Overseas Corp Setup
Setting Up Your Overseas Company
Expand your business internationally with our comprehensive services for overseas company setup. We provide seamless corporate setup services in overseas markets like Cyprus and the Philippines, covering company registration, management, accounting, tax, HR, and more for smooth cross-border operations.
Cyprus Company Registration
Registering a company in Cyprus offers numerous advantages, making it an ideal choice for international businesses.
Philippines Company Registration
We help set up companies in the Philippines, including registration, legal structure, compliance, and opening a corporate account.
Frequently Asked Questions
What are the tax rates for corporations in Cyprus and the Philippines?
In Cyprus, the corporate tax rate is 12.5%, one of the lowest in the EU. Cyprus also provides tax exemptions on dividend income and capital gains from the sale of securities.
The Philippines has a corporate income tax rate of 25%, but businesses may qualify for tax incentives depending on their industry or location, especially if they invest in certain economic zones or sectors.
Do I need a local partner to set up a business in Cyprus or the Philippines?
In Cyprus, no local partner is required to set up a business. Foreigners can fully own and operate their companies, making it an attractive option for international investors.
Similarly, in the Philippines, foreign ownership is permitted for most types of businesses, but there are restrictions in certain sectors (e.g., mass media, public utilities). However, for some types of businesses, a local partner or entity may be required to comply with specific regulations.
What are the minimum requirements for setting up a corporation in Cyprus and the Philippines?
In Cyprus, you need at least one director, one shareholder, and a company secretary (who can all be foreign). You also need a registered office address and to appoint a local registered agent.
In the Philippines, you need at least one director, and one shareholder, with a minimum of 60% local ownership required in certain industries.
How long does it take to set up a corporation in Cyprus and the Philippines?
In Cyprus, the process of setting up a corporation in Cyprus is relatively efficient. Generally, it takes around 1 to 2 weeks to complete the entire registration process, provided all necessary documents are in order. This includes choosing a company name, submitting registration forms to the Registrar of Companies, obtaining a tax identification number (TIN), and setting up the required bank accounts.
In the Philippines, the process can take longer, typically around 4 to 6 weeks. This timeframe includes the time needed for preparing and submitting the required documents to the Securities and Exchange Commission (SEC), securing a business permit from the local government, registering with the Bureau of Internal Revenue (BIR) for tax purposes, and obtaining other necessary licenses depending on the industry.
In both countries, engage our Yobbi Consultants can help streamline the process and ensure all requirements are met.
Do I need to be a resident to set up a corporation in Cyprus or the Philippines?
In Cyprus, there are no residency requirements for company directors or shareholders. Foreigners can fully own and manage businesses.
In the Philippines, foreign ownership is allowed, but certain sectors require local ownership. Generally, foreign investors can fully own a corporation if the business complies with foreign ownership limits.
What are the reporting and compliance requirements for businesses in Cyprus and the Philippines?
Cyprus has relatively straightforward reporting requirements. Corporations must file annual tax returns, maintain proper accounting records, and submit audited financial statements. Cyprus also has a system of annual renewals for company registration.
The Philippines has more frequent compliance obligations, including monthly and quarterly tax filings, as well as annual financial reporting. Corporations must file with the BIR, and companies operating in economic zones might need additional compliance with local regulations.