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Recommendations for Cyprus Company Service Provider

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FixieHartmann

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Feb 16, 2021
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#1
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I am interested in setting up a Cyprus LTD and getting the non-dom status plus ongoing accounting / bookkeeping, basically the whole package. I've been talking to a couple of service providers to be able to compare prices etc. but have trouble deciding for one, especially because so far the offers that I got are quite close.

Can anyone of you recommended a service provider that you've actually been personally working with for some time and that you can recommend? I am not necessarily looking for the best price possible but rather for a long-term partner that you can rely on.

I am sure that I will be contacted by @CyprusLaw and @CyprusLawyer101 immediately, but did anyone of you actually work with them already? :)
 
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#9
RealDude said:
If you should ever have problems with your EU clients in the future regarding pseudo self-employment, we could consider founding a joint consulting company. i make the same amount of revenue with IT consulting (SAP).
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sounds great but why not use nominees?
What about using a partnership instead of an LLC?
 
#10
RealDude said:
If you should ever have problems with your EU clients in the future regarding pseudo self-employment, we could consider founding a joint consulting company. i make the same amount of revenue with IT consulting (SAP).
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I am not sure if that would be an issue because I have multiple unrelated clients, so it looks (and actually is) a typical "freelancer" setup. However nevertheless good to keep in mind
 
#13
it seems there are a number of service providers active here. Why most of you are not transparent about the companies you work for? apart from Fred (but that's UAE).
 
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#14
Don said:
it seems there are a number of service providers active here. Why most of you are not transparent about the companies you work for? apart from Fred (but that's UAE).
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Setting up a company and filing papers is not difficult, anyone can do it. I suggest to choose a provider who is able to give good advice and is always available at short notice. Don’t be cheap.
 
#15
JohnnyDoe said:
Setting up a company and filing papers is not difficult, anyone can do it. I suggest to choose a provider who is able to give good advice and is always available at short notice. Don’t be cheap.
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I agree 100% regarding not being cheap. Time is worth something too.
If you're really a professional you should not have anything to hide.
How come we have separate forum section re Cyprus but nobody mentions the names of the service providers:)
 
#16
I would recommend hiring an "independent" lawyer who advises on and oversees the entire company formation process. I have made bad experiences with a large CSP in Cyprus. They told me that I could operate a company offshore in Cyprus for my business (stock trading) with myself as director and UBO. Once I transferred the money (7500 EUR for Ltd formation and 1 year accounting) and put on the instruction sheet to have me as director and UBO they told me that I "had to use their trust services" unless I moved there permanently. I thought that they would use an additional nominee director. But instead they created the company in the name of a third party trustee company as UBO and with another person of another company as sole director. They then gave me a "trust deed" with the right to transfer the ownership to myself later and a PoA to open bank accounts on behalf of that structure.
Needless to say that no bank accepted opening a corporate account for that construction and I wouldn't want to put my capital into a company belonging to third party neither.

Before creating the company you should have a long term rental contract or real estate in Cyprus with utility bill on your name.
 
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#17
Wonder why @CyprusLaw & @CyprusLawyer101 is not joining the party.

They are some of the most active providers around among others not into Cyprus.
 
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#19
algotrader said:
I would recommend hiring an "independent" lawyer who advises on and oversees the entire company formation process. I have made bad experiences with a large CSP in Cyprus. They told me that I could operate a company offshore in Cyprus for my business (stock trading) with myself as director and UBO. Once I transferred the money (7500 EUR for Ltd formation and 1 year accounting) and put on the instruction sheet to have me as director and UBO they told me that I "had to use their trust services" unless I moved there permanently. I thought that they would use an additional nominee director. But instead they created the company in the name of a third party trustee company as UBO and with another person of another company as sole director. They then gave me a "trust deed" with the right to transfer the ownership to myself later and a PoA to open bank accounts on behalf of that structure.
Needless to say that no bank accepted opening a corporate account for that construction and I wouldn't want to put my capital into a company belonging to third party neither.

Before creating the company you should have a long term rental contract or real estate in Cyprus with utility bill on your name.
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Cyprus is a country where even if you open a company on your name with you as a director and shareholder you cannot be 100% safe.
I am aware of a recent case where somebody was able to takeover such company with faked documents.
The victim after having spent 20k on lawyer fees was able to recover the company after losing its shares but suffered substantial financial loss.
Its quite difficult to go after somebody to chase your debts in Cyprus. Now you can use it for your advantage but watch out it will not bite you back.
The kind of construct you mentioned can potentially work, but its still very much based on trust. I would be extremely careful when choosing a service provider and recommended doing your due diligence. I believe transparency on a public forum can be a great way to build trust and get new business in. I understand not everyone has the same business strategy, and its truly inspiring how some CSP-s are able to get away with charging 10k only for incorporation of a LLC according to some claims.
When it comes to international tax planning solutions, I believe most CSP-s/lawyers are somewhat biased towards their own jurisdiction for reasons such as financial gain and lack of knowledge regarding the alternatives, as its rather difficult to stay up to date with all the nuances legal systems of different jurisdictions, so its often great to get multiple opinions from different service providers.
 
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#20
Don said:
Cyprus is a country where even if you open a company on your name with you as a director and shareholder you cannot be 100% safe.
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Can you substantiate this claim?
Don said:
I am aware of a recent case where somebody was able to takeover such company with faked documents.
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Public records constitute conclusive evidence. Fake documents however can be sufficient for taking over a bank account or for damaging the business in other ways.
Don said:
The victim after having spent 20k on lawyer fees
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That’s a very small expense, evidently the fraudster didn’t have much capital at his disposal to fight back.
Don said:
I believe most CSP-s/lawyers are somewhat biased towards their own jurisdiction for reasons such as financial gain and lack of knowledge regarding the alternatives,
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Obviously everyone tries to make money.
 
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