DATE: 24/05/2018

This privacy statement (“Statement”) has been drafted by and applies to Globalserve Consultants Ltd, a company registered in Cyprus with registered number HΕ 145787  and all their subsidiaries (collectively, “Globalserve,” “we,” or “us”).

At Globalserve, we value and respect your privacy and prove this through this Statement which demonstrates our compliance with the General Data Protection Regulation (EU) 2016/679 (hereinafter referred to as the “Regulation”) which is directly applicable in the European Economic Area from 25^th May 2018, and has introduced new measures aiming to protect your Personal Information and thus your privacy.

In this Statement, we explain our practices regarding the collection, use, processing and disclosure of your Personal Information, what kind of Personal Information we collect from you and when we collect them.

Collection of Personal Information

 “Personal Information” is information that identifies you as an individual or relates to an identifiable individual i.e. through which you may be identified. It always has to do with living people and does not concern legal entities such as companies. The Personal Information which we collect is the following:

a. Name, home, gender and work address, landline and mobile telephone numbers and email address, your business title, date and place of birth, nationality, passport, visa or other government-issued identification information;

b. Debit and credit card numbers, other card information and generally payment, billing and account information;

c. Employer or other relevant details if you are an employee of a corporate account, a vendor or other type of business partner (e.g. travel agent or meeting and event planner);

d. personal characteristics, nationality, income, passport number and date and place of issue;

e. your reviews and opinions about our services;

f. Profile picture;

g. Social media account ID or user ID;

h. Any other type of information which you may choose to provide to us or we may obtain about you through third parties with whom we do business (e.g. travel agents or similar providers);

i. Your images on CCTV;

j. CV’s; and

k. any other publicly available Personal Informaion, including information that is published on websites and any which you have shared via a publicly available platform such as your Facebook, Twitter or Linked In pages.

If you submit any Personal Information relating to other people to us, especially Personal Information of minors, in connection with the services, you represent that you have the authority to do so and to permit us to use the information in accordance with this Privacy Statement which is provided at reception desks of our offices and/or in our website http://gstaxconsultants.com/

We and our service providers and/or agents and/or affiliates may collect Personal Information, directly from you and/or indirectly through another source whether these are provided in writing or verbally and in providing any part of our services, ways such as the following:

1. Through Our website: We may collect Personal Information when you subscribe for a newsletter from us through our website, when you communicate with us via online chat-texting services or a social media service which may include messenger, facebook, or when you sign up
2. Through Our Offline Services: We may collect Personal Information from you offline. This may take place when you visit our offices and/or when you have a meeting with any person of our staff, and when you communicate with any member of our staff over the phone or via e-mail. Also, Personal Information may be collected when you visit any of the group events or meetings or seminars we organise or in which we participate.
3. From Other Sources: We may receive your Personal Information from other sources, such as publicly available databases and websites, your employers, our associates, introducers and other third parties who, however, have first obtained your permission to share this information with us.

In the event that we receive information from third parties, as opposed to directly from you, provided that they are lawfully entitled to share your Personal Information with us, we will use and share this information for the purposes described in this Statement. Also in the event that your Personal Information is collected in this way, then we will bring to your attention the information included in this Statement along with the source from which the Personal Information originate, and if applicable, whether it came from publicly accessible sources. This information shall be provided to you within a reasonable period after obtaining the Personal Information, but at the latest within 1 month, except where the Personal Information are to be used for communication with you, in which case we will provide you with the above information at the latest at the time of the first communication with you. However, if the above information is envisaged to be disclosed to another recipient then the above information shall be disclosed the latest when the Personal Information are first disclosed to the new recipient, despite the fact that none of the previous deadlines has passed. Of course, no such information would need to be provided:

a. where you already have this information;

b. where the provision of this information, for some reason, proves impossible or would involve disproportionate effort to obtain;

c. obtaining or disclosure is expressly laid down by Union or Member State to which we are subject, and which provide measures to protect your legitimate interest; or

d. in the event where the Personal Information must remain confidential subject to an obligation of professional secrecy.

Use of Personal Information

We may use Personal Information in the following ways:

1. for the provision of the services you request from us including:

• administration services,
• fiduciary services,
• corporate services,
• management services,
• trustee services,
• opening of bank accounts in Cyprus or foreign countries,
• legal services,
• consulting services,
• financial services,
• accounting services, and
• any other services included to any service agreement and/or engagement letter signed by the Client with the Service Provider (hereinafter referred to as the “Service Agreement”),

2. to corresponding with you;

3. to respond to you requests;

4. To send you tax and deadline alerts, tax news and/or other informative material about the state of the law and the economy, important business and legal events and developments on both Cyprus and international levels;

5. To send you administrative information, informative newsletters and/or publication, periodic customer satisfaction, market research or quality assurance surveys and in order to respond to you requests and messages. This may be done in accordance to any communication preferences you have expressed. Such information may be provided through e-mail, postal mail, social media, telephone, text messages, push notifications, and other means;

6. For our business purposes, such as data analysis, audits, security and fraud monitoring and prevention (including through the use of closed circuit television, card keys, and other security systems), developing new products, enhancing, improving or modifying our Services to ensure that our site, products, and services are of interest to you, identifying usage trends, determining the effectiveness of our promotional campaigns and operating and expanding our business activities;

7. To generate usage statistics of our website;

8. To verify your identity when you access your account or to contact you to perform security checks;

9.  to generate statistics in relation to the types and volumes of clients to whom we provide services during the year; and

10. to gather information about potential employees and member of staff candidates.

In the event that we decide to further process your Personal Information for a purpose other than that for which your Personal Information was obtained, we shall provide you prior to that further processing with information on that other purpose and with any relevant further information which the General Data Protection Regulation requires.

Disclosure, Sharing and Transfer of Personal Information

To be able to provide you with the best possible service without you having to communicate with many different service providers, your Personal Information may be shared with the below entities and/or people, which may involve cross-border transfer of information to third parties in countries outside the European Economic Area:

1. to authorised personnel at our offices, who are appropriately-trained for the processing of Personal Information;
2. affiliate and subsidiary companies of Globalserve;
3. agents in any jurisdiction for the registration and management of your company/ies,
4. your auditors with who you have an Engagement Letter,
5. your legal consultants and/o advocates and/or solicitors and/or barristers and/or lawyers with whom you have an Engagement letter and/or agreement
6. to the bank in which you wish to open a bank account
7. to the Cyprus Registrar of Companies, the Commissioner of Taxation in Cyprus, the Service Provider’s service providers and any other regulators or supervisory authorities,
8. any other associates and/or agents and/or to whom you instruct the us to transfer your Personal Information,
9. to MailChimp which is a marketing platform of The Rocket Science Group LLC used for the purposes of direct marketing and email campaigns. MailChimp is part of the Privacy Shield framework and has thus been recognised by the European Commission as offering an adequate level of data protection. Despite the agreements which are in place between Globalserve and MailChimp ensure that the processing of your Personal Information is in accordance with the General Data Protection Regulation.
10. In the event of any reorganization, merger, sale, joint venture, assignment, transfer or other disposition of all or any portion of our business, assets or stock (including in connection with any bankruptcy or similar proceedings), we may share your Personal Information to a third party for the purposes of the aforementioned event.
11. If you visit any of our properties for the purpose of an event and/or meeting and/or seminar, then the Personal Information collected for the meeting and/or event and/or seminar may be shared with (1) the organisers of that event and/or meeting and/or seminar, and (2) where appropriate, the guests who participate in the event and/or meeting and/or seminar.
12. Other circumstances in which the sharing of your Personal Information may take place are in order to:

• comply with applicable laws,
• respond to governmental inquiries or requests from public authorities,
• comply with valid legal process,
• protect the rights, privacy, safety or property of Globalserve, site visitors, clients, employees, those of any of our affiliates or the public,
• permit us to pursue available remedies or limit the damages that we may sustain,
• enforce our websites’ terms and conditions;
• respond to an emergency; and
• to allow us to pursue available remedies or limit the damages that we may sustain.

      13. where your Personal Information is transferred by Globalserve to a country outside the European Economic Area (EEA) Globalserve shall ensure that the country to which the Personal Information is transmitted and the recipient of the Personal Information keeps satisfactory level of protection

Where there is no confirmation from the European Commission that a particular country, which is outside the EEA, keeps satisfactory level of protection, authorization will be sought from the competent data protection authority in Cyprus i.e. the Office of the Commissioner for the Protection of Personal Information in Cyprus.

Globalserve will not, in any way and in any event, directly or indirectly, sell any of your Personal Information to any third party. Any information supplied will be confidential and will be handled in accordance with the applicable laws and regulations.

Confidentiality and Personal Information

Globalserve must employ suitable personnel and take appropriate organizational and technical measures for the processing of Personal Information, their security and protection from accidental or unlawful destruction, accidental loss, alteration, unauthorized dissemination or access or any other form of unlawful processing.

Globalserve carries out checks and/or uses contractual terms to ensure that any party to whom my Personal Information are transferred complies with the principles of confidentiality and the Law and where that the Service Provider determines the way in which the Personal Information will be processed and the purpose for which they will be processed, the Service Provider carries out checks and/or contractual terms to ensure that Personal Information is processed in accordance to their instructions.

Any information related to me shall not be disclosed to third parties except in the cases allowed under the provisions of the Law, and to any person to which I have assigned my rights in relation to the Contract and solely for matters concerning them.

Legal grounds for collection and processing of Personal Information

We would like to inform you that the legal grounds for receiving and handling your Personal Information are:

1. that processing is necessary for the provision of the services you seek from Globalserve, which include but are not limited to the services mentioned under “Use of Personal Infroamtion” above (Regulation, Art. 1(b));
2. to the extent that the collection and processing is not covered by a) then the legal ground will be your explicit consent to the processing of your Personal Information for the above specific purposes (Regulation, Art. 1(a)). You may withdraw your consent at any time by sending us written notice of your wish to withdraw. This may be done in any written format including e-mail and fax and also includes the automate way to opt out from newsletters and publications (unsubscribe mechanism);
3. that processing is necessary for compliance with our legal obligations (Regulation, Art. 1(c));
4. that processing is necessary in order to protect your vital interests or those of another individual (Regulation, Art. 1(d)).
5. that processing is necessary for the legitimate interests pursued by us except where such interests are overridden by the interests or fundamental rights and freedoms of the data subject which require protection of Personal Information, in particular where the subject is a child (Regulation, Art. 1(d)).

Your rights

Under the Regulation, you have the following rights:

a. to check whether and what kind of Personal Information we hold about you and to access or to request copies of such data;

b. to be explained clearly and simply the information contained in this Statement;

c. to request correction, supplementation or deletion of Personal Information about you that is inaccurate or processed in non-compliance with applicable legal requirements;

d. to instruct the erasure of your Personal Information from our archives where:

1. it is no longer necessary for the purposes mentioned in this Statement;
2. where you withdraw your consent on which the processing is based and where there is no other legal ground for the processing;
3. where you object at any time  to the processing of your Personal Information in accordance to point (f) and (g) below;
4. your Personal Information has been unlawfully processed;
5. your Personal Information has to be erased in order for us to comply with our legal and/or regulatory obligations.

e. to obtain a restriction to the collection, processing or use of Personal Information about you where:

1. the accuracy of your Personal Information is contested by you to allow us to allow us to verify the accuracy of your Personal Information;
2. the processing is unlawful but you do not wish us to erase your Personal Information from our archives;
3. we no longer need your Personal Information for the purposes of processing, but they are required by you for the establishment, exercise or defence of legal claims; or
4. you object to the processing of your information which is based on your consent, subject to limited exceptions such as the establishment, exercise or defence of legal claims;

f. to object to processing of your Personal Information on grounds, relating to your personal situation, which have been obtained based on the necessity for the legitimate interests pursued by us, and to have us no longer process your personal data unless either we demonstrate to you compelling legitimate grounds for the processing which override your interest, right and freedoms, or the Personal Information is needed for the establishment, exercise or defence of legal claims;

g. to object at any time to processing or your data for direct marketing;

h. to the extent that your data is processed on the legal ground of your consent or the processing is carried out by automated means, to receive the data concerning you, which you have provided to us, in a structured, commonly used and machine-readable format and have the right to transmit those data to another controller without hindrance from our part;

i. to know the identities of third parties to which your personal data is transferred;

j. to provide instructions on how your data must be handled after your death when relevant;

k. to lodge a complaint with the competent data protection authority, in Cyprus i.e. the Office of the Commissioner for the Protection of Personal Data;

l. to withdraw your consent at any time. If, following the provision of the consent, you then no longer wish to receive from us on a going-forward basis tax and deadline alerts, tax news and/or other informative material about the state of the law and the economy, important business and legal events and developments on both Cyprus and international levels, you may opt-out by emailing us to marketing@Globalserve.com.cy or following the instructions in any such email you receive from us or by sending us a fax at 00357 25 824055;

m. to request us to transmit your Personal Information to another controller without hindrance from our part.

How you can exercise your right?:

If you would like to review, correct, update, suppress or delete Personal Information that you have previously provided to us, you may contact us at marketing@Globalserve.com.cy or:

Globalserve Consultants Ltd
9 Vassili Michaelides, 3026
P.O Box 57019, 3311 Limassol-Cyprus
Tel. 00357 25 817181
Fax. 00357 25 824055

We only accept requests for the exercise of your rights that are in a written form (even if it is in an electronic form) and we also request proof of your identity.

For your protection, we may only implement requests with respect to the Personal Information associated with the particular email address that you use to send us your request, and we may need to verify your identity before implementing your request. We will try to comply with your request as soon as reasonably practicable.

Security

Reasonable organization, technical and administrative measures are in place to protect your Personal Information from unauthorized access, disclosure, alteration or destruction, while the Personal Information is stored in our archives. Among the things used to ensure the protection of your data are the minimization of people who have access to the electronic archives where the Personal Information are stored, and web security against hacker attacks.

We also carry out check to ensure that our affiliates and service providers with whom we share personal information, have reasonable measures in place to provide an adequate level of data protection and to maintain the confidentiality of your Personal Information.

We will not contact you by mobile/text messaging or email to ask for your confidential personal information or payment card details. If you receive this type of request, you should not respond to it. We will only ask for payment card details by telephone when you are booking a reservation or promotional package. We also ask that you please notify us at marketing@Globalserve.com.cy

If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of your account has been compromised), please immediately notify us in accordance with the “Contacting Us” section below.

Special category of Personal Information

“Special Category of Personal information” amount to such information the processing of which reveals racial or ethnic origin, political opinions, religious or philosophical beliefs, or trade union membership, and the processing of genetic data, biometric data for the purpose of uniquely identifying a natural person, data concerning health or data concerning a natural person’s sex life or sexual orientation.

We do not generally collect Special Category information and we ask that, unless there is a regulatory or other serious need for you and/or another client and/or a third party , you do not to send us, and you do not disclose, any Special Category Personal Information to us.

Minors

We do not knowingly collect personal information from individuals who are under 18 years of age. As a parent or legal guardian, please do not allow your children to submit personal information without your permission. By providing us with the personal information of your children, you represent that authority has been given by both parents for the provision of this information.

Retention Period: 

Unless we hear otherwise from you or a longer retention period is required or permitted by the applicable law or there is a continuous contractual and/or service relationship between you and Globalserve, your Personal Information will be subject to our 3-year retention policy. This retention period is in our opinion necessary to fulfil the purposes outlined in this Statement.

However, CV’s which are received by Globalserve for the purposes of employment, will only be retained for one year. 

You Personal Information shall be destroyed as early as practicable, from both our short-term system and our back-ups so that restoration and/or reconstruction of the data is no longer possible. This also involves the secure destruction of any printed paper through methods such as cross-shredding or incinerating the paper documents.

Updates to this Privacy Statement

Where the need arises for the further protection of your Personal Information and for the purposes of your information, we may change and/or modify this Privacy Statement from time to time. Where we make material changes to this Statement we will post a link to the revised Statement of the homepage of the website of Globalserve at http://gstaxconsultants.com/ and where you have consented to the processing of your Personal Information based on a previous version of this Statement you may also be informed through a communication channel that you have provided.

It is possible to recognize when this Statement has been last updated by looking at the date at the top of the Statement. Any changes become effective from the date on which they were posted on the website of Globalserve. Use of the website, any of our products and services, and/or providing consent to the updated Statement following such changes constitutes your acceptance of the revised Statement then in effect.

Contact Us

In the event that you have any questions about this Privacy Statement or you want to exercise any of your rights regarding your Personal Information please contact us at marketing@Globalserve.com.cy:

Globalserve Consultants Ltd
9 Vassili Michaelides, 3026
P.O Box 57019, 3311 Limassol-Cyprus
Tel. 00357 25 817181
Fax. 00357 25 824055
 

Because email communication are not always secure, please do not include credit card or other sensitive information in your emails to us.

The post General Privacy Statement By Globalserve Consultants Ltd appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

The Council of Ministers have decided the rename of “The citizenship by investment scheme” to  “Cypriot Investment Scheme” and also the limitation of number of nationalizations of investors to 700 per year, to be implemented as of 2018.

The Press and Information Office announced that as per the decision of the Council of Ministers, every application will be subjected to an enhanced due diligence before the finalization of the naturalization takes place.

The Cypriot passport is very popular and attracts business people the last 4 years. By gaining the Cyprus passport investors can enjoy benefits for their business and family too. Read our article for more information  

The post Cypriot Investment Scheme_Limitation of nationalizations of investors appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

We inform our clients that according to the Cyprus Income Tax Law the dates of submission and payment of the provisional tax for the year 2018 are as follows:

• 31/07/2018
  Submission of return and payment of 1st installment
• 31/12/2018
  Payment of 2nd installment – last day of revision of provisional tax (if needed)

The provisional tax is calculated on the profits that are expected to arise in the year 2018 for companies and self-employed persons.

Remember that the corporate tax rate is 12.5%.

The late submission of the return and the late payment of the installments are liable to a penalty of 5% plus interest of 3.5% on the payable amount.

Legal entities and self-employed who expect to have profits in the year 2018 and do not pay provisional tax will be liable to 10% additional tax on the tax payable for the specific year. The same applies for provisional tax payments that will not cover at least the 75% of the final profit for the year 2018.
You are therefore advised to estimate your company’s and/or personal taxable profits (if self-employed) for the year 2018 and the relevant tax thereon and inform us as soon as possible of your expectations.

Note that from 1 June 2018, the payment of the provisional tax will be effected ONLY via the JCCsmart service.

Our Clients are requested to contact the latest by Friday 20th of July 2018 at antonis@globalserve.com.cy or call us at 00357 25 206 822

Other Tax Deadlines for 2018

The post Provisional Tax 2018 appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

INTRODUCTION

Limassol is situated on the southern coast of the island of Cyprus with around 170.000 inhabitants. It is the second largest city of Cyprus after Nicosia, the capital of the Republic of Cyprus.

LIMASSOL, THE BUSINESS CENTER

Limassol today is the biggest business and financial center of Cyprus and gives the opportunity to local and international companies to act and establish their business activities successfully. In Limassol you can meet service providers, legal advisors, tax consultants and business centers providing specific and professional services aiming to your business success. Based on the above, Limassol also attracts banks with worldwide activities, raising the level of financial service offered. The above is the result of the low tax corporate rate of 12,5% which attracts more investors in the island of Cyprus.

Furthermore, the port of the city is the largest in Cyprus and one of the busiest ports in the Mediterranean transit trade. The city attracts hundreds of shipping and transportation companies for the establishment of their business headquarters there.

The high quality of life offered allows the prosperity of the inhabitants and the tourist services too, giving the opportunity to the visitor to relax and enjoy his holidays in one of the most popular cities in Europe.

HOW TO GET TO LIMASSOL FROM LARNACA & PAPHOS AIRPORTS?

• Buses: you can take a bus from the airport driving you directly to the city center, it takes from 40 minutes to one hour maximum and the ticket costs around 10 euros
• Taxi: you can take a taxi from the airport, the transportation usually costs 50 – 60 euros
• Rent a car: there is also the possibility to rent a car from the airport and have a good deal with the agent if you arrange it before your arrival. If not, you can discuss with the agents at the airport any time.

WHERE TO STAY

You can find 3* or 4* or 5* hotels, apartments and villas in Limassol available in really good prices. With a budget or not there is no reason to worry about your accommodation. 4* and 5* luxurius hotels are situated in the coastline of the city giving you the opportunity to enjoy the sun and relax. If you wish to rent an apartment or a villa, there are many options in the city center, the old city as well as to the mountains.

http://allaboutlimassol.com/en/where-to-stay

ATTRACTIONS

• Amathunta

This historical point is 11km east of Limassol

https://en.wikipedia.org/wiki/Amathus

•  Kourion Theater

Kourion is located 18km, west of Limassol

•  Kolossi Castle

Kourion is located 18km, west of Limassol in the village

https://en.wikipedia.org/wiki/Kolossi_Castle

MUSEUMS

The Limassol District Archaeological Museum

Municipal Museum Of Folk Art

Limassol Medieval Museum, Limassol Castle

http://www.mcw.gov.cy/mcw/DA/DA.nsf/All/5A9D613873FBB2DFC22571990020A1C0?OpenDocument

ENTERTAINMENT AND RELAXATION

• Limassol Marina

Enjoy the experience offered to Limassol Marina! You can relax and have a lunch or dinner in the restaurants or have a coffee and drink to the coffee bars. Limassol Marina is also an ideal place for shopping to the elegant designed boutiques.

The Limassol Marina’s spa and fitness club offers a professional team of consultants for all wellness, health, fitness and lifestyle goals.

Luxury apartments and villas are also available for rent for a long or short term.

Limassol Marina is recommended by the Customer Relations Unit of our company Melina Pavlou, Annita Demetriou, Elena Papandreou, Stella Makri and Lina Gourovanidou.

• Old harbor of Limassol

It is situated between Molos and Limassol Marina. The old harbor transformed into a fishing harbor and the area around it has also been completely transformed into an amazingly beautiful tourist center offering to the visitor the possibility to walk there each time of the day. Gastronomical and entertainment options within the brand new “old port” are too many. Cafes and restaurants of every kind and taste are able to satisfy all moods.

Old Harbor of Limassol is recommended by Globalserve Marketing and Human Resources, Xenia Iasonos

• Molos Park Limassol
  

You can run, walk, ride a bike, do skating and have fun with your family and friends, kids can play at the playgrounds and parents can relax. The area is the paradise of old and young people. Locals used to walk and eat ice cream or roasted corn and walk. Café restaurants offer traditional drinks like Cyprus coffee or local squash drinks and gourmet plates too.

• Castle square

The square is located opposite the old harbor and around the medieval castle and museum of the city. You can taste the gourmet and the traditional cuisine too and listen the street musicians.

• Saripolou Square

It is located in the old city closed to the Limassol Municipal and is one of the most popular locations for locals and tourists. In the morning you can have your coffee in the quiet square and in the night you can have a drink in the bars and dance

• Limassol Zoo

Visit Limassol Zoo with your family and friends and meet “Agrino” which can be met in the mountains of Paphos only. Furthermore, it accommodates a diverse selection of animals, an average of 300, including birds. The residents of the zoo include crocodiles, zebras, monkeys, otters, hippopotamuses and more animals from Europe, Asia, Africa, USA and Australia. http://limassolzoo.com/

• Waterpark

It is located to Fasouri area out of the city center and it is one of the most famous waterparks in Mediterranean awarded from TripAdvisor.

• Limassol beaches

Limassol has the longest coastline of all the other cities in Cyprus!

See below many of them:

Ladies’ Mile (Lady’s Mile)

Governor’s Beach

Kourion (Chris Blue) Beach

Pissouri Beach

La Isla Beach

EXPLORE VILLAGES OF LIMASSOL DISTRICT

Agros   

The village is situated 35 km north of Limassol at an altitude of around 1100 m above sea level.

It is considered as one of the most interesting mountain villages of Cyprus and since it is found at the “heart” of the Pitsilia region, it is perceived as the “main” village in the area. Agros is known for its rose water industry, as well as other local products.

Population: 800 permanent residents
Distance from Limassol: 35 km. 40-minute drive

Interesting links

http://www.agros.org.cy/en/

Platres

Immersed in green, the village of Platres is situated 39 km northwest of Limassol, very close to Troodos Square (9 km). It is one of the most famous resorts in Cyprus and known for its green landscape, the very good summer climate, and the nightingales, which are mentioned in George Seferis poem “Helen”.

The Greek poet had written that “the nightingales won’t let you sleep in Platres”. The village is built in the form of an amphitheater, meaning that the lower part and the higher part of the village have a different altitude. The average altitude of Platres is estimated to be 1200 meters.

Residents: 151 permanent residents according to the latest records, although the population reaches up to 10,000 inhabitants during the summer months.

Distance from Limassol: 39 km. 40-minute drive

Phini

Phini is situated approximately 48 kilometers north-west of the town of Limassol at an average altitude of 990 meters above sea level. It is a very beautiful village, with a rich tradition, well-known in the whole of Cyprus for its pottery (pitharia) and products

(loukoumia).

Population: 446 permanent residents
Distance from Limassol: 44km, 30-35 minute drive

Interesting links

http://www.phinivillage.com/cgibin/hweb?-V=index&_FSECTION=9000&_FLANGUAGE=en&-dindex.html&_VSECTION=0000&_VLANGUAGE=en

Omodos

One of the most famous villages of Cyprus, Omodos is located 42 kilometers northwest of Limassol, in the geographical region of the wine-making villages. It is situated near the western bank of the river Cho Potami, at an average altitude of 810 meters.

It is considered one of the most picturesque villages, attracting many tourists throughout the year. It is estimated that one million visitors pass through Omodos every year.

Residents: 410 permanent residents, although there are many individuals (Cypriots and foreigners), who are either taking their vacations or are visiting the village.

Distance from Limassol: 42 km. 40-minute drive

Interesting links

http://omodosvillage.com/

Vouni

Vouni, a picturesque village with cobbly alleys, traditional houses with wooden doors, large windows, narrow balconies and inside yards, attracts both locals and foreigners with its rich architectural heritage, who see it as an outdoor museum of the life and culture of the mos

t recent centuries.

It is located in the Krasochoria region of the Lemesos District, on an altitude o

f 800 metres above sea level. The village spreads on a slope with a southern gradient. The village’s landscape is “impressive with its high peaks reaching a height of 1153 metres at the location ‘Moutti tou Afami’, north of the settlement, and the beds of the rivers ‘Chapotami’ in the west and ‘Kryos Potamos’ in the east”.

Interesting links

http://www.vouni.org/en

LIMASSOL SHOPPING

Limassol is the 2^nd biggest shopping center of Cyprus too.

The most important districts are Anexartisias Street and Agiou Andrea in the old city. You can find boutiques and jewelries of local designers as well as souvenir shops.

You can also shop in Makarious III Ave and Kolonakiou Street too. To those well known shopping areas, you can find plenty of clothes, footwear, leather accessories and more.

My Mall Limassol is another one suggested place for your shopping. You can spend a couple of hours there not only for shopping, lunch or dinner, coffee, and have fun in the bowling, ice ring or play with your kids in the play area.

Shopping Stores in Limassol are opened 7 days a week!

TASTE EXPERIENCE

Limassol offers a huge selection of different cuisines. We recommend you to visit the local taverns and traditional restaurants.

See below 5 Cyprus traditional dishes !!!

Souvla: the most popular dish of Cyprus!

Big pieces of pork and lamb meat cooked on a long skewer over a charcoal barbecue. Cypriots eat souvla to traditional and family celebrations

Sieftalies: with minced pork

It looks like kebab but it tastes and smells different. It also contains cinnamon, parsley, onion and black pepper. Eat sieftalies with souvlaki, Cyprus pitta, village salad and yogurt.

Halloumi: Cyprus salted cheese with spearmint 

Halloumi can also be used in your sandwich, omelets and salads. You can eat halloumi uncooked or roasted

Koupepia: with minced pork and rice

It’s the same with Greek ntolmadakia stuffed with rice, pork or beef, fresh herbs and seasoning, cooked in a tomato sauce. Koupepia can be served with yogurt and salad or can be a part of meze plater.

Afelia: pork meat with red with

Small pork meat pieces marinated and cooked in a red dry wine with cilantro. It can be served with “patates antinaktes”

Ravioles

It looks like Italian ravioli but is bigger with halloumi, spearmint and eggs

And more…

Koupes with meat or mushrooms, Flaounes, Sousouko, Palouze, Traxanas, Pourgouri, Loukoumades

Cyprus charcuterie

Lountza

Sausages (loukaniko)

Chiromeri

Pastourmas

Cyprus Drinks

Koumandaria Wine: one of the most famous wines of Cyprus 

The wine is produced in ’Koumandaria’ region which is located on the southern slopes of the Troodos range, to the north of Lemesos (Limassol).

Our Bank Department Alexandra Kazakou, Polina Christouand Sofia Vasiliou recommends tasting Koumandaria produced in the Panagias Amirous Monastery closed to Apsiou village.

Zivania or zivana: Stin Ygeia mas!

It is a Cypriot pomace brandy produced from a mixture of grape pomace and local dry wines made from grapes. It is similar with the Greek tsipouro and tsikoudia. With zivania you can eat sousouko, lountza, Cyprus sausage and loukoumades

LIMASSOL FESTIVALS

Wine festival  

It is organized every year at the end of August at the Limassol Zoo Park. Every year attracts thousands of locals and people from other cities too. You have the opportunity to taste wines from more than 20 wineries of Limassol which are also exported in Europe, Australia and America.

Limassol Wine Festival is recommended by our “Overseas Department” Georgia Papadopoulou, Elena Strati and Stephanie Papapanagiotou. They suggest to taste Cyprus mezedes like regga, souvlaki, pastourma, sieftalia, as well as sousouko.

Roses Festival – Agros Village

Annual Festival every May
During the festival, visitors have the chance to visit the local workshops and learn all about the distillation of roses. They can also visit the rose exhibition and various kiosks that sell traditional products. At the same time, people can enjoy folk dance and music performances throughout the duration of the Rose Festival. All the sights of the village are open to the public.

https://www.agrotourism.com.cy/event-festibal-triantafylloy-agros–rose-festival-agros,4,0,en

Cyprus-Russian Festival

It is organized every year in June at the Limassol Zoo Park and is supported from the Russian Embassy in Cyprus

It will be a pleasure to welcome you in Limassol!

Globalserve Team!

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It was never easy to keep up to date your accounting records and pay on time your tax obligations.

Globalserve Consultants Ltd is proud of providing quality and great customer service, support and professional advices. Our accountants are experienced in preparation of accounting and financial records and also are able to undertake completion and submission of VAT and VIES forms.

Our aim is to know your company needs and obligations and cooperate with you in order to avoid penalties and troubles with the tax authorities.

To achieve your business success we perform the steps below:

– We take time to understand your business goals and your business needs

– We consider ourselves as part of your business and develop in a long-term relationship

– Your goal is our goal! Your Success is our Success too!

You can get information on your tax obligations and Cyprus VAT rates from our website and contact us directly for further information.

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The Data Protection Commissioner intends to start audits to verify compliance of organizations by Regulation (EU) 2016/679 (GDPR) in September 2018.

Globalserve legal department is ready to assist you in designing and implementing the required action plan to comply with GDPR connected with training of your personnel, carrying out Privacy Impact assessments amending your procedures to comply providing you with the legal support for the preparation of privacy policies, notifications and consents, strengthening the security of your systems with respect to personal data and by offering DPO services.

Globalserve Consultants Ltd, is always available to advise and assist you on the issue related to the above. You can contact us through our website or send us an e-mail at marketing@globalserve.com.cy

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www.kalegalservices.com.cy

Legal firm Kyriakos Antoniou and Associates LLC member of Globalserve Group is registered under the “Committee of Supervision and Control for the Cyprus Investment Programme”. As a licensed firm by the “Committee of Supervision and Control for the Cyprus Investment Programme” Kyriakos Antoniou and Associates LLC is able to represent and support individuals to file an application to the Minister of Interior for the acquisition of the Cypriot citizenship.

Based on Globalserve accumulated long experience and professionalism in the immigration services and the successful applications handled so far, we can be your partners in handling your application for Cyprus Citizenship. We can support you in the search for property, legal due diligence of the property, drafting of the contracts and preparing your application for citizenship

You can contact us for further information at 00357 25 206 919 or write us at k.antoniou@kalegalservices.com.cy and Phani@globalserve.com.cy

Read more articles:

Benefits of Cyprus Passports

Cyprus, an Ideal Jurisdiction for your Family and Business

The post Kyriakos Antoniou and Associates LLC is a licensed immigration service provider appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

Establishment of our affiliated company Kyriakos Antoniou and Associates LLC
and legal services offered

A new established law firm in Limassol, Cyprus is ready to advise and assist you by offering legal services of outstanding quality in any legal issue. 

Visit our website for further information and contact us…

www.kalegalservices.com.cy

You are our priority…

We are very pleased to introduce our affiliated company, Kyriakos Antoniou and Associates LLC, a full-service law firm based in Limassol, Cyprus. The firm’s dynamic team works for the fulfillment of the firm’s mission, which is to provide its clients with the highest standard of legal services.

Being an associate member of Globalserve Group and based on Globalserve accumulated long experience, professionalism and integrity, Kyriakos Antoniou and Associates LLC always aims to give its clients the best solution with the minimum cost of both time and money. Through the global network of its associates, the firm can serve its clients’ needs in an efficient and effective manner in various jurisdictions.   

The firm can offer the clients services on national and international law in various specialized practice areas. Legal and advisory services can be provided in the fields of Corporate and Commercial law, M&A transactions, Trust and foundations, Employment law, European and Competition law, Immigration law and citizenship matters, Intellectual Property law, Litigation and Arbitration, Family law, Inheritance law, Data protection matters (GDPR), Tax law, Real estate and Maritime law. For more details on the services offered for each practice area visit our website.

The firm’s expertise is available to discuss whatever legal question or issue you are facing. You can contact us for further information by calling us at 00357 25 206 919 or by email at k.antoniou@kalegalservices.com.cy and Phani@globalserve.com.cy

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What is it

On 25^th of May 2018, the General Data Protection Regulation on personal data of the EU (the “GDPR”) came into force with direct application to all member states of the European Economic Area (“EEA”) requiring stronger protection of personal data more than ever before. However, not all entrepreneurs understand the impact to their legal obligations.

To whom is applies?

Generally, it applies to entities or undertaking which either process personal data of people located in the EEA or process personal data as part of the activities of one of their establishments in the EEA, irrespective of whether the entity is located outside the EEA.

How does this affect you?

You must be able to demonstrate that you are in compliance with the GDPR. Non- compliance with the GDPR is punishable with administration fines of up to 20 million EUR or 4% of your worldwide annual turnover whichever is higher. The Data Protection Commissioner of Cyprus has also begun audits through the use of private specialists and has already imposed fines from 400 to 1000 EUR for failing to comply with the GDPR requirements.

What does the GDPR require?

Complying with the GDPR is an ongoing undertaking. As a first step you should take the measures set below:

1. Apply technical and organization measures proportionate to the sensitivity of the personal data and your economic capacity to protect the personal data, e.g. encryption of personal data;
2. Draft or review your Privacy Policy;
3. Draft Records of Processing Activities in accordance with the Commissioner’s instructions;
4. Amend and/or add to your employment contracts so that they fulfill the GDPR requirements;
5. Execute contracts with suppliers and/or service providers who have access to the personal data you hold;
6. Notifying the Commissioner of the use of CCTV.

At GLOBALSERVE, our experts have been providing GDPR compliance services since before the GDPR has entered into force and can assist you on any GDPR-related issue.

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact us through our website or by sending us an email at marketing@globalserve.com.cy

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On September 2018, the scheme for the promotion of the film industry and the promotion of the Republic of Cyprus as an island for filming (the “Cyprus filming scheme”) was brought into force by the organization Invest Cyprus (the “CIPA”) with the creation of the online platform “Film in Cyprus”, through which interested filming companies can be informed and submit their application to participate to the Cyprus filming scheme which offers a number of inceptives to its participants. The implementing body for the Scheme is the Cyprus Film Commission (the “Committee”).

Who is entitled to apply?

Any entity which is registered in the Republic of Cyprus or any other member state of the European Union, provided that it carries out business in the Republic of Cyprus through a branch or office in Cyprus at least after the approval of the application and it carries the special purpose recognition initials “AVC” (Audio Visual Cyprus), can apply to participate and benefit form the Cyprus filming scheme.

To which productions it applies?

A qualifying film category may be feature films, television films, television series or mini-series, animation (digital or analogue), creative documentaries for theatrical or television release, transmedia and crossmedia productions and reality programs which directly or indirectly promote the Republic of Cyprus and its culture.

Incentives

The Cyprus filming scheme provides to Cypriot and international producers with a package of incentives encouraging them to choose Cyprus as their next film destination. The incentives are cash rebate, tax credit, tax allowance for investment in infrastructure and equipment as well as return of VAT on expenditure.

It worth mentioning that with respect to the cash rebate and the tax credit, the production company must select which incentive it will take advantage of, given that they cannot both apply together. The cash rebate can apply together with the tax allowance for investment in infrastructure and equipment as well as together with the VAT return. The tax credit can apply together with the tax allowance for investment in infrastructure and equipment as well as together with the VAT return.

The producers may also have continued support by the CIPA in relation to the issue of licenses, the importation and exportation of equipment, the provision of information and instructions.

Cash rebate

Production companies can be granted a cash rebate up to 35% on the eligible expenditures incurred in Cyprus. For a production to be eligible, the company must satisfy certain criteria which shall ensure that the aid promotes, among other, the Cypriot and/or European and/or world culture. There is also a condition of minimum expenditure occurred in the Republic of Cyprus, which sets different amounts of requested minimum expenditure depending on the type of the production. The cash rebate is given once the filming is complete and after the receipt of the audit report and its review by the Committee.

Tax credit (pending parliamentary approval)

As an alternative of cash rebate, production companies can be granted with tax credit which gives them a reduction of applicable corporate tax. The sum of the tax credit against the taxable income shall not exceed 50% of the company’s income for the tax year within the production was made. In case that the tax credit is not granted due to this restriction, the tax credit can be carried forward and can be granted within the next five years, subject to the said percentage restriction. The conditions of promotion of the Cypriot and/or European and/or world culture and of minimum expenditure which apply to cash rebate also apply in relation to tax credit.

Tax allowance for investment in infrastructure and equipment (pending parliamentary approval)

In case that a production company invests in film production infrastructure and technological equipment such as filming studios and filming equipment, it may be entitled to have the sum of its investment deducted from its taxable income. The tax allowance cannot exceed 20% of eligible expenditure in the case of small enterprises and 10% of eligible expenditure in the case of middle sized enterprises. In case of equipment, the equipment shall remain in the Republic of Cyprus for a period of at least 5 years.

Return of VAT on expenditure

Tax rates in the Republic of Cyprus are 19%, 9% and 5% on all products and services provided in the Republic of Cyprus and 19% and 5%, on all taxable imports. A natural or legal person from a third country may be entitled to a VAT refund in relation to qualifying expenditures of its production incurred in the Republic of Cyprus. It should be noted that VAT return arises within 6 months from the deadline date for submitting the VAT declaration for the VAT period during which the expenditures occurred or from the submission date of the application for return of VAT.

Eligible expenditure

Any Expenditure incurred by the applicant in the Republic of Cyprus during the production of the audiovisual production may be an eligible expenditure. Expenditure may include accommodation costs, travel air costs, catering and food, equipment and grip rental etc. It does not include the cost arising from acquisition of land and buildings.

Conclusion

Production companies that opt to film in Cyprus will be able to choose between cash rebate or tax credit and can also benefit from tax discounts on investments made on equipment and infrastructure, and VAT returns on expenditure. These incentives in combination with the favorable conditions that Cyprus offers for filmmaking, including but not limited to the short distances in the island and its outstanding natural beauties of  both sea and mountains, make Cyprus one of the best choices for filming. It’s about time for all film producers to take the above mentioned into due consideration and decide to make their next film in this beautiful island.

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact Globalserve Consultants Ltd through our website or by sending us an email at marketing@globalserve.com.cy.

The Cyprus filming scheme can be found online by using the link https://film-investcyprus-org-cy.s3.amazonaws.com/Cyprus_Film_Scheme.pdf and the online platform “Film in Cyprus” can be accessed by using the link film.investcyprus.org.cy.

The post New filming scheme: why should you consider filmmaking in Cyprus? appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

The great importance of IP for businesses and the main types of IP existing in Cyprus

Why is IP important?

Nowadays, more than ever before, intellectual property (“IP”) rights are much more essential for the survival of a business than entrepreneurs may think. Due to the cut-throat competition amongst the businesses and the unprecedented use of the Internet and e-commerce, a company can very easily have its ideas, products or services stolen.

The best way to protect a company’s ideas, products and services is through IP mechanisms. IP offers not just protection; it also allows companies to obtain business assets which may be extremely valuable to their business and its viability as an idea may represent one of the most important business assets of a company. For instance, Amazon’s trade mark, which is ranked first among the ranking of the most valuable brands in the world in 2018 which was published by the Brand Finance, a brand consultancy firm, is now valued at $150.8 billion!

From a more practical perspective, a business can benefit from registering its IP either by making money from selling a registered IP or from earning loyalties by licensing it, or -in case the business is not interested to sell or licensing it – by obtaining the exclusive right to use, produce or sell its IP and by this way preventing its exploitation by others and protecting it against infringement.

How it can be protected?

Every company, as a first step, must adopt an overall strategy in regard to its IP matters. In Cyprus, the following types of IP rights are provided and can be used depending on the needs of each business:

Patents

When carrying out its activities, a company may come up with an invention. In that case, the company can apply to register its invention as a patent so as to exclude others for using and/or taking advantage of it.

A patent is a legal instrument for the protection of inventions which can be provided nationally, on a European level or on international level. An invention can be registered as a patent in Cyprus if the following three conditions are met: the invention is novel (new), it involves an inventive step and it is industrially applicable. Upon its registration, a patent is valid for a period of twenty years from the filing date.

Although an invention may occur in any field, the patent law restricts the areas in which patents can be granted. Discoveries, scientific theories and mathematical methods, aesthetic creations, schemes, rules and methods of performing mental acts, playing games or doing business, computer programs, presentation of information and animal varieties are excluded from patentability. Moreover, inventions whose exploitation is considered as contrary to public order or morality cannot be registered. It is noted that the protection of utility models in not possible in Cyprus.

Supplementary protection certificates (“SPCs”)

SPCs can be issued for inventions registered as patents and having marketing authorization as pharmaceutical products to extend the term of patent protection for an invention related to pharmaceutical products by up to five years in qualifying circumstances. A SPC confers the same rights as the basic patent.

Trade marks

Trade marks can be one of the most important marketing tools of a business. Trade mark is usually a word or symbol and it influences the image the company is trying to build. If a company does not register its trade mark, it is much more difficult to stop others from using it and it even may be prohibited from using it itself in case someone else does register it.

Protection of a trade mark may be obtained by the registration of a national trade mark or a Community trade mark extending at once to all countries of the European Union or even an international trade mark by filing one application and select the states globally to which to the applicant wishes to seek protection.

 A trademark is a sign which is able to be represented graphically and to distinguish goods and/or services of one undertaking from those of other undertakings. Except from the requirement to have distinctive character, in order to have a trade mark registered, it must not be identical and/or similar to any other already registered trade mark and it must not confuse the public.

Words (including personal names), logos, symbols, letters, numerals, designs, images, shape of goods or their packaging, non-conventional marks (namely colours, sounds and smells) or any combination thereof can be registered as trade marks.

Trade names

A trade name (or business name or trading name) is any name other of the company’s name which is used by the company in the course of trade. Trade names can be registered in Cyprus under the provisions of the Partnerships and Business Names Law, Cap 116. It is advisable to a company to register its trade names as if it does not register them, it may be prohibited from using them in case someone else does so.

Copyrights

A copyright is the statutory right to stop others from copying or exploiting in any other way original work without permission from the owner of such right. Scientific works, literary works, musical works, artistic works, cinematography, databases, sound recordings, radio and television broadcasts and publishing of previously unpublished works can be protected by copyrights. Copyrights cannot be registered under the Cyprus law but they exist automatically from the time of the creation of the works. Most of the works are protected for a period of seventy years from the date of their creation. 

Industrial designs

Patterns for the manufacture of industrial products, shapes of articles applied to other articles and in general work of craftmanship that is appealing to the eye in terms of aesthetics and can be used or sold in industry can be registered as industrial designs. An industrial design can be registered in Cyprus if it is novel and has individual character. Protection of a design may be obtained by the registration of a national industrial design or a Community design extending at once to all countries of the European Union.

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact us through our website or by sending us an email at marketing@globalserve.com.cy and phani@globalserve.com.cy 

The post Intellectual Property Rights_IP Rights appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

Introduction

Located in the Eastern Mediterranean, at the crossroads of three continents, namely Europe, Asia and Africa, and having one of the lowest tax rates in Europe, Cyprus is nowadays one of the most popular countries for registering companies. The number of new companies set up with the Cyprus Registrar of Companies is increasing every year, turning the island into a significant international financial centre.

Benefits

There is a combination of factors which contributes to this continuous increase of entrepreneurs’ interest to register a company in Cyprus. The following are only some of those factors:

1. Low corporate tax rate & double tax treaties

Primarily, the main advantage of registering a company in Cyprus is the corporate tax rate of 12,5% which is the one of the lowest rates in the European Union. Furthermore, Cyprus has double taxation treaties with more than 60 countries all over the world, covering among others all central and eastern European countries.

2. Exemption of dividends from tax

In addition, dividends paid to a Cyprus resident company are exempt from corporation tax, whether they are received from a foreign company (provided that certain conditions are met) or a Cyprus resident company.

3. No withholding tax on dividends paid out

There is no withholding tax on dividends that are repatriated to a non-Cyprus tax resident shareholder or to a Cyprus tax resident shareholder who is non domiciled

4. No capital gains tax on profits from the sale of securities

If securities are sold which were held either for participation purposes or for trading purposes, then any capital gains risen are fully tax exempt. This is a unique characteristic of Cyprus tax system which cannot be found in other European tax systems and make the Cyprus company ideal for holding company in combination with the tax exemption of dividends and the zero withholding taxes on dividends paid out. Additionally the capital gains exemption makes the cyprus company popular for trading in securities.

5. Suitable legal system for businesses

Moreover, Cyprus is a member of the European Union since 2004 and it complies with European Union legislation. The legal framework of Cyprus is based on the principles of the English common law and provides an effective and developed legal system.

6. Professional corporate services

Additionally, Cyprus offers corporate and legal services of high quality. The English language is widely spoken all over the island.

7. Preferred environment to set up office and substance

Under the current circumstances and in the light of CFC rules and management and control issues, it is very important for an international business to choose a jurisdiction in which substance can be easily set up at reasonable costs. Cyprus offers more reasonable prices for rents and salaries than other European business centers and qualified personnel can be easily recruited while the living conditions and quality of life are very attractive

8. Simple incorporation procedure

An important advantage of registering a Cyprus company is that the incorporation procedure is very simple and easy. There is no minimum capital in registering a company. A Cyprus private company can be registered with only one shareholder and only one director. Shareholders and directors can be of any nationality.

Company registration can be completed within 3 working days from the date that the application was duly submitted under accelerated procedure. Upon completion of the registration, the company is incorporated and the “Certificate of Incorporation” is issued.

Conclusion

All the above mentioned benefits make Cyprus an ideal location for investors to set up their business and that’s why Cyprus has become, during the last years, one of the most attractive places for company establishment and investment worldwide.

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact us through our website or by sending us an email at marketing@globalserve.com.cy

The post Why you should set up your company in Cyprus? appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

In demanding marketplaces of our time, Intellectual property (IP) rights are essential for the survival of a business as they can provide the business with competitive advantages in its commercial activities. By having its intellectual property protected, a business can benefit – amongst others – in the following ways:

• By turning its ideas into profit-making assets

IP enables you to turn an idea into a commercially successful product or service. From an idea, a business can acquire an asset which may result to be extremely important to the business’s success and profitability to the extent that it may represent one of its most valuable assets.

• By enhancing your business’s value

IP can help you to increase the market value of your business. On way is, for example, to raise your business’s profits through licensing or sale of products or services which are protected by intellectual property rights.

• By obtaining a competitive edge over your competitors

IP gives your business the opportunity to be a step further forward in relation to other businesses. For instance, in case you have patent protection over your intellectual property, your competitors cannot copy, manufacture, use, or sell your product but you have the exclusive rights to do so.

• By offering a powerful tool for marketing

IP can form a significant part of your marketing and branding strategy. For example, you can promote your products and services by registering a trademark. Trademark registration is one of the best ways that can lead your business to successful marketing. Since trademarks and their reputation influence the consumers’ purchase decisions.

• By differentiating your products and services

IP protection can assist you in having your business’s products and services identified by the consumers. This enables you to differentiate your business over other businesses and subsequently to draw in potential consumers.

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact us through our website or by sending us an email at marketing@globalserve.com.cy or phani@globalserve.com.cy 

The post Benefits from Intellectual Property protection appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

Από την 1^η Ιανουαρίου 2019, αυξάνονται οι εισφορές Κοινωνικών Ασφαλίσεων από 7,8% σε 8.3% για εργοδότες και εργοδοτούμενους και η αύξηση θα ισχύει για τα επόμενα πέντε χρόνια.

Οι εισφορές αυξάνονται και για τους ατοεργοδοτούμενους κατά 1% και διαμορφώνεται από 14,6% σε 15,6% . Στην κατηγορία αυτή ισχύουν κλίμακες οι οποίες διαμορφώνονται αναλόγως του κλάδου.

Σημείωση 1: Το Ταμείο Κοινωνικής Συνοχής υπολογίζεται επί των συνολικών αποδοχών και δεν έχει ανώτατο επίπεδο.

Σημείωση 2: Από την 1η Ιανουαρίου 2019, το ανώτατο ποσό που ισχύει για τους σκοπούς της Εισφοράς Κοινωνικής Ασφάλισης είναι €54.648 ανά έτος για τους μηνιαίους μισθωτούς, €54.652 ανά έτος για εβδομαδιαίως καταβαλλόμενους υπαλλήλους, €4.554 το μήνα για έμμισθους μισθωτούς και €1.051 ανά εβδομάδα για εβδομαδιαίως καταβαλλόμενους υπαλλήλους.

The post Social Insurance Contribution Tax is increased appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

Αll Cyprus companies regardless if they are dormant or not, have an obligation to prepare and file audited financial statements to both the Registrar of Companies and the Tax Authorities. All companies to be up to date and in good standing should prepare and file Financial statements until 2018. Companies that were incorporated in the second half of 2018 will prepare financial statements together with 2019.
To be able to proceed, we need you to send us all the documents of the company to complete the bookkeeping and send them for audit and the preparation of the financial statements of 2018, until the end of February 2019.

*For OPERATING COMPANIES, we need all sales invoices, purchases invoices, expenses, bank statements for all bank accounts in Cyprus and abroad, Contracts loan agreements and any other documents you might have.

*For HOLDING COMPANIES, we need copies of the bank statements for all bank accounts in Cyprus and abroad, share purchase agreements for newly acquired investments, loan contracts, and any other documents you might have.

*For DORMANT COMPANIES (ONLY SHARE CAPITAL), we need you to confirm that the company did not have any activities or investments during the year.

For more information please contact Mr. Antonis Antoniou antonis@globalserve.com.cy

The post Financial statements for 2018 must be prepared for Cyprus Companies appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

All Cyprus VAT registered companies belong to a different VAT category depending on their business activities.
VAT categories are the below:

• A Trading Activities
• B Construction Activities
• C Provision of Services

VAT Deadlines are:

** If the submission deadline falls on weekend or public holiday then the application deadline is automatically extended to the next business day

What are the Cyprus VAT rates?

–  Standard rate of VAT: 19%

– Reduced rate to 9%

–  The reduced rate of 5% remains unchanged

Contact us for further information at Antonis@globalserve.com.cy

or call us at 00357 25 817181

The post What are the VAT deadlines for 2019? appeared first on Globalserve - Cyprus Company Formation - бизнес на кипре.

Google pays 50 million euro as a penalty for infringement of GDPR principles:

transparency, information and consent 

Following an inspection of Google LLC, the restricted committee of the French Commission Nationale de l’Informatique et des Libertés (hereinafter referred to as the “CNIL”) decided that there are two types of breaches of the French Data Protection Act and the General Data Protection Regulation (“GDPR”) by Google LLC and imposed a penalty of 50 million euro. The two types of breaches are the following:

1. Violation of transparency and information

The first breach concerns the violation of the obligations of transparency and information. It is decided that the information provided by Google LLC is not easily accessible for its users and that some information is confusing and incomplete. It is further decided that the use of data and the purposes of processing are vaguely explained to the users and users cannot fully understand the extent of the processing carried out by Google LLC.

2. Violation of the obligation to have a legal basis for ads personalization processing

The second breach is related to the legal basis of consent.  The CNIL’s restricted committee decided that the consent obtained by Google LLC to process data for ads personalization purposes is not validly obtained as “consent is neither specific or unambiguous”. It is further explained that the GDPR provides that consent is specific only if it is given distinctly for each purpose and this does not apply in Google LLC’s case.

Measures to be taken in order to comply

In view of the above, companies should take all necessary steps to comply with the GDPR as the national data protection commissions all over the European Economic Area have started to impose penalties. It is expected that other national data protection commissions will follow CNIL’s example of imposing extremely high fines soon. As an outcome from the CNIL’s decision, companies are advised to:

• Enable users to have easy access to their data
• Be specific when stating what data is being collected and how it is to be used
• Provide users with clear, easily accessed and easy to read data
• Do not use catch-all boxes such as “I agree to Terms of Service” and “I agree to the processing of my information as described above and further explained in the Privacy Policy”

The above-mentioned measures cannot of course guarantee full compliance with the GDPR. Complying with the GDPR is an ongoing undertaking; thus there is a series of steps need to be taken so as to acquire full compliance. At GLOBALSERVE, our experts have been providing GDPR compliance services since before the GDPR has entered into force and can assist you on any GDPR-related issue.

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact us through our website or by sending us an email at marketing@globalserve.com.cy

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Introduction

On 1^st of January 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018
(the “Act”), which requires the establishment of adequate “economic substance” for legal entities that fall within its scope, came into force in the British Virgin Islands (“BVI”). Regulations and guidelines which will provide clarifications for the implementation of the Act are going to be issued. However, it is expected that these regulations and guidelines will not be available until March 2019.

To whom it applies

The Act may apply to BVI companies and limited partnerships or foreign companies and limited partnerships which are registered in the BVI, provided that they are tax residence in the BVI and they carry on one of the nine “relevant activities” defined by the Act which are:  banking business, insurance business, fund management business, finance and leasing business, headquarters business, shipping business, holding business, intellectual property business and distribution and service centre business.

 The Act does not apply to legal entities that are tax residents in another jurisdiction which is not included in the EU list of non-cooperative jurisdictions. In these cases the BVI company which is not tax resident of BVI has to disclose its tax residence and provide its tax identification number.

The new economic substance requirements

Depending on the nature and the scale of its “relevant activities”, the legal entity has to show that it manages and directs its business and carries out “core income generating activities” in the BVI. To prove this, the legal entity must have adequate number of suitable qualified employees physically present in the BVI, appropriate physical premises in the BVI and adequate expenditures in the BVI.

Intellectual property businesses requiring the use of specific equipment must additionally show that this equipment is located in the BVI.  

Pure equity holding entities are considered to have adequate economic substance when they comply with their statutory obligations and they have adequate employees and premises in the BVI for holding and where necessary for carrying out the relevant management.

Reporting obligations

The Act also provides for the amendment of the Beneficial Ownership Secure Search System Act 2017, which now requires from legal entities to give information about their tax residency status and activities on an annual basis. In case of non-compliance, the BVI International Tax Authority (“ITA”) may impose criminal and financial sanctions and it may also order strike-off the Registry of the entity.

Automatic notification

The ITA will notify the relevant overseas competent authorities in case a legal entity is found in breach of the economic substance requirements or carries out an intellectual property activity under certain circumstances or claims to be tax resident in a jurisdiction outside the BVI.

Financial period

Pending the issuance of the relevant regulations and guidelines on March, existing entities which fall into the scope of the Act must comply with the economic substance requirements until 30 June 2019 and with the reporting obligations until 30 June 2020.

Conclusion

The content of the present article is intended to provide a general guide to the subject matter. For any questions, please contact us through our website or by sending us an email at marketing@globalserve.com.cy.

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Introduction

A Trust can be a valuable tool for protecting your property especially when the Trust is established in such a favourable jurisdiction as Cyprus. Being extremely flexible, Cyprus International Trust make Cyprus one the best jurisdictions someone may choose to establish a Trust. Consequently, the establishment of Cyprus International Trusts by non-residents is constantly growing.

What is a Trust?

A Trust is an agreement between the Settlor, the Trustee and the Beneficiary by which the Settlor, who is the owner of the property placed under Trust, gives the right to the Trustee to hold the Trust property for the benefit of the Beneficiary. The Trustee has the legal title to the Trust property, whereas the Beneficiary has the beneficial title to the Trust property. The ultimate beneficial owner of the trust property is the Beneficiary. The role of the parties of a Trust is the following:  

• The Settlor is the natural or legal person who creates the trust. As stated above, the Settlor is the owner of the Trust property.

• The Trustee is the legal or natural person who accepts to hold the trust property in his name for the benefit of the Beneficiary, under the terms of the Trust. The Trustee is responsible for the management of the Trust.

• The Beneficiary is an individual, a company or any other entity which receives the benefits of the Trust property. In case of Discretionary Trust, the Settlor can define classes of beneficiaries instead of specifying certain persons or entities.

• The Protector in an individual or a company which is appointed by the Settlor to protect the Trust property. The protector is entitled to control the Trustee but not to intervene in his obligations and undertakings. Appointing of a protector is not compulsory.

The Cyprus International Trust

The International Trusts Law No. 69/92 as amended by Law 20(I)/2012 and Law 98(I)/2013 (the “Law”) created the Cyprus International Trust – a new type of Trust which provides tax planning benefits and asset protection features. For the formation of a Cyprus International Trust, neither the Settlor nor the Beneficiary can be resident of Cyprus – with the exception of charitable trusts – whereas at least one of the Trustees has to be resident of Cyprus. Moreover, the trust property can include all kinds of property anywhere in the world.

Advantages of Cyprus International Trust

• Asset protection: A Trust enables you to protect your assets from risks, claims by governments or creditors, spouses or former spouses and claims in tort or contact occurred because of transactions entered by the previous owner of the Trust property.

• Difficulty to be void/voidable: It is very difficult for a Trust to be ruled to be void or voidable as the claimant has to satisfy the Court that the Trust was made with intention to defraud the creditors of the Settlor at the time when the payment or transfer of assets was made and such an action must be brought no later than two years after the transfer.

• Protection against all inheritance laws: Inheritance or succession law applicable in Cyprus or any other country cannot in any way affect the validity of the Cyprus International Trust or any transfer or disposition of the Trust Property.

• Tax benefits: Income, gains and profits from non-Cyprus sources are exempt from taxes in Cyprus. Dividends, interests or royalties received by a Cyprus International Trust from a Cyprus company are not taxable and not subject to any withholding tax. Furthermore, there is no estate duty or inheritance tax.

• Protection for groups of companies: A Trust enables you to maintain your business as an entity by having a group of companies under a Trust. This is the reason why Cyprus International Trust is very often used as holding investment vehicle for a group of companies.

• Reservation of Powers: The Settlor can reserve the powers to himself as per the Trust instrument, including but not limited to his power to revoke, vary or amend the terms of a trust, to appoint or remove any Trustee, Protector or Beneficiary and to give directions to the Trustee. The Settlor can also act as the Protector or Enforcer of the Trust.

• Ability of the Settlor to give instructions: Further to the reserved powers as above, the Settlor is also entitled to give guidance to the
  Trustee on how he manages the Trust by drafting and providing the Trustee with a Letter of Wishes.

• Confidentiality: The trustee owes duty of confidentiality to the Settlor and to the Beneficiaries. Any information or documentation of the Trust may only be disclosed subject to a Court Order. Only the name of the Trust, the date of its settlement and the trustee’s name are disclosed to the relevant supervisory authorities of Cyprus.

• Information not accessible to general public: Under the 5^th EU Anti-Money Laundering Directive which must be adopted to Cyprus national law by the 20^th of January 2020 the latest, beneficial ownership information will be accessible to general public with the exception of trusts; in order to obtain information about a Trust someone has to first demonstrate a legitimate interest.

• Duration of Trust: As an outcome of the amendment of the Law in 2012, Cyprus International Trusts can be established with unlimited duration.

• Other important benefits: Following the formation of the Trust, the beneficiary or the settlor can become residents and an International Cyprus Trust may be redomiciled to another jurisdiction.

The content of the present article is intended to provide a general guide to the subject matter. For more information, please contact us through our website or by sending us an email at marketing@globalserve.com.cy or phani@globalserve.com.cy

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