The new taxation status on Company is residence-based. A company is only ‘resident in the Republic’ if its business in centrally managed and controlled in Cyprus.
Shares may be allotted following the formalities set out in the articles of association. In general, shares may be allotted by a company for cash or non-cash consideration or a combination of both at par fully paid or partly paid or at par plus premium.
A Company Limited by Guarantee is ‘a company having the liability of its members limited by the memorandum to such amount as the members agree may respectively thereby undertake to contribute to the assets of the company in the event of it being wound up.'
The recent changes in the Cypriot Income Tax Law and Special Contribution for the Defence Law definitely open a new era for Mutual Funds in Cyprus. These are effective as from the tax year 2009.
The Department of Merchant Shipping of Cyprus in collaboration with other relevant authorities of Cyprus has prepared a Bill which has been approved by the Council of Ministers of Cyprus, on the 20th of April 2012.
