Setting up in Cyprus Helping you find your way

Our Pathfinder Services

www.pwc.com.cy

We recognise that setting up in a new country can be a complicated and strenuous process.

Pathfinder provides a personal, proactive and comprehensive service aiming to help you meet every need both during your first months in Cyprus and thereafter.

We use our expertise and experience to enable you to minimise your time, efforts and costs.

What are your key challenges?Foreign based businesses, setting up an office in Cyprus for the first time, have specific questions to address.

For instance: • What structure meets best my business needs? • What are the start-up issues to watch out for?

Our Pathfinder Services

Initial

Planning

• Help to set up the most efficient structure • Consider financing options for operations • Recommend the most suitable vehicle e.g. branch,

company, trust • Assist in deciding what type and level of operations to

have in Cyprus

Company formation/Business registration

• Advise and assist with formation of the appropriate corporate entity or trust

• Assist with tailoring of the structure e.g. arranging for drafting of special Articles of Association in line with requirements and shareholders’ agreements

• Ensure legal registration requirements are met • Arrange tax registration • Consider VAT registration • Assist with opening of bank accounts

Intellectual Property (IP)

• IP structure design and implementation • IP transfer and registration • IP valuation and license fee determination

Office premises and infrastructure

• Advise on business location and assist with finding suitable office space

• Advise on providers of office equipment/furnishings/utilities

• Advise on statutory requirements arising from running a local office (e.g. Health & Safety, Employer’s Liability)

• Assist with drafting of purchase/lease agreements for the office space/with other providers

• Assist with setting up an effective internal control infrastructure

• Advise on issues of physical security and controls; technology infrastructure; data security and controls; web portal security etc

• How do I find suitable premises? • What are the provisions of the local legislation that I

need to comply with? • How do I find and remunerate the right staff? • How do I maintain all records required by authorities

and file necessary statutory tax and other returns? How do I ensure I meet all deadlines?

People

• Assist with finding local staff (Directors and staff) • Provide interim staff • Advise on remuneration structures for local and

expatriate staff (including tax-efficient bonus, incentive schemes, etc.)

• Perform market salary benchmarking • Assist with drafting of employment contracts • Put in place HR systems and procedures and prepare

staff handbooks • Assist with work permits for expatriate staff • Assist expatriate staff with finding and setting up a

house, schooling, etc. • Assist spouses of expatriate staff to explore the local

job market (if they wish to work) • Employee registration with local authorities

Ongoing

Company administration

• Arrange for review of transactions to be entered into, in order to ensure compliance with tax, VAT, legal, statutory and reporting requirements

• Arrange for execution of agreements • Handle legalisation of official documents • Provide logistical support on banking, sales, debtors,

purchases, creditors functions • Assist with preparation of budgets and produce

reports monitoring actual performance against budget

• Provide payroll services e.g. arrange for registration of the company as an employer with the authorities, calculate and pay net salaries and payments to government authorities, prepare payslips and relevant forms

Compliance and consulting

• Handle statutory filing requirements and maintain control of filing deadlines

• Maintain statutory records • Handle corporate changes • Assist with preparation of notices and minutes of

directors’ and shareholders’ meetings • Assist with preparation of powers of attorney • Carry out company searches • Arrange for legal review of agreements • Arrange for legal opinions and other legal advice • Full tax compliance on payroll related issues (Pay As

You Earn, social security etc.) • Corporate Tax and VAT compliance (Tax/VAT returns,

payments, communication with the authorities) • Advise on future potential transactions and other

corporate matters

Intellectual Property

• Assistance with patent and trademark applications and registration, worldwide

• Support with strategic IP management, exploitation, monetisation and transactions

• Support with IP tax compliance and optimisation

Bookkeeping, Accounting and Financial Reporting

• Computerised bookkeeping • Prepare periodic management accounts/financial

reports • Arrange for online access to accounting records • Prepare financial statements in line with IFRSs

(International Finacial Reporting Standards) • Provide specialist support on IFRS interpretation

through internal IFRS technical panel

People

• Support the accounting, finance and payroll functions in times of special need

• Advise on any employment law issues that may emerge

• Design and deliver tailored training programs to local staff (on technical and soft skills)

• One stop shop - Our team of specialists will cover all aspects of setting up and running an office in Cyprus

• Single point of contact - One member of our team will be your point of contact. They will project manage all aspects of the project, liaising and coordinating with other experts in our team

• Proactive - We identify issues upfront to help you avoid costly breaches of compliance requirements and provide complete support during the transaction cycle

• Save time and costs - You will focus on your core business, whilst our experts promptly and efficiently take care of the various tasks and complications of setting up in Cyprus

• Peace of mind - Our team will, help you address all issues/challenges. We provide a tailored service which ensures that all regulatory requirements and deadlines are met

• Access to experts - You will have the support of the largest professional services firm in Cyprus, with some 1.000 staff. Our unparalleled size allows for deep specialisation of our people, ensuring you will receive advice and support you can rely on

Key benefits of our Pathfinder Services

Contact us:

Tony HadjiloucasPartnertony.hadjiloucas@cy.pwc.com

Cleo A PapadopoulouPartnercleo.papadopoulou@cy.pwc.com

LimassolCity House, 6 Karaiskakis StreetCY-3032 Limassol, CyprusP O Box 53034, CY-3300 Limassol, CyprusT: +357 - 25 555 000, F. +357 - 25555001

Philippos C SoseilosPartnerphilippos.soseilos@cy.pwc.com

Phryni YiakoumettiSenior Managerphryni.yiakoumetti@cy.pwc.com

NicosiaJulia House, 3 Themistocles Dervis Street, CY-1066 Nicosia, CyprusP O Box 21612, CY-1591 Nicosia, CyprusT. +357 - 22555000, F. +357 - 22555001

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

© 2012 PricewaterhouseCoopers Ltd. All rights reserved. PwC refers to the Cyprus member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

Cross-border solutions – We work seamlessly with our colleagues across the international PwC network, ensuring that we provide you with the right solution, locally and globally