Administration and Management

We provide a wide range of administration and management services from strategy formulation through programme and project management with specialist advisory and development services in disciplines. Comprehending the client’s circumstances and needs enables us to offer the most appropriate advice. With a combination of our knowledge and experience with the feedback provided to us regarding the needs and objectives of the clients we will find the solutions tailored to each client’s needs. Both foreign and local clients may use our management and administration services on a daily basis according to their individual needs.

Our services include amongst others

• Coordination of business services such as audit, tax advice, bookkeeping and VAT services
• Provision of telephone, email and fax services
• Mail forwarding services
• Correspondence with third parties and Governmental Authorities
• Carrying out negotiations on behalf of our clients
• Assistance in applying for and obtaining business licenses such as investment license from the Cyprus
• Securities and Exchange Commission
• Assistance in applying for work permits for expatriate employees
• Legal opinions on behalf of our clients
• Human Resources/Recruitment
• Secretarial Services

Ready-made companies off your shores

Ready-made offshore companies or shelf companies are companies we have pre-registered which are ready to be acquired and traded instantly. This will accommodate tax conscious clients who need to trade immediately without going through a lengthy period waiting for their companies to be incorporated.

Dormant Companies with Clean Histories

Our shelf companies are dormant companies with clean histories. Officers and shareholders can be changed at the minimum time required, without any interruption to the commencement of the business. We provide shelf companies in many beneficial tax jurisdictions. For more information please feel free to contact us.

Company registration due dilligence

To proceed with the registration of a company we will require the following information and documentation

Company Name

Company Activity

Personal Information

• Some basic information about your current company and its activities
• Full name and addresses of the beneficial owners/shareholders
• Full name and addresses of directors if you will provide your own
• Copies of passports of all beneficial owners/shareholders, directors, and bank account signatories validated by a THP Panayiotides Limited officer or a notary public

Utility Bill

Personal Bank Reference Letter

Timeframe

A standard ready shelf company package takes around one week to prepare and deliver, also depending on the jurisdiction. Bank accounts will take up to three weeks to become fully operational. Incorporate of a new company takes 3-4 weeks to finalize.

Provision of Nominee Services

We provide representation services including nominee directors, trustee shareholders, secretary and registered office.

Our trustee or nominee shareholders, who hold the shares in trust, act according to the instructions of the beneficial owners. A “nominee shareholder” is the legal owner of the shares of a company. A Trust Deed, which secures the rights of both parties, is signed between the beneficial owner and the nominee shareholder.

Our nominee directors and secretary only following the instructions of the beneficial owners will appoint and/or remove the nominee directors, secretary and shareholders.

We have a strict confidentiality policy and the name of the beneficial owner is only disclosed to the bank. Neither our firm, nor the bank will share this information with any governmental or other institution. Exception to this rule applies only in case there is a disclosure order by a Cyprus court. This will occur only in cases where there is valid suspicion that the beneficial owner or activities of the company do not comply with AML (Anti-Money Laundering) requirements.

Under Cyprus law, it is obligatory that every company must have a company secretary and a registered office address in Cyprus in case of receipt of any official documents. We provide “Registered office” as a nominee service meaning that the company will maintain a registered address in Cyprus.

It is advisable that the majority of the board of directors consists of local residents so that the management and control of the company is considered to be exercised in Cyprus. Therefore, the company will be regarded as a Tax resident in Cyprus and take advantage of the Cyprus tax system and double taxation treaties offered according to Cyprus Tax Law.

Tax Residency in Cyprus

A key factor for successful tax planning using Cyprus Company is to show that the company is tax resident in Cyprus.

According to Cyprus tax law, a Cyprus Company must be managed and controlled from Cyprus in order to be considered as tax resident in Cyprus and enjoy the advantages of Cyprus tax system (12.5% corporate tax) after the company register in the Inland Revenue (Tax Office).

Our company confirm to the Inland Revenue that the company is managed and controlled from Cyprus so that the Inland Revenue issues what is called “tax residence certificate”.

If you wish to receive further information on company formation please contact our office or fill in the contact form.

Accounting

THP Panayiotides Ltd aim and priority is to provide to our clients services of the highest level of quality, always maintaining our professional and business ethics so as to enhance and add value to our services. We use professional computerized accounting software for recording and keeping proper accounting records, extracting various reports, and preparing financial statements.

Our services in this field include:

• Maintenance of proper accounting and related records in any major currency - This includes the keeping of accounting records in accordance with International Accounting Standards in the appropriate functional currency
• Preparation of periodic management accounts and other reports - Upon the request of the company’s management, we may prepare periodic summary accounts (income statement, balance sheet, and related notes) as well as prepare other specific tailored made reports
• Assistance in the preparation of financial statements based on International Financial Reporting Standards (IFRS) or other Accounting Principles - This includes assistance in the preparation of yearly financial statements in full compliance with IFRS, as well as assistance in the preparation of financial statements based on other reporting standards where required
• Provision of advice on accounting matters - Where the appropriate accounting treatment of specific transactions is not clearly identifiable, we may assist by advising clients in understanding such transactions and applying the appropriate accounting principle
• Issuance of sales invoices - This includes the issuance of commercial or proforma sales invoices based on instructions received from our clients, and distributing such invoices according to our clients’ directions, as well as recording such invoices in the accounting records of the business
• Preparation of bank reconciliations - We may assist in preparing bank reconciliations and bank movement reports and analysis for specific periods

Banking

Selecting a corporate bank account is an important financial decision for any business. We can assist our clients in taking their decision on selecting the most suitable jurisdiction, bank and banking services in order to achieve effective tax planning and asset protection strategies. The majority of banking jurisdictions have prudent, sound regulations in place, geared towards safeguarding the deposits and maintaining their confidentiality.

When choosing a business bank account, there are a few variables you should take into consideration, such as the convenience of working with a bank and what services, financial and/or legal benefits it offers to the holder of the account.

In most cases you neither have to visit the country in which you wish to open an account, nor have to travel to the country to carry out any banking activity. Most bank accounts we offer will allow you to carry out all your banking activity via the internet, e-mail, post, fax or telephone. Debit cards are available as well allowing you easy and direct access to your funds at all times.

We offer many different types of accounts available in different locations in the world each providing the individual customer exclusive features and benefits:

• Current account offers various flexible payment methods allowing customers to distribute money directly to others. Most current accounts have a cheque-book, offer the facility to arrange standing orders, direct debits and payment via a debit card. Current accounts may also allow borrowing via an overdraft facility and offer access to accounts via online banking. Current accounts allow same day value payments, but do not earn interest.
• A fixed deposit account is a money deposit at a bank that cannot be withdrawn for a certain “term” or period of time where you can get periodical returns or simply get the amount with accumulated interest at the end of the prescribed period. When the term is over it can be withdrawn or it can be held for another term. We negotiate with banks on your behalf in order to arrange best interest rates possible.
• Safe deposit boxes offer privacy and are a convenient place to store important items that would be difficult or impossible to replace. We have a selection of banks offering competitive rental fee for storing your valuables.

We provide an introduction and consultancy service and because of our knowledge of the bank requirements and relationship with them, we guide you through the selection of the bank, selection of the account and the application process in order to satisfy your banking needs. This means we supply you all necessary information, application forms, etc. which will be needed to open your bank account. We proceed with the implementation of your order in the most cost effective and timely manner, reporting to you about the progress, and advise you once the job has been completed.

In cases where applicants are corporate bodies most banks would require identification documents such as:

• authenticated passport,
• copy of a recent utility bill,
• full set of corporate documents and certificate of good standing, purpose for which account is required,
• expected annual account movement (number of transactions and turnover),
• Company Applicant products / main activities / services and any additional information, like corporate web site, company and products brochure, company organizational chart, business plan, reference items, etc.
• bank reference from the current banker.

Accounts are available in all major currencies, including Swiss Francs, Sterling, US dollars and Euros and it will usually take between 2 to 7 days (after you have submitted the physical documents and forms to our office) to open a bank account depending on various factors. However, we pledge to complete your application in the shortest time possible.

Payroll

THP Panayiotides Ltd aims to provide to our clients services of the highest level of quality, always maintaining our professional and business ethics so as to enhance and add value to our services. We use professional computerized payroll software for recording and keeping proper payroll records, and extracting various payroll reports.

Our services in this field include:

• Keeping of proper payroll records - This includes keeping of proper payroll records in accordance with the requirements of the legislation applicable, the running of the payroll on a periodic basis, the calculation of net salaries, social costs and taxes, etc.
• Assistance in completion/submission of monthly and yearly payroll related returns with authorities - We may assist in completing various payroll related returns that need to be submitted with the relevant authorities on a monthly of yearly basis, including returns for paying social insurance, returns for paying taxes, and annual employer’s return.
• Assistance in registering and de-registering employers and employees with the Labour Office- We may provide assistance in completing application forms and related documents for registering and de-registering employers and employees with the Labour Office, as well as liaison with the Labour Office in this respect.
• Issuance of monthly and yearly payslips and related reports - This includes the issuance of monthly payslips based on the salary contracts, as well as the issuance of yearly certificates of emoluments.
• Assistance in paying social insurance and related costs to the local authorities - We may assist in arranging for social insurance and related payroll costs to be paid with the relevant authorities.

Virtual-Office

Globalization is the key to successful business. Wherever you are located around the globe, your business can function without the need to pay costly office space or employees, just to establish a corporate presence. Virtual Office provides the services and infrastructure to run your business professionally without the cost of a full-time physical office.

Our professional team will provide you with all the tools you need to get ahead of the competition like:

Mail services

Our services include the administration and sending of correspondence on behalf of and in the name of our clients’ companies according to their instructions. This service provides your company with a postal address such as a PO Box or a physical address that the mail of your company may be received and under strict confidentiality will be forwarded to any other location one world as per your instructions.

Telephone and fax services

Our secretaries are well trained and ready to answer any phone call on behalf of and in the name of our clients’ companies, take messages from business partners and forward or resolve these in accordance to their instructions.The purpose of maintaining a telephone or fax line is to enable you to brand your presence in Cyprus creating credibility and professionalism to your company.

Email & Domain Hosting

With our email hosting services, you will have your own email address personalized to your domain name. We offer web hosting and web design, International Domain registration, Cyprus Domain registration (.cy) and European domain registration (.eu) services, setting up the web hosting account and informing the clients by email with all the necessary details.

We also offer web design tailored to your company’s requirements.

We are highly experienced in virtual office services and can provide consultancy on the most suitable locations to register your virtual office address. Modern communication combined with professional services make our company the perfect choice when it comes to providing its clients with everything necessary to set up and operate a Virtual office.

Our advanced communications service package includes:

• A full address for business correspondence with Mail with forwarding
• Telephone answering services and telephone forwarding
• Voice Mailbox
• Dedicated or Shared Fax line with forwarding
• Internet that contains domain name registration, web design and hosting
• Email Addresses
• Executive Emails

Clients enjoy all the benefits of having a fully functional office without moving from their present location. Our main aim is to look after all your business administration requirements allowing you to concentrate on what you do best in business.

For more information, please contact us at:
Tel:+357 22 373013
E-mail:virtual@thpcy.com

Cypriot citizenship

The Criteria

Revised criteria for granting Cypriot citizenship by exception

As a result of the recent economic developments in Cyprus following the Eurogroup decision, the Cyprus Government through the Ministry of Interior has recently announced further relaxations to the already revised set of criteria for granting the Cypriot citizenship by exception to foreign investors, in an effort to restart the economy and promote foreign investment in Cyprus.