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A limited liability company is formed in Cyprus under the Companies Law Cap 113 which is based on the English Companies Act 1948
An offshore company is a legal entity which may be used for planning and avoidance of taxes, raising the profitability of a business, ownership and management of a business with full freedom of currency movement, and in full anonymity for the owner. As with any serious enterprise, professional support in offshore business is a fundamental factor in making the right decisions and achieving the best results. An offshore company is a company registered in a jurisdiction with low or no taxation, the owners of which are foreigners and whose business activities lie outside the country of registration. From a legal point of view these companies do not differ in any way from resident companies, belonging to local persons. Such a company is subject to the laws and regulations of the jurisdiction in which it is registered, and no other. The word "offshore" is not a legal one, but in fact is used by professionals to describe enterprises, the owners of which are non-residents, the profits of which are derived from transactions arising outside the territory of its jurisdiction, and which are subject to favorable tax treatment. This offshore legal entity, is well known to all tax conscious businessmen and investors who wish to ease in a lawful and respectable way the burdens of heavy taxation imposed by their respective local authorities. Cyprus offers the possibility of registering such an offshore entity. The Cyprus government, in order to attract foreign participation in establishing such companies, offers several incentives and has adopted a particularly easy procedure of registration.
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