Cyprus

Basic law for formation	International Business Company Act 1990, amended in 2000
Type of company available for offshore business	IBC
Out-of-territory income taxed	10% effectively
Minimum number of Directors	1
Minimum number of shareholders	1
Shares unregistered to a name	ne
Standard share capital	1 000 €
Registered agent / seat necessary	No / Yes
Local secretary necessary	Yes
Tax report obligatory	Yes
Audit obligatory	Yes
Local general meetings	No
Companies registered in 2008	24 453

Cyprus has extraordinary place among offshores, it is the one EU country with experience of offshore business and a wide network of anti double taxation treaties. Combination of these feats vital for international tax planning makes Cyprus a very attractive destination with many uses. Low tax rate of 10% and selection of tax-free income classes makes a Cyprus company a unique holding vehicle.