At PwC we are continuously developing new service offerings to address the new opportunities and challenges facing our clients. In the operation of the world’s international markets we help our clients solve complex business problems while we take pride in our quality services which help to improve transparency, trust and confidence. We share our knowledge and experience with our clients we listen to them and help them create the value they are looking for.
Chinese based businesses, setting up an operation in Cyprus for the first time, have specific questions to address.
• What structure meets best my business needs?
• What are the start-up issues to watch out for?
• 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?
• Help to set up the most efficient structure
• Consider financing options for operations
• Advising and assisting in the selection of jurisdiction and recommend the most suitable vehicle from a tax perspective e.g. branch, company
• Assist in deciding what type and level of operations to have in Cyprus
• Arrange tax registration
• Consider VAT registration
• Assist with opening of bank accounts
Office premises and infrastructure
• 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 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.
• 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
• 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)
• Payroll and employee registration
• Arrange for review of transactions to be entered into, in order to ensure compliance with tax, VAT, statutory and reporting requirements
• Arrange for execution of agreements
• Provide logistical support on banking, sales, debtors, purchases, creditors functions
• Assist with preparation of budgets and produce reports monitoring actual performance against budget
• Assist with issuing of invoices
Calculating salaries and related tax, social insurance and other deductions
• Preparing and despatching payslips
• Arranging for payments to employees and government authorities
• Preparing relevant forms and returns
• Liaising with the Income Tax authorities and the Department of Social Security
• Advising on regulations, guidelines and tax issues affecting expatriate employees
• Advising on employment contracts and employment law issues
• Assisting in obtaining work and residence permits
• Advising on the set up and handling of provident funds
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
• Corporate Tax and VAT compliance
- Assisting with preparation of tax and VAT returns and other required forms e.g. VIES, Intrastat, within deadlines
- Arranging for review of agreements by our Tax and VAT experienced professionals
- Liaising with our tax and VAT experienced professionals regarding any tax or VAT issues, including obtaining of advance rulings
- Arranging for tax and VAT review of financial statements
• Advise on future potential transactions and other corporate matters
Bookkeeping, Accounting and Financial Reporting
• 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
• Support the accounting, finance and payroll functions in times of special need
• Design and deliver tailored training programs to local staff (on technical and soft skills)
• Audit of financial statement of the local companies in order to comply with the requirement of the Company’s Law of Cyprus.
Partner - Tax Advisory
Theodoros C Parperis
Partner - Head of Tax & Legal Services
Partner, International Private Clients