Audit is the recurring cost
Company Setup & Running Costs in Cyprus
Every Cyprus company must be audited, regardless of size. That is the annual cost to budget for.
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The audit requirement has no small company exemption
Jurisdictions such as the United Kingdom and Singapore exempt small companies from audit. Cyprus does not: audited financial statements are required for every company, including a dormant one, and they must be prepared under international financial reporting standards. That makes the annual compliance cost materially higher than the incorporation fee suggests, and it is the single figure most often omitted from quotes.
- The mandatory audit cost stated up front, not discovered
- First-year and recurring figures separated clearly
- Substance costs identified where tax residence is wanted
20+
Mainland, free zone and offshore jurisdictions we file in — so the recommendation is based on your activity, not on which authority we happen to be registered with.
7,000+
Companies successfully established.
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Where the money goes
Cost components for a Cyprus company
The recurring side is dominated by audit.
| Component | Nature | When |
|---|---|---|
| Incorporation | Registry fees and formation work | Once |
| Registered office and secretary | Annual service | Annually |
| Accounting | Bookkeeping to reporting standard | Monthly or annually |
| Statutory audit | Mandatory for every company | Annually |
| Tax and VAT compliance | Returns and provisional tax | Annually and periodically |
| Substance | Office, staff and local costs | Where residence is relied on |
Registry fees, audit requirements and compliance obligations are set by law and change, and the historical annual company levy has been abolished. Your quotation is prepared on current figures with exclusions listed.
How we quote
Getting a figure you can budget with
Audit included, not footnoted.
01
Understand the company
Activity, transaction volume, whether tax residence is wanted and what substance you will maintain.
02
Quote both years
First-year total and the recurring annual total including audit, bookkeeping and tax compliance.
03
Then proceed
Nothing starts until you have the figure in writing and have agreed it.
For an accurate quote
What affects the price
Transaction volume drives audit and bookkeeping.
- Expected transaction volume
- Number of bank accounts
- Whether multiple currencies are used
- Whether the company will be dormant
- Whether group reporting is required
- Whether tax residence in Cyprus is wanted
- What substance you will maintain here
- Whether VAT registration is needed
- Whether staff will be employed
- Whether intellectual property will be held
- Number of shareholders and beneficial owners
- Complexity of the ownership chain
Scope
What is included, and what is not
Stated plainly, so nothing is added once the engagement starts.
Included in the service fee
- Written quotation before anything begins
- First-year and annual costs separated
- Registry fees stated at cost
- Audit cost estimated and included
- Bookkeeping and tax compliance quoted
- Substance cost guidance where relevant
- Exclusions listed explicitly
- Notice before any fee changes
Not included, quoted separately
- Registry and government fees, paid at cost
- Audit fees, charged by the auditor
- Nominee or resident director services unless quoted
- Office rent and staff costs
- Tax advice in your own country
- Legal drafting by a lawyer
- Bank charges and minimum balances
- Property acquisition costs
Verify independently
Official Cypriot authorities
We file directly with these bodies on your behalf.
Department of Registrar of Companies and Intellectual PropertyTax DepartmentVAT ServiceSocial Insurance ServicesCyprus Securities and Exchange CommissionInstitute of Certified Public Accountants of Cyprus
Questions
Cyprus setup costs — FAQs
Is audit really required for a small company?
Yes. Cyprus has no small company audit exemption, and even a dormant company requires audited financial statements. It is the main recurring cost.
Why must reporting follow international standards?
Cyprus requires financial statements under international financial reporting standards for all companies, which raises the preparation effort compared with a simplified local framework.
Is there still an annual company levy?
The levy that applied historically has been abolished. We quote on the fees currently in force rather than including a charge that no longer exists.
What does substance cost?
It depends on what you are claiming. Where Cyprus tax residence and treaty access matter, real office and personnel costs apply and we set them out rather than glossing over them.
Why do quotes differ so much?
Usually because audit, bookkeeping or substance has been excluded. Compare the annual figure including audit, not the incorporation price.
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