To comply with the new CFC rules (Controlled Foreign Companies), the General Tax Avoidance Rules and the CRS (Common Reporting Standard), we have established a comprehensive package to set up a proper substance in Cyprus.
The business environment is becoming more complex and challenging, where low and/or Zero tax jurisdictions often are not compatible with the new restrictions and requirements of the local and international Tax legislation.
Substance is therefore the key solution in order to avoid any potential and substantial tax challenges by tax authorities. The economic substance includes inter alia:
Real physical presence in Cyprus with distinct offices
Employment of staff
Maintenance of accounting records in Cyprus
Performance of the accounting tasks by local accountants
Operation of bank accounts is done from Cyprus
Employer registration at the Social Insurance
Independent local email address and website
Independent telephone and fax line
Our Cyprus Business Center, which is located in Nicosia, provides fully serviced offices and business substance complemented by a full range state of the art services and facilities and an on-site office support team.
The luxury offices of various sizes and configurations, with a central reception area, a fully-equipped boardroom, kitchens, secure private covered parking and a host of other facilities and support services. The offices feature a modern design, a resourceful layout, a professional operational approach and a peace-of-mind mentality.
With over a decade worth of experience and a prominent network of international clients, BKMS has established a reputation that speaks for itself. BKMS is covering a broad spectrum of industries, taking into account the required accounting treatment and tax implications as well as the challenging international regulatory framework. Client Trust and loyalty are the very fundament of every commitment undertaken by BKMS. Adherence to a strict policy of professionalism therefore results in continuously successful developments. BKMS is regulated by Cyprus Securities and Exchange Commission Registration No 96/196.