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It is best known for its sunny beaches and stunning mountain ranges. Most Cyprus income is made from tourism, export of goods and sale of real estate. The main languages in Cyprus are Greek and Turkish. English is spoken by most residents. Company formation Company formation usually takes around 5 days The minimum share capital of 1000 EUR, and usually authorised capital of 5000 EUR In order to maintain a tax residency in Cyprus, a local director of the company is required and board meetings must be held within Cyprus. Secretary is required to have or acquire a residence in Cyprus to maintain tax residency in Cyprus Information on tax system Cyprus corporate tax is 10%, one of the lowest corporate taxes in the European Union. The following activities are not taxable in Cyprus: Profits from the sale of listed securities. Receiving dividends for a Cyprus company. Interest not from ordinary activities or not directly related to the key activity of the company. Cyprus has a double tax treaty with more than 40 countries. For more information on Cyprus tax system or any related issues please contact us. Company management There is no annual fee payable to the government to maintain a company. Only filing annual returns is required according to the following rules: a company registered before 1 July must file the accounts with the tax authority before 31 December of the following year for the preceding year. a company registered after 1 July must file the accounts with the tax authority before 31 December two years after, for the preceding years. https://www.baltic-legal.com/offshores-company-cyprus-eng.htm