Corporate banking refers to a range of banking and investment products and services delivered to corporate clients, financial institutions, governments, agencies and in some casese to wealthy or “high-net-worth” individuals and families.
Our firm assists you to open and bank accounts at any bank operating in Cyprus and abroad. A list of all banks can be found here
The following are among the services our banking team offers:
Introductions to reputable banks
Opening and administration of personal, corporate and trust accounts worldwide
Assistance with international money transfers
Assistance in issuing credit and debit cards
Assistance in setting up access to online banking services
Invoicing for trading companies
Obtaining banking and insurance licenses
The issue of the management and control is nowadays investigated more strictly by the Income Tax Authorities of other countries in an effort to tax the income of Cyprus Companies abroad. There is no definition of management and control in the legislation. However, in accordance with the practice of the Cyprus Tax Authorities and relevant case law (Income Tax Law No 11(1) of 2002, a Company is considered to be a tax resident of Cyprus if its managements and control is exercised in Cyprus). It has been established that management and control of each company is exercised in the country where the major decisions for the operations of the company are taken by its board of directors. Companies and mainly those with foreign directors may possibly examined by the external monetary authorities, to control if the management of the Cyprus Company is carried out in the Republic of Cyprus. Renting of an Office Space in Cyprus is an advantage because the Cyprus Company is being managed and controlled in Cyprus and the company has an important benefit in terms of tax planning.
Establishing a corporate presence in Cyprus you have the opportunity to set up your office at Bizserve Consultants offices. Rent office space, and enjoy all the offered services that best suits to your needs.
An established Cyprus Company can benefit from the offered facilities, where office space is not mandatory but the services could be beneficial for the Company, as a part of a tax structure.
Rental of fully furnished office at a central location
Electricity, air conditioning, heading
Mail/ Fax collection and forwarding
Telephone line answering in your Company’s name
Extra Personal Telephone line/Fax
Company sing at the entrance of the building along with other tenants
Conference room facilities
Courier or Post Services
Our fully furnished offices are accessible immediately. We can offer you flexible package either you require an office for a day, a week or a year.
Bizserve Consultants offeres personalized services as per our clients’ requirements.
A virtual office refers to those services you would expect to have within a serviced or conventional office BUT without the physical presence.
Assisting our clients we offer the following services:
Wherever you are and whatever you are doing, you can rest assured that your calls are being handled professionally, creating the best possible impression for your business. Our prefessional team will answer your dedicated phone number in your company name, note and relay on your messages in the way you choose.
Mail is collected, packages are signed for and sent to our clients according to their instructions. Forward email correspondence received to our clients according to instructions.
Provide our clinets with a secure and trouble free communication channel between the company and their clients. We collect and send all email correspondence received according to our clients’ instructions.
What is redomiciliation? A foreign company can transfer its registered office to another jurisdiction (country) and continue its operations without winding up the company in its current jurisdiction.
Redomiciliation can only be performed if both related jurisdictions recognize the specific concept. This is outlined in the Companies Law of each country. In Cyprus, the redomiciliation of a foreign company is regulated by the Companies Law, Cap.113, 124(I) of 2006.
Why redomicile to Cyprus
Relocation to an EU jurisdiction
Gateway to EU and regional markets (South East Europe and the Middle East) and preferential access to high-growth markets with which Cyprus has established business ties (Eastern Europe)
Favourable tax and regulatory regime (Cyprus has one of the lowest corporate rates in EU – 12,5%)
Extensive network of double tax treaties
Established business center with a strong track record of successfully servicing international clients
Highly skilled and multilingual service providers with international experience
Excellent infrastructure and attractive corporate environment enabling a proper presence at low cost
Procedure for the redomiciliation
A foreign company registered in a jurisdiction which allows redomiciliation and whose Memorandum and Articles of Association provides the possibility for redomiciliation, may apply to the Registrar of Companies in Cyprus to be registered in Cyprus as a ‘continuing company’, pursuant to the provisions of the Cyprus Companies Law.
Companies which offer licensed activities under certain provisions of the law in their jurisdiction and for which similar licenses are required in Cyprus, must acquire relevant consent for their redomiciliation by the relevant Authority of their country.
The application to be filed with the Registrar of Companies must be accompanied by a number of documents, including:
Application of foreign companies
Affidavit statement by an authorized representative
The Memorandum and Articles of Association of the company
A Certificate of Good Standing or equivalent document
A list of the current members and directors of the company
Once the Registrar is satisfied that the documents provided comply with Cyprus Law, it will issue a temporary certificate of continuation. This certificate confirms that the company has redomiciled to Cyprus and can continue its business activities in line with the laws of Cyprus.
From the day of issuance of the temporary certificate of continuation the foreign company:
is considered as a legal entity domiciled according to Cyprus law
must register with local tax authorities
has the same liabilities and is eligible to exercise all powers that registered companies have according to Cyprus law
its constituent document of amendment is considered as the memorandum of the company and where applicable as its Articles of Association
It should be noted that the registration of the foreign company is not lawful and is void if it is done for the purpose of establishing a new legal entity, damaging or affecting the continuance of the foreign company as a legal body, affecting the property of the foreign company and the way this company will maintain its assets, rights and obligations – rendering ineffective any legal or other procedures filed or to be filed against the foreign company or acquitting or prohibiting from any conviction, judgment, opinion, debt, order or liability against the foreign company or its officials or shareholders.
Within six months from the issue of the temporary certificate of continuation, the company must present the Registrar with evidence from a relevant Authority that the company is struck off from the public register of the jurisdiction of its incorporation.
Once the Registrar is satisfied that the overseas company is no longer registered in its original incorporation jurisdiction, it will issue a certificate of continuation which confirms that the company is registered as a ‘continuing company’ in Cyprus.