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Essay / Research Paper Abstract
This 6 page paper looks at the way a company may be set up and run in Cyprus using a furniture design and manufacturing company as an example. The paper looks formation requirements, corporate tax issues, legal protection in terms of copyright, patents and trademarks, manufacturing of the company and its' marketing. The bibliography cites 4 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEDesignCy.rtf
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Unformatted sample text from the term paper:
up in Cyprus a major consideration will be the way in which the business can be set up, the requirements and the taxation. For any company, including our example of
Fiskos Home Design, they will be the need to set up the business and then pay relevant tax. Where businesses are considering where to set up and have a choice
of country destinations an examination of the requirements and impacts of these elements is very important. Setting up a limited liability company in Cyprus is relatively straightforward. The minimum requirement
of one director and a company secretary, and a resident agent is required as well as a head office in Cyprus. There is no requirement in terms of residence nationality
or professional qualifications for the directors (Fletcher Kennedy, 2007). Authorisation of the name and incorporation generally takes between 3 - 4 working
days. The beneficial ownership is kept confidential and only revealed to the Central bank of Cyprus, however the registrar cites companies is open to the public. The minimum number of
shareholders is 2, and a maximum number of shareholders is 50 and the minimum issued share capital is Cyprus ?1,000 (Fletcher Kennedy, 2007).
Corporation tax is the lowest in Europe; a flat rate of 10%, next closest in corporation tax rate of 12.5%. In addition to this dividend income is exempt from tax,
and interest income has 50% exempt from corporation tax with the exception of its receipt as a novel form of income from the business (Coddan, 2007). The country has developed
a number of double taxation treaty; 34 are currently in place (Coddan, 2007). Therefore, Cyprus may not be seen as a tax haven, it is seen as a country offering
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