Why Doing Business in Cyprus

International Business Banking

Why Doing Business in Cyprus

Cyprus, the third largest island in the Mediterranean Sea, is situated at the crossroads of Europe, Asia and Africa and close to the busy trade routes linking Europe with the Arab world and the Middle East.

Cyprus covers a total area of 9251 sq.km. and the estimated population is 850.000 of which 80 per cent are of Greek origin. The island’s time zone is GMT +2 or 7 hours ahead of New York and 7 hours behind Tokyo and therefore enables transactions to be carried out with any part of the world the same day.

Cyprus has an open economy based on a free enterprise system and has enjoyed consistent economic growth during the last decades. It is a member of the United Nations, the Commonwealth, the European Union, Eurozone and the council of Europe.

As measured by relevant socio-economic indicators the standard of living in Cyprus is fairly high and is comparable to European levels. In addition, Cyprus provides pleasant living conditions, at relatively low cost, a low crime rate, pleasant climate and a clean and healthy environment.

Cyprus recognizes the importance of telecommunications and has invested heavily in on this sector. The island may claim to be among the most developed countries in the world. All modern telecommunication services are provided using state-of-the-art technology.

As a result of the high educational level of the population (95% literacy rate) and due to historic and economic links between Cyprus, Britain, Russia and other European countries, legal, accounting, management, computer and other services are of the highest standard. Nearly all international accounting firms are represented in Cyprus either through member firms or associated practices, a fact that ensures international standards in the quality of accounting and audit services.

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Cyprus as an International Business Centre

The reputation Cyprus has as a major international business centre is not only based on its strategic location.

The excellent infrastructure, the advantageous trust legislation, based on English Law as well as low formation and operating costs, create ideal environment for the international business industry.

It offers an excellent centre for the establishment of corporate entities with advantages unparalleled to other jurisdictions.

Cyprus has favourable and business friendly tax environment and has concluded a large number of double tax treaties with 27 countries including Greece, Russia, United Kingdom and China which provide tools and opportunities for optimum tax planning.

Some major fiscal incentives are:

  • International Business Companies enjoying low taxation on corporate profit
  • Legal framework on Trustees/Nominees services
  • Member of the European Union and the Eurozone
  • High standard professional services are widely available (legal, accounting, banking etc)
  • Well educated, high quality, multilingual speaking workforce is widely available
  • Double Tax treaties with various countries

The incorporation of International Business Companies in Cyprus is carried out by accounting and law firms. The following documents are acquired:

  • Memorandum and Articles of Association
  • Certificate of Registration
  • Certificate of Directors and Secretary
  • Certificate of Shareholders
  • Certificate of the company’s registered office

The service providers in Cyprus also offer registration of companies in other jurisdictions.

Documentation may differ depending on the jurisdiction of registration.