Useful information

With effect from 1st January 2016, the insurance business in the Republic of Cyprus is regulated and conducted in accordance with the EU legislation and regulatory requirements pertaining to Solvency II Directive 2009/138/EC, which was transposed into local law in April 2016.

All insurance and reinsurance companies registered in the Republic of Cyprus are licensed and operate under the strict supervision of the Superintendent of Insurance who is at the same time the Head of Insurance Companies Control Service, but are also regulated under the European Supervisory Authority (European Insurance and Occupational Pensions Authority (EIOPA) — regulating body for all European companies.

KLPP can be found at Register of Insurance Undertakings of EIOPA here.

The Company fully complies with all the regulatory requirements applicable to it as referred to above.

All Financial and Quantitative reports at the form established for insurance /reinsurance European undertakings and according to the stated schedule are presented by the Company to the Superintendent of Insurance and to the   Central Bank of Cyprus.

For more detailed information in respect of legislation please use the following links:

EU Regulations

 

EU Directives

 

All companies in Cyprus are registered in the form of limited liability companies in accordance with the Cyprus Companies Law, Cap.113. An overall tax reform of the Cyprus tax laws took place in 2002 in order to conform with EU and OECD requirements, whereby the same corporation tax rate became applicable to all Cyprus companies and as such, international business companies no longer enjoyed a preferential tax treatment.

It is very important to point out that Cyprus is not an offshore tax haven but rather it is a credible EU jurisdiction. Cyprus is a competitive financial centre that offers various company formation advantages, primarily by being an ideal platform for investments and growth, particularly in the EU and EMEA region, as well as by offering efficient corporate taxation solutions. Cyprus companies are treated as onshore enjoying the benefits (such as in legal structure and taxation) of Cyprus as well as interrelated benefits with other European Union companies and markets, i.e. a Cyprus company is also an EU company. Finally, Cyprus complies with all EU directives and is on the OECD white list of territories conforming with international best tax practices.

The particulars of the Company such as the incorporation date, shareholders, board of directors, secretary, registered office and other are available for public inspection at the Cyprus Registrar of Companies.

Financial reports are prepared and presented accordingly to the EU regulations, requirements and timeframes.


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