Incorporation and administration of Cyprus and international companies is our firm’s core service line.
Cyprus is widely considered as one of the most attractive international business jurisdictions in the world mainly due to its highly favourable tax regime, complimented by a vast network of Double Tax Treaties with close to 45 countries worldwide.
Cyprus enjoys a flat corporate rate of 12.5%, which is one of the lowest in Europe, offers dividends and capital gains tax exemption mechanisms and no withholding taxes on payments to non-Cyprus residents.
The island’s attractive tax elements are complimented by a plethora of non-tax elements, such as its political and geographical position, telecommunications, qualified work force, standard of living, safety and especially for Russians, cultural and religious ties.
In order to facilitate the proper utilisation of the Cyprus tax system and even further complement it with an international jurisdiction, Chelco Management offers the following services:
Trusts are everywhere around us. Whenever the person that legally owns property is different from the person who in some capacity beneficially owns that property, there one finds a trust.
A trust is created when assets are transferred from the instigator of the trust, called the settlor, to a trustee. The trustee then becomes the legal owner and is responsible for managing the assets for the benefit of the beneficiaries of the trust in accordance with the terms of the trust deed. The trustees are the legal owners, whilst the beneficiaries are the equitable owners.
Trusts and in particular the Cyprus International Trust (CIT), have a wide-scope of uses that include tax and inheritance planning, or to protect the ownership of assets. Assets may be comprised of any kind of property including bank deposits, immovable or movable property, jewellery, works of art and of course, shares.
Following its most recent modernization, CITs now may also hold immovable property in Cyprus, while both settlors and beneficiaries may become Cyprus residents the year after the trust is created.
A few years back, Cyprus also passed a much-welcomed new legislation, regulating companies that provide administrative and trust services, ensuring the legitimacy, professionalism, accountability and regulatory compliance of the company directors and trustees.
Chelco Management Services has direct access to local and international banking institutions and may assist with the opening, management and administration of bank accounts and other financial vehicles.
Managing and controlling a company and at the same time handling tax, office logistics, bookkeeping, communication, IT and HR issues, can be a daunting task.
We can help.
Ranging from setting up your offices, to promoting your business, to hiring or relocating employees or simply keeping your accounts in order, Chelco Management Services utilises varied resources and expertise to handle a wide range of tasks.