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During recent years Cyprus has introduced considerable changes to the Company Law (Cap 113) and relevant regulations render the area an attractive jurisdiction for many international businesses to conduct their activities via various types of Cyprus legal entities.

These legal corporate forms might be conducted in Cyprus:

�Cyprus Company (private limited company, public company, company limited by guarantee).

�Branch of a foreign company.

�Re-domiciliation of the foreign company.

�Societa Europea.

Businesses can also be conducted through other legal forms includingtrusts and partnerships, business names and sole proprietors. The conventional corporate tax rate for businesses that are registered in Cyprus is 12.5%, one of the lowest rates in Europe. There is a reduced rate for certain products and many goods and services also hold a zero VAT rate, although the VAT rate is 19%. There is no withholding tax around the dividends paid with a Cyprus company to its non-Cyprus resident Shareholders, with no withholding tax relates to dividends received from EU subsidiaries. Company formation

Cyprus private companies limited by shares must have a minumum of one Director, one Shareholder as well as a company secretary. A Cyprus company must furthermore have a registered office. An authorised power of attorney or company company can do the registration procedure. The following information will be required:

�The address and passport details of the proposed Directors and Secretary in the company.

�The proposed registered address from the company.

�A utility bill to do something as proof of residency.

�A newly released bank reference letter/statement.

�The proposed business address of the company.

These forms are to be filled in and submitted accordingly:

�Declaration of company incorporation.

�Registered company office address.

�Details of the Secretary, Shareholders and Directors.

�Memorandum and Articles of Association.

Following the following information has been received by the Registrar of Companies, the company will likely be officially registered. The whole process takes approximately 1 month overall.