A Great Money Saving Tip For Small Businesses
If you have just opened up a company or small business of your own, then one of the things that are very important for you to know is how you can minimize the expenditures and maximize the savings. After all, the goal of any business is to earn as much profit as possible.
For a small starter company or business that is just trying to get up on its own two feet, one of the most major expenses will definitely include taxation fees. After all, there is little you can do in order to lessen the taxes that you pay – short of committing tax evasion.
However, you will be happy to know that there are other legal ways that you can use in order to actually lessen the amount of taxes that you will have to pay. How is this possible, you ask?
Here is one of the best money saving tips that you can use: Cyprus.
Yes, you read that right. Cyprus is one of the best places in the entire world that you can use if you are looking for ways to save more of your hard earned income. How will Cyprus help you? The concept is pretty simple. All you have to do is register your company in Cyprus and you will immediately benefit from doing so.
Here are some of the specific ways of how Cyprus can benefit your company
Cyprus is well known as a place with a low taxation regime which has lasted for a long time without changing
This makes Cyprus an ideal place to set up roots in as you can be sure that it is stable and reliable. You will also find that because of this, Cyprus has earned itself widespread popularity all over Europe and even all over the world as well.
Cyprus is a part of the European Union
As part of the European Union, Cyprus is in the position to offer all the connections and benefits that being affiliated to the European Union has to give. One notable benefit is the ability of Cyprus to offer protection from Double Taxation which is definitely a big thing.
The corporate income tax incurred in this country is only 10%
This is a very good thing for businesses as this rate is actually the lowest rate in the whole of Europe. Aside from this, this rate has also been stable for a very long time as well.
The policies which exist for deductibles are very beneficial
When taxation is an issue, deductibles are very important to note as it really can make a huge difference on the amount of tax to be paid.
There are many situations in which tax exemptions are implemented
There are many instances in which you will find that you can be tax exempt. Fees such as withholding taxes, disposal of securities, capital gains taxes, can actually be avoided with the help of the policies which exist in Cyprus.
Therefore, you can definitely see that Cyprus is a great country to use if you want to lessen your taxes and in effect save the precious fund that you need in order to run your business better.
Dimitris Achilleos is a corporate lawyer and works as the Manager of the Corporate Department at Oxford Management company. He has extensive knowledge in Cyprus tax planning and has been serving companies to achive their international tax planning goals for more than seven years.