Substance Review/Substance Building

Substance Review/Substance Building

Cyprus Companies have, throughout the years, been widely used for tax planning and structures.
The beneficial tax regime, that Cyprus has to offer, attracted and still does many foreign investors.

Nevertheless, the significance of substance has been highlighted and is considered to be one of the
most important key factors in establishing that the Cyprus Company is in fact a tax resident of the
Republic. What is essentially subject to scrutiny is the real justification for the existence of a holding
company. The mere fact of having a Company incorporated in Cyprus may not automatically
establish its Cyprus tax residency.

Eurofast, having tax experience in Cyprus and other countries’ tax systems for over 30 years, is able
to provide interested parties with advice on whether substance is required and the level of substance
needed. Each case is examined separately by our dedicated professionals, while our advice has in
numerous times been proven to be very useful and successful.

Our Services:

  • Examination of the facts and consultation on whether substance is necessary
  • Building Substance:
    • Real physical presence in Cyprus by having real office facilities in Cyprus: Small offices of 10 m² – 30 m² at a monthly cost of approx. € 300 – € 1,000.
    • Dedicated telephone and fax lines, as well as a post office box
    • Registration with the Cypriot Ministry of Labour as an employer
    • Assistance on hiring actual personnel to work in the Company’s offices (part-time or full-time)
    • Company internet domain registration
    • Company website design and provision of dedicated email addresses
    • Opening of at least one Cyprus Bank Account, operated by a Cypriot resident, member of the Board of Directors

In accordance with the above, a foremost consideration in order to use Cyprus Companies is substance. However every business structure needs careful analysis in order to establish the necessary level of substance to tailor their needs. Companies should perform a cost/benefit analysis as the necessary actions will vary according to the given situation. Proper advice should be sought from experienced tax planners in this regard.

What we can do for you

  • Licensing application from
  • Administration of Fund Services
  • Corporate Secretarial Services
  • Legal Assistance
  • Banking Services
  • Taxation Services
  • Internal Audit services
  • Assist in the preparation of the business plan and financial projects
  • Planning the structure of the scheme based on your specific needs
  • Assistance for completing and preparing the application files

Contact Person

Please select the country
  • All
  • Albania
  • Baltic States
  • Bosnia and Herzegovina
  • Bulgaria
  • CP- Payroll & Employment Solutions
  • CP- Tax & Transfer Pricing
  • CP-Accounting & Audit
  • Croatia
  • Cyprus
  • Egypt
  • Georgia
  • Greece
  • Montenegro
  • North Macedonia
  • Romania
  • Serbia
  • Ukraine
  • Western Balkans

Nicosia, Cyprus

NK

Nasia Kourtelli

Senior Legal Associate

Athens, Greece

Maria Sarantopoulou

Maria Sarantopoulou

Tax and Legal Advisor

Tirana, Albania

Drilona-Likaj

Drilona Likaj

Senior Accountant

Belgrade, Serbia

Nevena Veljovic

Nicosia, Cyprus

Maria-Savva

Maria Savva

Director, Group Head of Payroll & Employment Solutions, BA, MBA

Athens, Greece

Dimitris Thomopoulos

Dimitris Thomopoulos

EF Business Development Executive

Skopje, North Macedonia

Elena Kostovska

Elena Kostovska

Client Relationship Manager

Sofia, Bulgaria

IK PROFILE PICTURE

Ioannis Kesisis

Country Manager

Bucharest, Romania

Stefania-Costea

Stefania Costea

Junior Consultant

Skopje, North Macedonia

Mirjana Jovanovska

Tbilisi, Georgia

Olga

Olga Nadiezhdina

Executive Administrator

Belgrade, Serbia

Natasa

Natasa Nedic

Head of Coordination Western Balkans

Athens, Greece

antonis-gavriilides

Antonis Gavrielides

Director Greece (BSc, MBA)

Nicosia, Cyprus

TAS_6229

Constantinos Pavlou

Head of Corporate and Legal

Nicosia, Cyprus

Anastasia-Kalaitzaki

Anastasia Kalaitzaki

Chief Financial Officer (CFO)

Zagreb, Croatia

David Jakovljevic

David Jakovljevic

Tax and Legal Advisor

Zagreb, Croatia

Afrodita-

Afrodita Taci

Head of accounting & payroll service line

Tbilisi, Georgia

Irina-Lopatina

Irina Lopatina

Country Executive

Nicosia, Cyprus

Anna-Philiotis-2

Anna Philiotis

Director Advisory Services

Podgorica, Montenegro

IM7_5458

Fahrudin Sutkovic

Head Accountant

Banja Luka, Bosnia and Herzegovina

Stevo

Stevo Tadic

Senior Accountant

Nicosia, Cyprus

Katerina-Charalambous

Katerina Charalambous

Client Relationship Manager

Athens, Greece

Andreas-Andreou

Andreas Andreou

Audit Managing Director

Belgrade, Serbia

George

George Panoutsopoulos

Regional Director Western Balkans