

Throughout this time, our work has enabled us to connect a vast network of experts with whom we can provide the best advice for banking and investing in Cyprus. Our experts on the island handle the most diverse areas and allow us to offer full support to our clients so that they get only the best from Cyprus.

Opening a bank account in Cyprus can take between 10 and 20 days, depending on the bank. Still, our experts can make the process as easy as possible. And in parallel, they can also help you register your company on the island so you can start enjoying a super competitive tax system within Europe.

Our range of services in Cyprus includes:

Corporate and Commercial Law

• Company formation, acquisition, and sale of companies;
• Corporate re-organizations;
• Advice on corporate governance issues;
• Company winding up petitions;
• Contract claims;
•  Bankruptcy and insolvency services;
• Re-domiciliation of companies in and out of Cyprus;

• Various ancillary services.

Banking and Finance

• Domestic and cross-border loan and security transactions;

• Refinancing of existing debts;

• Guarantees and indemnities.
• Open bank accounts for individuals and businesses;
  

Want to know more details of what you can start doing with our services in Cyprus? Remember that we have a promotional price to establish any type of company in Cyprus and open a bank account from the first moment. Contact us now and meet our experts!