Newsletter September 2013

The Central Bank of Cyprus approving the directors to the board of the Bank of Cyprus

The Central Bank of Cyprus has approved all the sixteen directors of the board of Bank of Cyprus of the 24th of September 2013. This is a new era for the Bank of Cyprus where the sixteen members of the Board of Directors will work closely with the Central Bank of Cyprus in order to assist with the difficulties the bank is facing.

The members of the board are the following: Anjelica Anshakova, Dmitry Chichikashvili, Christis Hassapis, Costas Hadjipapas, Marios Kalochoritis, Constantinos Katsaros, Erishkan Kurazov, IgorLojevsky, Adonis Papaconstantinou, Anton Smetanin, Vladimir Strzhalkovskiy, Xanthos Vrachas, Marinos Yialeli, Marios Yiannas, Andreas Yiasemides, Ioannis Zographakis.

The Parliament is voting in favor for the creation of Trust Registry in Cyprus

On the 13th of September 2013 the Parliament approved a bill providing for the creation of a Trust Registry, which will be maintained by the relevant supervisory authorities regulating the Fiduciary Companies and the Law Firms.

The Trust Registry will not be available to the Public and it will only contain the following information about each Trust:

(a) The name of the Trust;

(b) The names and addresses of the Trustees;

(c) The date of the creation of the Trust;

(d) The date of the termination of the Trust.

It is clarified that no information regarding the beneficiaries and or the settlor and or the property of any Trust will be filed in the Trust Registry.

New Improved Scheme for Granting a Cyprus Passport

The new scheme for granting the Cyprus Passport has been very popular since its new implementation in May 2013.

The Cyprus passport grants you all the advantages of being a European national, including among others, the right to free movement and residing within the European Union.

The whole family, including one lawful wife and children up to 28 years of age which are financially depended on their parents are entitled to be added to the investor's application without having to increase the amounts invested.

The procedure is quick, the application is processed within 2-3 months.

Please visit our website at www.ca-advocates.com for more detailed information about this new scheme.

Offshorewealth Blog

We would like to introduce the leading corporate blog of offshore industry in Russia and CIS countries - OffshoreWealth.info.

Offshorewealth.info – is a reliable source of information that helps entrepreneurs and high net worth individuals to create and successfully develop their international and online businesses, using the latest technology and protection schemes for their capital honestly earned abroad.

The blog contains a number of articles about offshore jurisdictions and other international jurisdictions with the most favorable tax regime, i.e. Nevis, Panama, Cyprus, the British Virgin Islands, Hong Kong, Singapore, Andorra, Latvia, etc.

The authors of the blog are numerous offshore industry professionals who work closely with Offshorewealth.info and actively participate in numerous seminars on tax mitigation, business structuring, opportunities on acquisition of economic citizenship and other important topics.

We can tell a lot about Offshorewealth.info, but the best way to get acquainted with the most advanced and relevant blog of offshore industry in Russian language is to visit it – at www.offshorewealth.info. Seeing once is better than hearing twice!

Mrs. Celia Pourgoura - IWIB Advocate Ambassador from Cyprus.

IWIB was delighted to welcome to their Global Organisation, an outstanding International Woman in Business, from Cyprus, Mrs. Celia Pourgoura, co-owner and director of our law firm appointed as an IWIB, Advocate Ambassador.

For further information about the interview please visit http://www.iwib.org/our-ambassadors/meet-celia-pourgoura-iwib-advocate-ambassador-from-cyprus#readmorehere.

IWIB- International Women in Business

This is a network of opportunity.
Connecting women worldwide in business. They provide a tangible platform for connecting women from all industries and nationalities offering endless prospects in personal & professional development. Together they represent empowerment and inspiration to millions of women seeking positive change for themselves, their businesses and their communities.
Through common communication platforms they connect and network to accomplish our vision. They offer exciting opportunities for all International Women in Business to be part of a NEW global experience, engaging in online discussions, debates, live chat, webinars and social events located across the globe. They bring you ‘IN TOUCH’ and provide you with the connections to build long lasting relationships, the opportunity to share and learn from each other and above all to grow your network beyond your borders. IWIB makes the world a smaller place offering bigger opportunities. They are a global team as Together Everyone Achieves More.
What they say at IWIB, "It’s an exciting world for Women in Business!"

WHAT YOU NEED TO KNOW WHEN ESTABLISHING A COMPANY IN THE NETHERLANDS

GENERAL INFORMATION

The Netherlands is located in Western Europe above Belgium and west of Germany. Country’s governmental system is constitutional monarchy, while its economy can be characterised as modern and the 5th largest in the euro zone.

Why Netherlands

Multi linguistic culture

Skilled workforce

Advanced infrastructure

Economic stability

Situated in the industrial heart of Europe

Wide treaty network and use of EU Directives

Types of Legal forms in Netherlands

Private Limited Liability companies (BV)

Public Companies (NV)

Cooperatives

Societas Europaea (SE)

Societas Cooperativa Europaea (SCE)

Partnerships (general or limited partnership)

NETHERLANDS - FEE SCHEDULE 2013

One time set-up fee (excl. 21% VAT)
Initial set-up and due diligence procedure € 1350

Incorporation

BV/ NV (inc. notary fees, bank account, tax ID etc) € 3500
Cooperative (inc. notary fees, bank account, tax ID etc) € 3950
Dutch foundation (STAK) € 3450
CV by notary (inc. registration trade register and VAT ID) € 2560
CV (inc. registration trade register and VAT ID) € 1750

Shelf Company
Recently established company (older shelf companies € 3750
are more expensive)
Notary fees for transferring shares € 1500

€ 5250

Domiciliation & nominee services

Registered address € 2000
Nominee corporate Director € 1750
Nominee corporate Director & registered address
(package deal) € 3750

Nominee personal Director * € 3500
Nominee corporate Shareholder € 1500

*Please note that we only render management services for trading companies under strict conditions.

Compliance services

Bookkeeping services (based on quarterly reporting)

0 – 50 entries € 1300
51 - 100 entries € 2450
101 - 250 entries € 5500
251 - 500 entries € 12000
> 500 entries to be agreed

Annual accounts and publication report for trade € 1 750
Trade register (minimum amount)
Dutch corporate income tax return (minimum amount) € 850
VAT return (minimum amount per return) € 125
VAT listing (minimum amount per return) € 125

Other services

All other services will be charged at our hourly rates, which vary – depending on the complexity of the work – from €50 to €250 excluding VAT. The hourly rate of a partner amounts to €285 excluding VAT.

Corporate services and products

Tax residency certificate € 350
Change of Director/ Shareholder € 350
Amending articles of Association / name change € 2350
(including notary fee)
Change of address € 525
Notary certification / legalization € 250
Apostils on documents € 190
Extract from Dutch trade register € 120
Extract from Dutch trade register with apostil € 275
Power of Attorney – excluding work for reviewing € 185
underlying transactions
Power of Attorney with apostil – excluding work for € 350
reviewing underlying transactions

(excl. 21% VAT)

Fixed fee arrangement for a Limited Liability Company (BV/ NV)

Registered Address
Nominee corporate Director for a holding, finance
or royalty conduit company
Bookkeeping (maximum 50 entries per annum)
Financial & publication report (based on a normal
activity level)
Minutes of annual shareholders’ meeting € 8750
Dutch corporate income tax return (based on a
normal complexity level)
Bank transactions (max 25 per annum).

NOTE: the above package does not include transactions (e.g. acquisitions, disposals, review and/or preparation of documents, loan agreements etc)

Dissolution company
Dissolution of company € 3650
Dissolution of CV € 2125

 

REGISTRATION OF A VESSEL IN CYPRUS

A vessel may only be registered in the Register of Cyprus Vessel if:

A) More than 50% of the shares of the ship are owned:
•
by Cypriot citizens or
•
by citizens of other Member States1 who in the instance of not being permanent residents of the Republic will have appointed an authorised representative in the Republic of Cyprus, or

B) The total (100%) of the shares of the ship are owned by one or more corporations, which have been established and operate:
•
in accordance with the laws of the Republic of Cyprus and have their registered office in the Republic, or
•
in accordance with the laws of any other Member State and have their registered office, central administration or principal place of business within the European Economic Area and which will have either appointed an authorised representative in Cyprus or the management of the ship is entrusted in full to a Cypriot or a Community ship management company having its place of business in Cyprus, or
•
outside Cyprus or outside any other Member State but controlled by Cypriot citizens or citizens of Member States and have either appointed an authorised representative in Cyprus or the management of the ship is entrusted in full to a Cypriot or a Community ship management company having its place of business in Cyprus. The corporation is deemed to be controlled by Cypriots or citizens of any other Member States when more than 50%t of its shares are owned by Cypriots or citizens of any other Member States or when the majority of the Directors of the corporation are Cypriot citizens or citizens of any other Member State.

In view of the above requirements, all non-European owners who wish to register their ships under the Cyprus flag may incorporate a company in Cyprus, which will either acquire the ship in its name, or bareboat charter the ship.
Practice and custom have created a special type of Cyprus ship owning company (hereinafter referred to as "the company"), which is limited by shares and has a nominal capital, usually €1.000 divided into 1.000 shares of €1 each.

THE LAW REGULATING COMPANIES IN CYPRUS PROVIDING ADMINISTRATIVE SERVICES

A new Fiduciary Law (Law Regarding the Regulation of Businesses Providing Fiduciary Services and Related Matters, N.196(I)/2012) (the “Law”) came into force in December 2012.
The purpose of the Law is to regulate the provision of management and administration services to corporate entities and trusts and the provision of nominee and protector services for corporate entities and trusts in Cyprus.
As per the new Law, existing fiduciary firms need to obtain a license from CySEC (Cyprus Securities & Exchange Commission) which shall be the Regulatory Authority in order to be able to provide the aforementioned activities.
Generally what is required from the Fiduciary Firm are the following:

The Offices of the Firm must be based in Cyprus;

The licensee must have at least two (2) qualified employees, who shall have the adequate experience and professional skills;

The Firm must employee an in-house lawyer or alternatively work with an outside lawyer on an annual basis;

The licensee must employee also a money laundering officer which will be required to be approved by CySEC as well.

Newsletter August 2013

Amendment to the Cyprus International Trust Law

On the 20th of August 2013 the Cabinet of Ministers approved a bill providing for the creation of a Trust Registry, which will be maintained by the relevant supervisory authorities regulating the Fiduciary Companies and the Law Firms. The relevant article in the Cyprus International Trust Law that exempts international trusts from registering will be amended.

The Trust Registry will not be available to the Public and it will only contain the following information about each Trust:

(a) The name of the Trust;

(b) The names and addresses of the Trustees;

(c) The date of the creation of the Trust;

(d) The date of the termination of the Trust.

It is clarified that no information regarding the beneficiaries and or the settlor and or the property of any Trust will be filed in the Trust Registry.