NewsCase StudiesEvents

George Savvides : Cyprus

Cyprus

Experts for Cyprus

White Papers

    Looking for a sound solution to the huge wave of international developments?

    Let us introduce you to...
    Cyprus!

    Please or register to download this white paper.

Recent forum posts

 

  1. Starting a Restaurant In South Korea

    Hi:I'm interested in starting a small business in Seoul, South Korea that would sell one signature food item ~ one that the South Koreans will go crazy for. I'm interested in getting information regarding start up costs, how to obtain a business license, as I am an American citizen, how to rent a small restaurant space and whether or not it would be more beneficial to go in with a Korean busi

    Total Posts: 3 Last post by dianaeddie

  2. Starting a new Trading Business in Africa

    Dear Sir / Ma'amI am looking to start a new trading business .Like most start ups my I have low caputal, however I am looking for opportunities with African countries that are high growth and start business relation and trading set up fo with these countries. Could you advise the way I can go about doing this and which countries and persons I could target / approach. Thanks!

    Total Posts: 2 Last post by innompila

Ask a question

Ask the Experts: George Savvides

Cyprus Commercial Structures Specialist

Your contact details will also be forwarded on to George Savvides. If you do not want your contact information to be sent with your question, then please tick this box

George Savvides

Cyprus Commercial Structures Specialist

George Savvides, is the Managing Director of Fiducenter (Cyprus) Ltd.

He has a first class honours degree in Accounting & Finance from Lancaster University, UK. He is a Chartered Accountant, fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW) and of the Institute of Certified Public Accountants of Cyprus (ICPAC). George has undertaken his training contract with PWC in Limassol for which he worked for a total of almost five years, as a member of its Audit and Assurance Department.

He is a licensed Insolvency Practitioner in Cyprus and an Associated Arbitrator, member of the Chartered Institute of Arbitrators (CIArb).

George was the originator and First President of the Cyprus Fiduciary Association, a body which has been established, among other purposes, to represent the fiduciary service providers in Cyprus.

He is the representative for Cyprus on the Referral Scheme operated by the Tax Faculty of the ICAEW for what concerns international tax matters.

George has been the author of many articles, among other, on the tax system and other aspects related to the international business sector in Cyprus and has organised and/or participated as a chairman or speaker in various conferences and other professional events in Cyprus and abroad.

www.fiducenter.com.cy/

+357 25 50 40 00

  1. Have an offshore company registered in uk and seeking to setup branch in Cyprus.is it allowed and if yes what is the required documents to start Question from Mohamed Toson on 07/07/2016

    George says:

    Hi, You can set up a Cyprus company to act as a branch, representative office or for any other legitimate purpose you wish for. The costs will depend on the type of set-up. The company can hire local/EU staff or even source people from third countries depending on activity and availability of local/EU staff. The Corporation Tax is 12.5% and it is flat (irrespective of level of taxable profit) and universal (i.e. the same for all types of income - with some very important sources of income such as dividends and capital gains been exempt). I would be happy to provide you with a more detailed answer as well as a quotation for setting up and running a Cyprus company upon provision of all relevant facts. You can contact me on george.savvides@fiducenter.com.cy. Kind Regards, George

  2. Dear George I have company and want to setup branch in Cyprus. My core business import and export for fresh fruits and vegetables. Is it allowed to open branch or commercial represent office . What about cost . Hiring staff. Taxation rate that will apply My company nationality is BVI Question from Mohamed Toson on 15/06/2016

    George says:

    Hi,
    You can set up a Cyprus company to act as a branch, representative office or for any other legitimate purpose you wish for. The costs will depend on the type of set-up. The company can hire local/EU staff or even source people from third countries depending on activity and availability of local/EU staff. The Corporation Tax is 12.5% and it is flat (irrespective of level of taxable profit) and universal (i.e. the same for all types of income - with some very important sources of income such as dividends and capital gains been exempt). I would be happy to provide you with a more detailed answer as well as a quotation for setting up and running a Cyprus company upon provision of all relevant facts. You can contact me on george.savvides@fiducenter.com.cy.
    Kind Regards,
    George

  3. Dear George Savvides, I am Tania, from Portugal (EU Citizen) and I am writing to you in order to know some info. My plan is to move to work and live in Cyprus and open a small investment in Larnaca. The idea is to open a simple store to sell shoes, slippers and sport clothes. For that I would like to be you client to have your support to get the documents and all papers I will need to start from this ordinary shop. Could you please let me know all the fees, cost and all information to be able to begin as soon as I can? Another important detail is that I would like to get the acquaintance if I will have rights to bring workers from abroad, from a country out Europe, for eg. Egypt. In case I have partners from Egypt and my percentage would be 51%, what would be the situation for them to have visa to stay and live in Cyprus. Thanks in Advance, Tania Question from Tania Teles on 04/05/2016

    George says:

    Dear Tania,

    Thanks for your enquiry.

    I presume you are interested in incorporating a Cyprus company (one-off service) as well as for bookkeeping, payroll, tax, VAT, secretarial and audit services. I further presume that you are not interested in directorship, registered office and registered shareholder services as you will be handling these yourself. Can you please confirm? Can you also advise the expected evolution of turnover, number of transactions, number of employees, etc? This information will help us to come up with a more accurate estimate of fees and costs.

    I look forward to receiving your reply.

    Kind Regards,
    George

  4. Dear George, Thank you very much for your though-out answer, this is very appreciated. It would be very nice and helpfull to talk to you over the phone. Is it possible to arrange a call on Wednesday or Thursday? Any time convinient to you? Kind regards, Alexey Question from Alexey Menn on 27/03/2016

    George says:

    Dear Alexey,

    You are very welcome!

    May I propose then to talk on Wednesday at 10:00 UK time?

    Kind Regards,
    George

  5. Dear George, We are UK-based startup company (with mother company in Delaware). We are providing IT B2B solution for retailers worldwide. Currently we are choosing a location for our Tech and R&D office (most our Tech employees are from Russian Federation). Most of the contracts with clients will be signed with UK-based company and Tech office most likely would not be profitable entity. The head office will donate the Tech office with necessary costs (salaries, rent, admin, etc). We are looking for the best location in Europe for the Tech office based on the following criteria: - easy opportunity to obtain work permit for Russian citizens - good startup ecosystem (grants, special tax regime, networking, etc) - quality but not very expensive way of live of our Tech team members - easy way to register a company Do you think that we should consider Cyprus? Can you please advise: - Are there any sufficient benefits for startups in Cyprus? - Which orgaization form it would be better to choose? - Should we make a link between our mother company and tech company or it would be better to make separate companies? - Is it easy for Russian citizens to obtain work permit? Any material to read or any useful contact would be very appreciated Kind regards, Alexey Question from Alexey Menn on 23/03/2016

    George says:

    Dear Alexey,

    Thanks for your enquiry.

    As it is really difficult to answer all your questions from this medium, I would propose to discuss this over the phone. I can then summarise everything in an email to you. To this respect, I would be grateful if you could provide me with a number on which I can contact you. I would be available to discuss this throughout the day today, except between 9am and 10am UK time and on Monday anytime except between 3am and 4am UK time.

    Very briefly, Cyprus is an ideal place to set up a business, especially for Russian entrepreneurs and employees, considering the very close ties between Russia and Cyprus and the huge community of Russians living and working in Cyprus. With a careful structuring of the company work permits can be easily issued, tax benefits on the profits of the company can be obtained and tax deductions on the salaries of the employees (depending on the level of their remuneration) can be achieved. Add to that the strategic geographical location, business friendly timezone, abundance of qualified personnel and professionals, reasonable cost of life, EU Membership, UK based business law and one of the most efficient tax systems in the world and you get a result that can not be found easily elsewhere.

    I look forward to hearing from you.

    Kind Regards,
    George

  6. Hi, I have a consultancy business in the uk and considering setting up a branch in Cyprus. If I start up a company there, do I need to have a resident in Cyprus for this company or could it be me living the UK? Question from Gad Neama on 19/01/2014

    George says:

    Hi,

    There is no legal requirement for a Cyprus company to have Cyprus resident directors. However, if the intention is for the company to be considered as a tax resident of Cyprus, then its management and control must be exercised from the island. There is no legal definition of the management and control concept, but there are certain factors which are examined in order to make an assessment whether it is established in Cyprus or not. One of the most important such factors is the residency of the majority of the Directors. Thus, the majority of the directors must be resident in Cyprus. Other factors include the place where the Board Meetings are held and the place where important decisions are taken. The number and extent of factors depends on the type and magnitude of operations of an establishment. The factors outlined above are the ones mostly considered for simple (holding) structures.

    Coming to the shareholding, please note that there is nothing preventing you (either as a UK company or personally) from being the (direct or indirect) shareholder of the Cyprus company.

    I hope to have managed to answer your query. Please do not hesitate to contact us on fiducenter@fiducenter.com.cy for any further information or clarifications.

    Kind Regards,
    George Savvides

  7. My name is Jonathan Adangwa, i am a lawyer based in West Africa. I have urgent and important to discuss with you that i cannot disclose here. Can you contact me via my private email? My E-mail address: jona.adangwa@yahoo.com.hk Question from Jonathan Adangwa on 23/03/2013

    George says:

    Dear Mr. Adangwa,

    Thank you for your enquiry.

    I have just sent you an email on the address provided above.

    Kind Regards,
    George Savvides

  8. Hi, i leave and work in Thessaloniki and i would like to found a import-export company in Cyprus to buy oil in Greece and Italy from private sellers and to distribute these products in north Europe UE countries where there are agreement to avoid the double tax imposition. We are not sure about the tax. If the company is founded in Cyprus, but we buy and sell goods in other EU countries, where we have to pay our tax? Because we want to be under the Cyprus 10% tax. Thank you very much Question from giacomo micheletti on 12/03/2013

    George says:

    Hi,

    If I understand correctly the goods will be transferred directly from the production country to the country of consumption without physically passing through Cyprus. Can you please confirm?

    About your question for the tax implications, the Cyprus company will be taxed under Corproation Tax at 10% on the profit it will be generating for this trade.

    I stress that companies with commercial activities need to adopt the necessary substnace in order to avoid any tax or other disputes by authorities of the different countries involved in the structure. Please feel free to contact me on george.savvides@fiducenter.com.cy for further information.

    Kind Regards,
    George Savvides

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.