Corporate and commercial law
Since Cyprus has joined the EU in 2004, it maintains the lowest corporate taxation rate in the EU (12.5%) and up to present Cyprus impartially considered as an international business and corporate centre due to its low tax jurisdiction and corporate services. Our team provides legal advice and representation on a variety of corporate matters, both litigious and non-litigious. MARIOS A. SOFRONIOU LLC assist their clients by offering daily administration and management of the companies.
We provide directorship and professional management services for companies. We assist in the entire process of the set-up of companies, management and administration. Nominee services such as shareholders, directors, and secretary are surely available. The range of our corporate services also include: residential address for a company, all major transaction work, re-organizations, drafting of agreements, review of legal documentation, due diligence reports, executing corporate changes, liquidations, mergers, and liaising with governmental authorities and state bodies to ensure timely statutory filings of client portfolio.
Our office is highly experienced in the opening of bank accounts for our clients in Cyprus and abroad as well as including but not limited to maintaining and operating corporate and private bank accounts according to our clients' needs and requirements.
Accounting/bookkeeping
Our firm has a deep knowledge and profound background to provide complete accounting services, based on the International Accounting Standards as well as daily support and assistance in the preparation of the accounting records of any type of legal entity as follows:
- Accounting/bookkeeping as per International Financial Reporting Standards, Hong Kong and Estonian GAAP;
- Registration with the Income Tax and Social Insurance department;
- Preparation and submission of Income Tax declarations, VAT, VIES, INTRASTAT returns and Social Insurance forms;
- Communication with the tax office and other governmental institutions handling company affairs;
- Payroll services;
- Transactions processing via specialized accounting software;
- IFRS, HK and Estonian GAAP professional consultations.
Tax planning
MARIOS A. SOFRONIOU LLC use practical experience and extensive knowledge to meet our clients' needs and requirements on local and international tax planning. We focus on tax optimization in the areas of corporate taxation on all levels which mainly include:
- Corporate Tax Compliance;
- VAT Compliance;
- International Tax Services;
- Restructuring Services (Reorganizations, Mergers, Acquisitions, Divisions, Transfers, Spinoffs, Liquidations);
- Provision of Tax Rulings, Preparation and Submission of all Supporting Documents to Obtain Tax Rulings;
- Representation of Clients Before the Tax Authorities (Legal Entities and Individuals);
- International Tax Planning Taking into Account the Recent OECD BEPS Actions;
- Personal Taxation, PAYE Calculation and Payment;
- Mutual Administrative Assistance in Tax Matters Convention, CRS and FATCA issues.
Banking services
We are eligible introducer of Cyprus banks as well as several prominent international banks. We can represent and act on behalf of our clients as well as extensively cooperate with banks in the following areas:
- account opening, documentation review, filling-in pertinent forms and
submission of the required documents, liaison with bank officers on a
prompt basis;
- statements request, making orders, payments, transactions on behalf of
our clients as well as control on orders execution;
- analysis of financial products from the bank, risk evaluation and
assessment, analysis of all financial products and operations for their profit
and risk.
Immigration law
Have you ever considered the opportunity to change your country of living? Or maybe you were thinking about relocation of your family and/or business? Or you an employee moving for work abroad? Then you might know that relocation and change of residence can be tricky as many things have to be taken into account. We are here to help you with applying for visas, satisfying local legal requirements and arranging new residential property. Our officers have everything in order to start all processes immediately in case of urgent relocation and also will be glad to provide you with fully tailored solutions in case your decision is voluntary.
We assist you with a full spectrum of relocation services as:
- Residence destination at your choice;
- Advice on personal and business legal implications of relocation;
- Assisting with visas, permits and citizenship applications;
- Purchase or rental of residential property;
- Relocation of dependent relatives;
- Opening personal bank accounts;
- Fully-fledged concierge services for relocation companies, employees and individuals, including, but not limited to: assistance in selection and renting/buying of the appropriate property, in selection and renting/buying of transportation vehicle, Internet and mobile services, medical insurances, medical services, educational needs, travelling assistance.
Litigation and dispute resolution
In an era of complex business and personal transactions it is inevitable that the number of cross border disputes is getting higher. When you face the complexities of such disputes it is very important to have the best dispute resolution and litigation specialists protecting your rights and standing for you. Law firm MARIOS A. SOFRONIOU LLC provides you with that security. We have experience and knowledge base upon many cases of all types. We provide our clients with bespoke, high-rated litigation and dispute resolution service. We are always ready to litigate or arbitrate in order to bring about the best possible results for our clients.
Administrative Law
A special team deals with high-profile judicial review cases and advises clients on administrative law matters. We represent local governmental bodies, individuals and companies in disputes involving planning, compulsory purchase and other issues.
Contractual disputes
We advise on all types of contractual disputes arising from joint venture agreements, investment agreements, loan agreements, agency and distribution agreements, sale agreements, employment agreements, lease and the like, and represent our clients in any litigation or arbitration proceedings.
Criminal law
We represent clients at court at all levels of the criminal justice. Our approach is the in-depth analysis of the situation that investigates every angle, pro-active and aggressive representation in the police station and at court.
Property and real estate planning
Cyprus is an attractive place for the acquisition of residential, commercial, and other properties. This is attributed to such factors as climate, Cyprus location, European level of living, low taxation and gains on property investments. We deal with all matters relating to property including sale and purchase agreements, acquisition of property, commercial and residential property disputes, property management for non-residents, construction agreements and other matters.
Trust
Establishing International Trusts in Cyprus is also our involvement. Cyprus International Trust has many advantages as:
- asset protection vehicle;
- confidentiality;
- no estate duty;
- no specific provision in statute which relates to the appointment of a protector.
We adhere to the relevant International Trusts regulations and laws and pay attention to any details when establishing a trust together with a duly confidentiality and attractive taxation in order to make the best for our clients.
Substance
We can assist you in assessing your current structure and propose the application of viable Substance Solutions for your business purposes. We have a great experience and adequate resources to provide tailor-made services pertinent to your business needs. With the subject of tax avoidance becoming increasingly prominent both domestically and internationally, and international cooperation to curb the abuse of double tax treaties it is important to consider international tax law developments and initiatives within the context of Cyprus companies. It is equally important to consider what measures shall be taken to ensure that a company structure is compliant with applicable multilateral tax regulations and that the risk of being found either by domestic or foreign tax authorities to be a company without substance is minimized.
SUBSTANCE REQUIREMENTS
To ensure compliance with applicable tax regulations MARIOS A. SOFRONIOU LLC offer a wide range of substance solutions. It is important to note, however, that each company and each set of circumstances may differentiate, and solutions are proposed for our clients incorporating some or all of the below as required:
1. Appointment of qualified and professional directors and managers: those persons who make decisions on the management of the company and shape the strategic policy;
2. Office presence: establishing a physical presence through the maintenance of office premises in Cyprus with dedicated telephone and fax lines, domain and emails, preparation of Logo and Stationary, web presence as well as part-time or full- time employees to manage the day to day administration of a company;
3. Business records: maintenance of accounting and corporate records at the company’s offices in Cyprus;
4. Multiple directorships: implementing appropriate mechanisms to avoid multiple directorships;
5. Rational agreements: OECD arm’s length principles are applied to all loan agreements and transactions;
6. Continually develop the Company: it is very important to continuously demonstrating Cyprus economic substance throughout the lifetime of the company;
7. Operation of Bank Accounts: the bank accounts of the company, regardless of whether they opened in or outside Cyprus, should be operated from Cyprus;
8. Hold international assets to the Cyprus Company: A Cyprus holding company with various investments in foreign companies is considered to have greater economic substance than a holding company with only one investment.
Jurisdictions of choice
When you establish an entity, it needs to meet your requirements. You need to feel confident that it’s the right type of entity, in the right jurisdiction. Our expert teams work with you and your advisers to ensure those needs are met. We also provide qualified professionals
– trustees, directors, protectors, company secretaries
- for your entities and on-going fiduciary services throughout the lifecycle of your structure including trust and estate planning.
Companies
Your requirements may be best served by a company. Working across 23 locations, we have extensive experience of establishing a range of company types around the world.
These include:
- Private companies.
- Private limited companies.
- Public limited companies.
- Companies limited by guarantee and unlimited companies.
Our services in relation to company formation include:
- Incorporation
- Provision of directors
- Provision of registered office
- Provision of registered agent or company secretary
- Provision of nominee shareholders to assist with the administration of buying and selling holdings on behalf of clients
Managed trust companies
If you’re expanding into a new market but cannot justify the initial investment involved in setting up a new stand-alone office, then a managed trust company is a good option. You enjoy the benefits of having your own branded trust company, with minimised costs and resources. We establish and support managed trust company arrangements. Typically, we assign a director-led team to administer the structure on a day-to-day basis.
We provide:
- Directors
- Registered office
- Registered agent / company secretary
- Compliance support
- Accountancy and administration services
Securitisation vehicles
You may have an art collection which you want to retain as a whole collection however you still want all your family members to benefit from it. Art collections can be securitized to allow the division of ownership and any resulting revenue whilst keeping the complete collection. Securitisation has become an ideal and financially effective to maintain a collection over generations. An extremely wide range of assets can be securitised: securities (shares, loans, bonds), movable (yachts, aircraft, cars, jewellery) and immovable property (land, woods, buildings) and any activity that has a certain value or future income e.g. patents and royalties.
Our professionals provide support for a range of securitisation vehicles and associated corporate structures and underlying assets. We can act as share trustee to hold the shares in nominee structures or as security trustee, protecting the interests of the noteholders.
These are ones of the popular destinations for your corporate needs:
Cyprus;
Malta;
Hong Kong;
British Virgin Islands;
St. Kitts and Nevis;
Belize;
Seychelles;
Estonia;
Singapore;
Panama;
Mauritius;
Luxembourg;
Lichtenstein.
Foundations
If you wish to retain control over your assets but don’t wish to create a trust, then a foundation may be the answer. Foundations are attractive alternatives to a common law trust, particularly if you are more familiar with civil law. They can be an effective planning tool for private wealth, asset protection and charitable purposes; in some jurisdictions, they may be used for commercial purposes. Like trusts, foundations do not have shareholders. Instead, they have a founder and beneficiaries. Unlike trusts, foundations are run, in accordance with their regulations, by a council rather than trustees or directors. Foundations also have their own legal personality and the ability to enter into contracts in their own right.
Our services in relation to foundations include:
- Establishing and administering foundations in a number of jurisdictions.
- Working with your advisers to draft appropriate rules and regulations for your foundation.
- Provision of council members, all drawn from our experienced senior management team.
- Acting as a registered agent.
- Administration and accountancy services.
Private trust companies
If you want to remain involved in the on-going management of your trust structure, then it’s worth looking at Private Trust Companies (PTC’s). Widely used by structured finance specialists for many years, PTC’s are now becoming a popular choice for private individuals and families. PTC’s are companies incorporated solely to act as a trustee of a specific trust or group of trusts. You can retain an element of influence over your underlying assets by directing the appointment of various roles at each level of your structure. We can help you and your family set up your own PTC.
Standard trusts
Your reasons for establishing a trust may be for a variety of reasons including:
- Asset protection.
- Succession and estate planning.
- Preservation of family wealth.
- Avoiding forced heirship rules.
- Protecting the interests of minors.
Whatever your reasons, we can help by:
- Establishing your trust, whether it’s a discretionary, purpose, grantor, settlor directed or reserved power trust.
- Working with your legal advisers to draft the trust deed.
- Acting as trustee.
- Carrying out the day-to-day management and administration of the trust.
- Providing accounting services.