IBCs may be run from Cyprus but none of their objects may be carried out within the island. Such companies can only derive income from activities abroad. They are not allowed to deliver any goods or
services in Cyprus, either to residents or non-residents, or to act
as middle-men for foreign products or as exporters of Cypriot
products.
IBCs may:
- contact each other and deal among themselves,
provided the object of business is confined outside the island
- pay each other from their foreign currency accounts,
provided the goods or services involved are delivered outside the
island.
Those IBCs with common ownership of 50 percent or more may share a
fully fledged office and offer administrative services to each other in Cyprus. If confidentiality is desired, it is
possible to use nominee or trustee shareholders since only their names will appear in the
records kept by the Registrar of Companies.
