Accounting Services updates in Cyprus

VAT Registration in Cyprus

Is voluntary registration in the VAT Register of Cyprus a blessing or a curse? VAT registration can be a confusing area for many businesses. Some are legally required to register for and pay VAT, whilst for other businesses it is a voluntary matter determined by certain advantages and disadvantages. If you are not obliged to re... Read More

Freelancer in Cyprus Tax Guide

A freelance business is typically owned and operated by one individual. Freelance business offers a great deal of freedom, as the business owner is not accountable to partners and does not need to share any profits. Freelancer Cyprus business V Limited company A freelance business can do everything a limited company can do; em... Read More

Tips for Sole-Traders in Cyprus

Operating as a sole trader in Cyprus requires no up-front costs, whereas a company incorporation requires a cash outflow (cost varies). Also, companies are obliged to pay €350 per year (annual company levy) whereas individuals do not have to pay this fee. Probably, the most important reason why someone may choose to run a b... Read More

Cyprus yacht leasing scheme

Cyprus has a leasing scheme for yachts, whereby a pleasure yacht may be leased by a Cyprus company, as lessor, to a third party, as lessee, who may be any person or company regardless of country of residence or incorporation. Cyprus yacht leasing scheme is based on the existence of a written agreement between the owner of the... Read More

Company Audit Service in Cyprus

Audit Requirements in Cyprus All companies must prepare and submit annually to the Registrar of Companies, Financial Statements prepared according to International Financial Reporting Standards (IFRS) showing the true and fair picture of the affairs of the company and explaining its transactions. From 2016 onwards all companies... Read More