Cyprus, a Member State of the European Union, has been an important centre for trade and commerce since antiquity. The small but dynamic country, which joined the Eurozone in 2008, has a long established reputation as a “Centre of Excellence” for international business activities and retains a unique cluster of expertise in various industry segments. The Republic of Cyprus retains its competitive advantages, while at the same time, has been utilizing its economic challenges as a tool to develop the country into an even more efficient and welcoming place to do business and invest in. The benefits and opportunities Cyprus presents to the global business and investment community are tangible and substantial.
Cyprus has become the destination of choice for investors in search of an ideal location for their company headquarters and operational activities. Cyprus, which has a long established reputation as a safe and secure location for commercial and business activities offers plentiful advantages and continues to develop into an ideal hub for doing business between Middle East, Africa, Asia and Europe.
Cyprus, as a services-based economy, offers ease of doing business in a professional environment in the surroundings of a sophisticated culture and advanced quality of life, both for multinationals as well as for small and medium enterprises.
In terms of Foreign Direct Investment, Cyprus demonstrates a solid FDI performance and potential. Foreign inward investment is recognized as a major contributor to the country’s sustainable economic development and social prosperity. In Cyprus, the business realm makes every effort to further enhance the already positive and investor-friendly business operating environment in order to attract even higher investment levels.
Cyprus is located in an ideal geographical position and can act as a hub for investments to Europe and the countries of Middle East, Gulf States, Africa and Asia. Cyprus provides the ideal environment to set up business operations effectively and efficiently. Cyprus can fully cater to your business needs providing services ranging from registering and setting up the company’s operations to managing EU, North African and Middle Eastern and Asian clients very cost-effectively. Cyprus is committed to sustainable growth and economic development. With pristine beaches and enviable weather, Cyprus blends a high quality of life with maximum business benefits, catering for individuals and families.
Motives for foreign companies:
- EU & Eurozone Member State: EU28 Member since May 2004, Economic and Monetary Union Member since January 2008
- Strategic location: Cyprus is Europe’s eastern outpost at the crossroads of three continents –Europe, Africa and Asia- providing a gateway to and from each one of them
- Taxation: Cyprus offers one of the most attractive tax systems in Europe and a network of double taxation agreements with key countries. The country provides a simplified, effective and transparent tax regime that is fully compliant with the EU laws and regulations
- Human Resource: Cyprus has a young, well-educated, skilled and multilingual human capital base as well as a high standard of professional services
- Competitive Costs: Cyprus offers relatively lower operating costs with high quality services, including banking, tax, accounting, auditing, business administration, legal, investment and funds management
- Legal Framework: Cyprus provides an effective transparent regulatory and legal framework based on the Common Law and is fully harmonized with the framework of EU laws and regulations
- Well-developed Infrastructure: State-of-the-art high speed internet connectivity, mobile telecommunications, a modern road network, two international airports in Larnaka and Pafos and two ports in Limassol and Larnaka
- Ease of Doing Business: Cyprus has developed into an international business centre that offers specialized services and rewarding business opportunities catering for the diverse needs of international investors, enhancing the ease of doing business
- Quality of Life: Cyprus offers a wonderful environment with a very comfortable standard of living. Living and working in Cyprus means collaboration with highly qualified professionals with international education combined with fabulous weather, beautiful nature, low stress, art and culture, safety, security, gastronomy and wine, and above all, hospitable people.
- Government Incentives: Incentives include government grants, government guarantees for small and medium enterprise loans, and promotion of e-commerce initiatives, as well as property and job creation incentives. The Government of Cyprus has recently introduced numerous measures in its effort to eliminate unnecessary red tape. Moreover, the Government constantly revises and introduces new incentives for potential investors making the country not only competitive but very attractive for FDI. At the same time, “Invest Cyprus” contributes dynamically and with the necessary flexibility to the effective promotion of Cyprus as an international investment and business centre, as well as assisting all potential investors with any assistance they may require under a “One-Stop Shop” principle.
For further information:
Invest Cyprus website: www.investcyprus.org.cy