One of the latest achievements of Chambersfield Economides Kranos is to receive the award of the Leading Adviser for Cyprus for 2021.

Acquisition International has been a monthly digital business magazine for more than 11 years.

Professionals in more than 170 countries rely on AI’s vital updates on business knowledge.

Each year AI nominates the leading business in different fields, such as Finance, Legal, NPO’s, Audit & Tax, CFO, Businesswoman and others.

For Chambersfield Economides & Kranos is the second time receiving a distinction from Acquisition International.

The first time was in 2019, for its Corporate Excellence and this year is appointed as the Leading Adviser for Cyprus.

More precisely, Chambersfield Economides Kranos is the leading Full-Service Cross-Border Law Firm of the year in Cyprus.

Chambersfield Economides Kranos is an international law firm with a physical presence in more than 9 countries and having offices in Limassol, London, and Singapore.

The legal firm provides a variety of services to international individuals and institutions.

A highly experienced team of professionals undertakes with ethos, professionalism, respect and personal approach, legal and business cases on all legal and corporate services.

The post Cyprus leading adviser appeared first on Chambersfield Economides Kranos.

Article Publication: Forbes Magazine April 2019

Our era is characterized by intense economic, political, social fluctuations, technological changes and complex legal conditions, which, combined with the companies’ activities in an internationalized and fully legislated environment, make the Legal Advisor an important key partner when conducting business.

The Legal Advisor, due to its specialized knowledge of the legal framework, is the most suitable partner, who meets the requirements to provide professional consulting services to the entrepreneurs.

Besides, it is no coincidence that several modern companies cooperate with law firms on a yearly basis to provide legal and advisory services, covering their entire activities range and their legal relationships with customers as well as their employees.

The importance of a Legal Advisor for the businesses is essential, especially in matters such as business’ strategic actions mainly aimed at reducing and minimizing the risks, increasing the activities as well as improving their management and operation.

The Legal Advisor in association with the entrepreneur can design and create the appropriate development conditions by implementing strategies intended to achieve the set goals.

For example, in many cases, our company has been called upon to advise and undertake the formation of strategic prerequisites for:

• Optimizing the company’s organizational structure
• Establishment of subsidiaries in more favorable jurisdictions
• Creating effective strategies for collecting outstanding amounts
• Creating strategies including corporate loan restructuring, for a more efficient management
• Drafting new trade agreements and exploiting business opportunities
• Forming franchise
• Evaluation of investments for further expansion of the existing portfolio as well as liquidation of businesses that harm and negatively affect the viability of the business and significantly increase operating expenses
• Generating strategies for improving asset performance and utilization
• Intellectual Property registration which is considered an intangible asset
• Drafting manuals for actions and procedures to be followed within the company in order to harmonize the business in accordance with:

*  The AML (Anti-Money Laundering) guidelines to prevent and combat money laundering,

*  The guidelines of the European regulation concerning the protection of personal data of European citizens in a global scale. (GDPR)

*  Τhe legal framework governing the jurisdictions in which the companies operate (Legal Audit)

My personal viewpoint is that all strategies of modern businesses must be thoroughly studied and after the proper legal guidance, to be adopted. This is mainly because the corporate and legal framework cannot be easily understood because of specific conceptual terms involved.Every transaction, agreement and operation is considered to follow the legislative framework while the legal advice ensures complete harmonization.

As a lawyer and founder of the international law firm Chambersfield Economides Kranos, I therefore advise entrepreneurs to establish a systematic partnership with a well-established law firm which specializes in corporate, commercial and labor law, has the knowledge and experience in the business, financial and investment sectors and be distinguished and well-established in the domestic and international market.

The post Legal Advisors & Businesses appeared first on Chambersfield Economides Kranos.

Webinar Discussion Follows

Date: Thursday 09^th April 2020 | Time: 10:00am-11:15am

Language: English | Free Participation 

Topics Overview

• General Measures by the government – Registrar of Companies.
• Bank loans
• Tax, Social insurance, VAT
• Employment measures/issues
• Legal – default of agreements/force majeure/contracts/rent.
• The day after?
• Business Crisis Management Service

Viewers are more than welcome to submit their questions at info@eklawyers.com

The Discussion will be hosted by Chambersfield Economides Kranos law firm professionals with expertise on corporate, banking, commercial, tax and employment law.

Speakers:

Michalis Economides | Managing Director | Advocate & Legal Consultant

Louiza Georgiou | Advocate & Legal Consultant

Elena Christofi | Advocate & Legal Consultant

The post Webinar – Live Panel Discussion appeared first on Chambersfield Economides Kranos.

Business nowadays operates in an interconnected world, without any boundaries or limitations to protect brands and companies from the merciless competition. In our era, due to technological breakthroughs, competition is thriving and multi-attacking companies and brands from various channels of communication; therefore entrepreneurs find themselves in the difficult position of searching and finding the most favorable path to follow, for the achievement of economies of scales.

Currently, many entrepreneurs are in the process of searching various ways on how they can maximize their productivity and enhance their profitability by minimizing their operational costs.

One of the main scenarios they examine, due to its endless possibilities, is the reincorporation or re domiciliation of their business activities in favorable markets.

Even thought this practice is very common, entrepreneurs should cautiously consider their options, since this path can be very costly, multifaceted and time consuming.

Consequently, when entrepreneurs decide to pursue this course of action not only do they have to prepare their business plan but they also have to include the nature of activities and purposes of their company and simultaneously proceed with the political, economical, social and technological environment analysis of the target market.

Additionally, they should examine important economical parameters of the targeted country such as the taxation regime scheme, processing time of company formation or re domiciliation and the terms and conditions of the exchange regulations, as well as, the transaction flexibility, assets, personal information protection and requirements for opening corporate bank accounts etc.

In summary, entrepreneurs should thoroughly assess the business law frame work under which their company will operate. Even though various countries are renowned for their favorable tax regime scheme, Cyprus is considered to be one of the most reputable and strongest jurisdictions for many types of company formation, incorporation, trusts and investment offering one of the lowest corporate tax rates in Europe. Cyprus is a country island situated in the Eastern Mediterranean area, at the heart of three continents; Europe, Africa and Asia thus rendering it a favorable choice.

It is a full member of the European Community and completely aligned with the EU regulations.

Its currency is Euro and the official language is Greek while English is spoken by almost everyone and Russian by a significant percentage of the population. In addition, Cyprus has one of the lowest crime rates in the world.

It has an excellent transportation structure and infrastructure that support the entire spectrum of business activities which take place on the island. It has a trustworthy and advanced private banking and medical system. Cypriot people are well mannered and are famous for their hospitality.

The Legal System of Cyprus is based on Common Law.

Its economy operates based upon an open, market driven principle, with favorable tax regimes for the incorporation of companies and investments.

Moreover, Cyprus is characterized by a high per capita income and renowned as a European Union center for foreign investments, offshore businesses and activities.

Also, it is important to note that the Government authorities of Cyprus are promoting heavily the incorporation and foreign investments, as well as, allowing the purchase / ownership of property under favorable conditions.

Consequently, Cyprus Government authorities engage in non – stop negotiations for forming double taxation treaties with non European countries, in order for the Cypriot active companies to enjoy an important competitive advantage.

Currently, Cyprus is an affiliate to more than 50 double taxation treaties based on the OECD including the EU, China, India, Kuwait, Russia, Singapore, Thailand, USA, Azerbaijan, Lebanon, UAE, Georgia and other important hub countries.

Furthermore, other important advantages of Cyprus are the low corporation tax rate, the very short time frame for company registration, as well as, the low annual maintenance fees of corporations.

Cyprus offers one of the lowest corporation tax rates in the EU, which is 12.5%. The time frame for the registration of a new company is very short, approximately 7-9 days.

Hence, Cyprus allows the use of nominee Directors, Secretary and Shareholders therefore there is no obligation of exposure of the Ultimate Beneficial Owner (UBO) in the public Company Registrar Record. Anonymity rights are fully safeguarded and there is no need for the owner to be present during the process of the incorporation or opening of a corporate bank account.

Bank accounts can open between 2 – 5 working days with full online electronic banking and digital pass as well as a debit card. Cyprus is considered to be the most well-known EU country for offshore company formation and Trusts.

The Cyprus International Trusts are exempted from income tax, capital gains tax, special contribution or any other taxes.

Additionally, there is no estate duty or inheritance tax in Cyprus, there is flexibility for relocation, there is no exchange control regulation and trusts can operate internationally with no disposal tax of securities. Thus, there are no withholding taxes on dividend payments, interest or royalties to non residents (subject to conditions).

In addition, the profits from the sale of shares in the stock exchange are tax free, whereas, the losses of a company can be carried forward opposed to future profits for an indefinite period. Besides those very important advantages, Cyprus is also offering the Group relief option, whereby the loss of one company can be covered by the profits of another since both of them are under the Cyprus residential tax scheme.

Moreover, Cyprus Permanent Residence and Cyprus Investment program are considered to be one of the strongest in the world since they provide several significant benefits to the investors, as well as, an advantageous flexibility towards the investors that are reside in non EU member states, which includes, their family members under 18 years old as well.

To sum up, Cyprus tax law is characterized by its simplicity, straight forward approach and effectiveness. Subsequently, entrepreneurs should consider Cyprus as a favorable market for incorporation or re – domiciliation of their business activities, since their companies will enjoy instantly, among other important advantages, low corporate taxation rates and annual maintenance corporation costs.

In addition, entrepreneurs will have the option of forming an offshore company or a trust so as to protect their assets, companies’ strategies and personal information by enjoying a very beneficial taxation regime with no exchange control regulation that would limit international operation.

Justifiably, Cyprus is considered to be an EU Tax Heaven island country. Cyprus companies enjoy safety, stability and flexibility, as well as, overall low tax rates while having the opportunity to trade not only in the EU but in other countries by enjoying the advantages of over 60 double taxation treaties. Cyprus is globally an ideal investment and incorporation gateway, offering to the investors a market right of entry to more than 500 million EU citizens, the Middle East and China.

The post Why Register a Cyprus Company appeared first on Chambersfield Economides Kranos.