Latest News

08
Jan2021

Ultimate Beneficial Owners’ (UBOs) register

Ultimate Beneficial Owners’ (UBOs) register The Council of Ministers has on 16/12/2020 decided to designate the Registrar of Companies as the competent authority to maintain in Cyprus the register of ultimate beneficial owners of companies and other legal entities.

21
Apr2020

Measures announced to tackle the effects of Covid-19

Measures announced to tackle the effects of Covid-19 Annual Levy The payment of the annual levy for 2020 due by 30/6/2020 is extended until 31/12/2020 without any late payment penalties.

30
Oct2019

Registrar of Companies new administrative penalties for late filings

Registrar of Companies new administrative penalties for late filings As a result of amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the due dates provided by the Law. This change will be effective from 18 December 2019.

24
Apr2019

Draft Economic Substance Code published by the BVI International Tax Authority

Draft Economic Substance Code published by the BVI International Tax Authority We refer to our note dated 16/1/2019 in relation to economic substance in the BVI and attach the draft economic substance code (the “Code”) published by the British Virgin Islands International Tax Authority (the “ITA”) on 22/4/2019.

16
Jan2019

BVI update of EU Blacklist

Update on EU Blacklist Process on Economic Substance in the British Virgin Islands (the “BVI”) The European Union (the “EU”) has on 5/12/2017 published their list of "non-cooperative" taxation jurisdictions, popularly referred to as the 'EU Blacklist'. Several of the traditional offshore jurisdictions, including the BVI, have been deemed by the EU to 'facilitate offshore structures or arrangements aimed at attracting profits that do not reflect real economic activity ('Substance') in the jurisdiction', and hence added to a grey list.

23
Oct2018

The need for substance

As a result of recent developments, the importance of companies to establish substance in order to operate and benefit from their tax residence in Cyprus has become more evident. Lack of substance may not only mean losing benefits derived under tax treaties and EU directives but also such companies may be denied the right to operate bank accounts in Cyprus.

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