Ease of Doing Business in Cyprus

Ease of Doing Business in Cyprus

Before expanding your business in a foreign country or home country, you need to consider many things before investing. The main focus should beon the parameterswhich you feel will be beneficial for your company/product. Here are the few points you should keep your eyes on:

1) Strategy

2) Cost

3) Capital

4) Openness to start a new business

5) Getting a proper labor market

            6) Getting electricity

            7) Construction permits,

            8) Credits

            9) Giving taxes

           10) Preserve investors

           11) Cross border trade

           12) Implementing contracts

           13) How to deal with insolvency

In terms of company formation in Cyprus, we have provided you the ranking system by the World Bank which will give you all the insights of a company formation in Cyprus. Cyprus has been ranked 57th out of 190 countries in terms of ease of doing business.There is a great opportunity for the investors to get a proper ROI if you invest now in Cyprus.

Here are a few key points on ease of doing business in Cyprus

1.Easy Accessible Market

Cyprus market gives you an opportunity to access all the European Market. With more than 40 European Union trade agreements makes Cyprus a perfect geostrategic place, for all the strategic aspects of your business. Their main currency is Euro which makes Cyprus a place where you can access all the major market with ease.

2.An Easily Accessible Labor Market

They have the youngest workforce in the whole European Union with 73% of all the Cypriots have communication, and the majority is in English. With English as a basic language, you can access labors/employers from all over European nations without any additional requirement of Visa. Also, you can access talents from any other places in the world.

3.A Better Economic Outlook

Cyprus’s GDP growth rate since 2016 has been increased to 2.8% i.e., €17.9 b all due to their well-balanced economic structure. Their economic forecast till now has been very positive. This makes their economy the fastest in the whole European Union. The credit rating agencies have also ranked them really high.

4.Minimal Cost of Doing Business

The office rental rates in Cyprus are the lowest in the whole Europe Union. You can get technical and professional expertise at a very low cost. Their setup fees range from €1200 - €3000. Whereas big law firms can charge you up to €4000. Basically Cyprus govt. charges €350 per year as a special govt. the levy which includes the Advanced Telecommunication Network, which can be easily accessed from both land and sea.

5.A Better Quality Life

Cyprus is known for its soothing climate and breath taking natural scenes. It makes them one among the top 5 safest countries in the world and top 4 retirement destination in the world.

6.Tax Benefits

Cyprus govt. provides tax benefits and incentives to high earning managers and business individuals. Also, they provide deduction and allowances in personal income tax rates for the higher paid individuals. And if you reside in Cyprus for more than 183 days then you will be considered as a taxpayer.

7.Ports and Shipping Industry

Cyprus has got the 3rd largest merchant fleet in the whole European Union. They possess one of the largest maritime clusters in the world. They are considered as one of the most reliable shipping and porting industry in the world.

8.Tourism Industry of Cyprus

Cyprus is recognized for its best climates worldwide. It makes their tourism industry one of the most significant contributors to their GDP. Also, its infrastructure is one of the major contributors to the tourism industry.

Having discussed why Cyprus is considered as one of the best places to do business. Let’s discuss the criteria on which the investment decisions are made before investing in any country.

Investment decisions have to be rested on 4 main pillars. They are-

  1. Sound microeconomic fundamentals.
  2. A competent government.
  3. An efficient, equitable and legal judicial system.
  4. And at last, a predictable fiscal environment.

And Cyprus scores highly on all four terms. Cyprus economic growth offers more economic confidence and security for investment and opportunity and returns. So investment in Cyprus looks like a more viable option for every investor out there.

We here at Business Setup Worldwide provide you with all the details of business setup related queries. If you have any additional questions feel free to contact us.

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