The annual renewal fees are the government and professional fees that your company must pay every year in order to maintain the company in good legal standing. Some of these costs are fixed – such as the Cyprus Annual Company Fee (EUR 350), the registered address and secretary fee. Some other fees are variable – for example, the accounting fees and audit fees depend on the volume and complexity of company transactions during the year. Based on the revenue structure of the company, there may or may not be some corporate income tax payable to the Republic of Cyprus (the highest possible tax rate is 12.5%). Of course, all professional fees and charges in respect to the maintenance of your Cyprus company are tax-deductible.