A nominee is usually used when you want to increase your privacy, decrease your visibility, or have someone do something that you cannot do.
It is a legal requirement for Cyprus registered companies to have at least 1 shareholder, 1 director, a secretary and a registered office.
Why should you have nominees?
They can act on your behalf during the initial registration process etc. without you physically being present in the country.
You will be guaranteed full confidentiality or anonymity (although the names of the beneficial owners will need to be disclosed for the purposes of opening the company's bank accounts) but in practice, you will be the beneficial owner of this company. In all cases, beneficial owners are supplied with a trust deed and an instrument of transfer authorising the nominees to hold shares in trust for the undisclosed beneficiaries.
Implementation Of The Nominee Service
Client appoint as a director, secretary or shareholder one of our nominees
We set up the company
The nominee grants power of attorney “when required”
Our Companies nominee director service offers an individual company to be selected as a nominee director. The nominee director will appear on all relevant and corresponding public records at the Companies Registry. Undoubtedly the nominee director will only operate through the clients' instructions and in accordance with the defined terms of Agreement. As the nominee director is legally bound and liable for the operations of the company, the nominee director will only be appointed on the condition that he will be a signatory and/or have access to relevant financial records. Any transactions performed by the nominee director will be upon written, signed instructions.
Cyprus registered companies will need to have at least one shareholder. If the beneficial owners require additional anonymity, then special purpose companies can be used to hold the shares in trust without the names of the beneficial owners being disclosed publicly. If the beneficial owners do not need anonymity, then the shares may be registered in their names.
Cyprus legislation requires the appointment of a secretary for any Cyprus registered companies. However the law does not require the secretary to be a Cypriot nationality or to be a Cypriot resident. It is crucial for the appointed secretary to be conversant with a company’s secretarial obligations in order to facilitate the beneficial owner in fulfilling their legal requirements.
The law of Cyprus Stipulates, any Cyprus registered company must have a registered office in Cyprus. Our nominee services may help fulfil this legal obligation by providing a registered office in Cyprus for our clients firm. The provision of this service benefits any overseas clients who do not process and wish to obtain a physical presence in the Republic of Cyprus. From the strategic view of the matter, it is also beneficial to local existing companies, which do not want to register client companies to their address.
The accounting audit includes independent evaluation of the information found in the company’s financial statements and their transparency. In addition the audit evaluates accounting process and other operations the company is involved in. The audit is required to check if the company’s financial data is correct and trustworthy, and also to evaluate the company itself.
There are basically 2 kinds of audits:
Inside audit services -This process includes the overview and evaluation of the company’s accounting process and financial statements. This is performed by SimplyTrust employees or external service providers.
External audit services - This process includes the overview and evaluation of the company’s accounting process and financial statements. This is done by an independent professional.
Our goal is to offer high quality services, always employing constant quality standards, so you can concentrate on your basic activities with confidence.
While performing our tasks, we will combine the resources of latest technological achievements and the use of highly qualified personnel that ensure the best external financial services. Precise and timely submitted financial data will allow you to plan your cash flow so that your company can highly benefit from the use of current assets.
We understand that each company is different so we are flexible and ready to adapt to each client’s individual needs in order to find the best possible solution for your company.
We provide the following accounting services:
Booking and Accounting
Calculation of taxes e.g. capital gains
Personal Income Tax
Accounting of fixed assets
Development of accounting document organization and its methods
Reports to SRS and other institutions
Representing your interests in state institutions
Other administration assistance services offered by the Group include, but are not limited to
Forwarding of mail
Telephone answering, email, fax services
Provision of rented office space
Handling transit of goods