Cyprus Company & Free Account with CIM Bank (Switzerland)Company with lowest EU corporate tax 12.5% & zero tax on dividends. Account in Switzerland for daily transactions: complete banking services

COMPANY NAME

A Company name must necessarily end in “LIMITED” (no other suffix is allowed) and must be approved by the Registrar of Companies. This procedure usually takes 2-4 business days.

MEMORANDUM AND ARTICLES OF ASSOCIATION

To register a 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 Memorandum specifies the activities in which the Company may engage and the Articles of Association specify the rules governing the internal management of the Company.

SHAREHOLDERS

The number of shareholders in a Company may be from 1 to 50. A shareholder can be a physical or legal person of any nationality. Details of shareholders such as their name, address and nationality, are part of the public record, however they may avail themselves of a nominee service by appointing a nominee shareholder, which we can provide by virtue of an agreement or a Deed of Trust for a reasonable fee.

SHARE CAPITAL

A Cyprus Company should have a minimum authorized share capital of 1,000 Euros. The minimum issued capital is one share of 1.00 Euro.

DIRECTORS AND SECRETARY

The minimum number of directors is one. A director can be a physical or legal person of any nationality. Details of directors are part of public record; however our firm can provide a nominee director, if required, for a reasonable fee.
The Company must have a Cyprus resident secretary (an individual or a legal person). The same person cannot act as both the director and secretary, if the Company has only one director.

REGISTERED OFFICE

Every Company is required to have a registered office and address in Cyprus which should be notified at the Registrar’s Office.

OFFICES IN CYPRUS

A Cyprus company may operate from abroad or may have a fully-fledged office in Cyprus. There are certain regulations and procedures that must be fulfilled in case a businessman wishes to establish a fully-fledged office in Cyprus.

MEETINGS

Company meetings need not be held in Cyprus.

INCORPORATION TIME

Normally from 2 to 3 weeks, however a priority claim can be requested.

RECURRING MAINTENANCE FEES AS FROM 2ND YEAR - $1120

• Provision of registered office and registered address
• Provision of company Secretary
• Submitting of Annual Return
• Government Annual Levy

ABOUT THE BANK
CIM Bank was founded in 1990 and provides traditional Swiss private bank services for private and corporate clients. The bank is located in Geneva, Lugano and Wollerau. CIM Bank is regulated by the Swiss Financial Market Authority (FINMA) and is a member of Swiss Bankers Association (SBA) and SIX Swiss Exchange. In 2012 CIM Bank has acquired the Croatian bank Primorska.
For the fourth consecutive year (in 2010, in 2011, in 2012 and in 2013), CIM Bank has been rewarded by the Deutsche Bank for the excellent quality of its SWIFT payments (Euros and Dollars).
WHAT CIM BANK OFFERS:

• Corporate and personal multi-currency accounts.
• International transfers
• Commercial bank accounts for performing business activities of any type and size
• Advisory and Mandate Portfolio Management
• E-banking with facilities of international online transfers and payments
• Lombard Loans
• Online Trading: futures, options and stock trading, forex
• Credit and Prepaid Visa and MasterCards (Swissbankers TravelCash, Gold, Silver, Visa Platinum, American Express, business cards)

REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH CIM BANK IN SWITZERLAND

• Personal visit to the bank is not required, however the face-to-face meeting via webcam must be arranged after initial pre-approval of the account.
• Minimum balance and initial deposit requirement of USD 10,000
• Offshore jurisdictions (e.g. BVI, Bahamas, Panama, USA, RAK, Marshall Islands, Mauritius, Seychelles, Nevis, Belize, etc.) are not accepted for account opening.
• Account opening timeframe. The account will be activated within 7 - 10 business days, upon receipt by the bank of all duly completed forms, relevant information, initial deposit and face-to-face meeting or webcam interview.

IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, STARTING BUSINESS will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.

Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.

Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.

BASIC TAX PRINCIPLES

According to Cyprus Tax laws, Cyprus Companies are considered to be Cyprus tax residents by default and are taxed at 12.5% on profit. However, non-resident Companies are not subject to Cyprus tax provided that the Company management and control are exercised outside Cyprus and the Company does not derive any income in Cyprus. It should be noted that in such case the Company might not take advantage of the Cyprus double tax treaties network.

FIXED ANNUAL LEVY

As from June 2011 all companies registered with the Registrar of Companies in Cyprus have to pay by 30th June in every year an annual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry.

DOUBLE TAXATION AGREEMENTS

Cyprus has concluded double tax treaties with: Austria, Armenia, Bulgaria, Belarus, Belgium, Canada, China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Qatar, Poland, Romania, Russia, Singapore, Slovenia, South Africa, Sweden, Syria, San Marino, Serbia, Seychelles, Tadzhikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom and USA.

FINANCIAL STATEMENTS AND AUDIT

A Cyprus Company must submit audited financial statements to local tax authorities and the Registrar of Companies. The Company Law requires that a Cyprus Company maintain proper accounting records in accordance with the International Accounting Standards. The first reporting period can be up to 18 months from the date of incorporation and thereafter financial statements must be prepared annually. A Cyprus auditor is required to be appointed.