Main Reasons to Establish a Company in Cyprus
Cyprus is mostly known as a tourist destination. However, there is also a business side to it, as many investors choose it to open companies because of the favorable taxation system. Apart from its low corporate tax rate, there are a few…
Cyprus is mostly known as a tourist destination. However, there is also a business side to it, as many investors choose it to open companies because of the favorable taxation system. Apart from its low corporate tax rate, there are a few more reasons why you should choose it if you are looking for a country to launch a business in, as you will read below.
The prolific business environment sustained by the government
To thrive, a company needs a good environment to operate in. This is what Cyprus offers:
- a stable economy;
- strong legislation based on the English common law system;
- access to professional services;
- diversified workforce, made up of local and foreign employees;
- English as an official language.
These are all key points that will enable you to carry out various activities through a domestic or foreign company with a local presence.
Quick company setup procedure
Since we mentioned that you can operate through a domestic business or set up a local presence for a foreign company, it is useful to know that you can establish:
- private and public companies;
- partnerships;
- sole proprietorships;
- branches and subsidiaries.
This means that you can choose the most appropriate form for your business. As for the registration procedure, it is simple to complete. However, BridgeWest Cyprus can offer all the details on how to form a company in Cyprus, as well as see you through the setup process.
Other benefits of operating a company from Cyprus include full foreign ownership and reduced bureaucracy.
EU market access
Without a doubt, being an EU member state comes with numerous advantages for any country. This is also the case of Cyprus, so if you decide to start a business here, you will gain access to a consumer market of more than 500 million clients. Another advantage is that in most cases, no additional formalities are required to enter other EU states. Where such requirements are in place, the authorization is often simple to obtain.
A great banking system
A country’s banking system and services are important not only for international, but also for local trade. Cyprus offers just that: a strong and reliable financial sector with access to national and international banks, where you can:
