Services
SERVICES
Cyprus through International Tax Planning
Effective tax planning resulting to minimize tax burden is the utmost desirable achievement for each company as nowadays globalisation made it as an essential tool for each company’s success. Cyprus is an established international financial centre with the most favourable tax regime in the European Union and with a large number of double tax treaties. Cyprus tax legislation is extremely favourable towards setting up holding companies of group structures by applying a zero tax regime. International trusts and collective investment schemes are some of the vehicles used for efficient tax planning
Company Formation & Administration
Our comprehensive corporate management and commercial services expertise includes but not limited to:
● Formation and administration (corporate management) of Cyprus Companies
● Formation and use of Trusts
● International Collective Investments Schemes
● Mergers & Acquisitions
● Cross-Border Transactions
● Accounting and International Tax Structures
● Assisting in establishing fully locally stuffed and control management companies as well as their supervision on an ongoing basis.
We represent a large number of local, multinational and foreign companies and we have executed both simple as well as highly complex assignments on their behalf. Our services include the full range of corporate services from inception to the incorporation and continuous monitoring and update.
We also advise on the drafting, negotiation and implementation of shareholders’ agreements, on the incorporation of shareholders’ agreements in the Articles of Association of companies, on the companies’ management and annual operation, including capital increases, equity contribution and differentiation of class rights.
Our expertise for M&A is second to none as we have gained considerable expertise in providing our clients with a full package of solutions. Our expertise in this area includes but not limited to:
● structuring of mergers, acquisitions and joint ventures
● drafting and negotiating of agreements
● general legal advice with respect to regulatory, securities, competition and labour matters.
Banking Services
Profidus Ltd provides banking services for all kind of clients’ requirements with utmost knowledge always acting on the best interest of the clients in a timely and efficient manner.
Our broad range of services to our individual and corporate clients includes
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Opening , maintaining bank accounts
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Acting as authorised signatories
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Overview and confirm that swift instructions are effected in a timely manner
Immigration Services
With the latest incentive schemes presented by the Cyprus Government regarding theimmigration law, citizenship applications (both through the economic citizenship program and the conventional route), applications for immigration permits, permanent residence permits, employment permits and visas. We advise both individuals and corporate clients
Cypriot Citizenship
Grant of the Cypriot citizenship to non–Cypriot entrepreneurs/ investors through the “Scheme for Naturalization of Investors in Cyprus by exception”
Cyprus Tax and VAT Panning
Undertaking to prepare and submit Tax Returns, liaising with the tax authorities, tax recommendations and free tax consultation.
Assist with the registration with the VAT and VIES authorities and undertake to prepare VAT quarterly returns and monthly VIES returns.
Alternative Investment Funds (AIF)
Procedures and proposal for the registration of a Cyprus Investment Firm (CIF) with Cyprus Securities and Exchange Commission
The CIF should have at least the following departments:
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Investment Advice Department
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Compliance Department
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Accounting Department
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Risk Management Department
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Anti-money Laundering Department
We will request from SEC to be excluded from having internal audit function. If SEC judges that this is necessary, then add as f) Internal Audit Department (which can be outsourced).
PERSONELL – SENIOR MANAGEMENT:
Senior Management: 2 Executive Directors and 2 Non Executive Directors.
However, at the time of the application, you only need to have majority already appointed as personnel.
So you can have only 1 executive director full time and 2 non-Executive Directors
When you get the license, you may proceed to employ the 2nd Executive Director.
To keep personnel (and hence salary costs) at a minimum you will need at least 2 Executive Directors and one employee (accountant) to be responsible for the following departments:
Executive Director 1 (Executive Director)
General Manager and Compliance Department (please note that this person needs to prove to SEC that she/he has at least 2 years of experience in compliance)
Employee 1 (i.e. an accountant): for departments c, d and e
Alternatively, you could outsource b): Compliance and the 2nd Executive Director will take over General manager, c, d and e. Compliance department is of paramount importance and needs to be totally independent, in order to be able to monitor the other departments of the CIF with Chinese walls in place.
PROCEDURES
Complete and submit the application form together with all appendices and supporting documents (questionnaires for directors/shareholders, Forms, Certificates, Antimoney laundering Manual, Internal Operations, Business Plan, etc.)
Minimum Capital: eur 50.000, or
at least eur 50.000 and professional indemnity insurance covering all member states or some other comparable guarantee against liability arising from professional negligence, that it enters into with an insurance undertaking, representing an amount of at least one million euro (€1.000.000), per claim, and in aggregate at least one million five hundred thousand euro (€1.500.000) per year for all claims.
Please note that you don’t need to create/submit the share capital from day 1. At the time of application you just certify to SEC that you’ll block this amount by the time the application will be examined by SEC. 2 weeks before SEC examines the application, you provide prove that the amount has been blocked.
Investors Compensation Fund: zero. It’s not required for CySec that offers only Investment Advice Services.
Internal Operations Manual: (Around 120- 150 pages) the most important document. Should include at least:
Investment advice decision-making procedures
Appropriateness and suitability procedures
Conflict of interest policy
Risk management policy
Compliance measures and procedures
Accounting measures and procedures
Business recovery system procedures
Complaint handling procedures
Timeframe:
We will need around 1.5 - 2 months to complete the application, questionnaires, AML manual, Internal Operations manual and business plan (with your cooperation in gathering several back up documents)
Average time for CySEC to examine the license (includes further enquiries, additional requests from CySEC): 6 months