In the past few years, Cyprus has emerged as a leading business-oriented country in Europe. The country has continued to attract investors from around the world and a number of global companies have set up their European headquarters in the country.
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There are a number of reasons why many businesses are opting to have their companies registered in Cyprus. Some of these reasons are:
Companies prefer countries that have a low tax rate. In such low-tax countries, the company can keep more of their profits instead of giving them to the government. Cyprus has some of the lowest corporate taxes in the European Union. In fact, the corporate tax rate of 12.5% is much lower than the 22% average corporate tax rate around Europe. For consumers, the country’s VAT is just 19%, which is slightly below the average VAT of the EU.
Companies, especially those doing business internationally prefer countries that are strategically located. Cyprus is one of the best-located countries in the world as it is located between three continents Africa, Europe, and Asia. The country has two modern airports and five ports making it easy to access.
Cyprus joined the European Union in 2004. Today, the country uses the euro for transactions. The euro is the second-most powerful currency in the world after the dollar. Further, companies that are incorporated in Cyprus have access to the European Union. The EU has a population of more than 500 million people who have high disposable incomes. This means that your Cyprus companies will have easy access to all these businesses.
Cyprus companies have an access to a rich pool of young people who are well-educated. Indeed, the country has some of the most well-known universities in Europe. Some of them are the University of Nicosia and the University of Cyprus. Therefore, regardless of the industry you are in, you will always get quality professional and technical workers.
The Cypriot government has put in place several business incentives for international businesses. Other than the taxes incentives, the government has put in place additional incentives like the investment passport program. This is a program that gives citizenship to people who invest €2 million in the economy. With this citizenship, the foreigners can travel and do business in any European Union country. Other incentives that the government has put in place are:
Cyprus is one of the European countries that you can experience sunlight for most of the year. This means that your Cyprus registered companies can work throughout the year with no interruption. If you are in the tourism industry, the great weather coupled with the excellent tourism sector has so many opportunities. In fact, the number of tourists visiting Cyprus has been on an increase.
Infrastructure plays an essential role in promoting business opportunities. The Cyprus government has spent millions of dollars to improve the country’s infrastructure. The roads are well-paved, and there are two international airports and five ports. The airports and ports are well-maintained making it easier for Cyprus companies to operate.
There are many business opportunities that are available for Cyprus companies. Here are some of the most common type of companies in Cyprus.
Financial Service Companies in Cyprus
Cyprus is best known for its financial sector. While Cyprus is a small country, it plays an outsized role in the world financial markets. In fact, the country is the headquarter of some of the leading financial investment companies in the forex brokerage, cryptocurrencies, and investment banking sectors. Therefore, if you are looking for a company incorporation for your financial investment business, Cyprus is the best place for you.
In Cyprus, the Cyprus Securities and Exchange Commission (CySEC) monitors all regulated financial investment companies, which is one of the most respected financial regulators in the world.
The Cyprus government has been working hard to promote Cyprus as the ideal tourism destination in the world. In fact, the number of tourists have been on an upward trend for many years. In 2018, the country welcomed more than 3.93 million tourists. This was a 7% increase from a year earlier. In 2012, the number of tourists were just 2.5 million.
There are reasons for this. First, Cyprus is known for its excellent weather as mentioned above. Second, Cyprus has some of the best tourist features like the Paphos archeological sites, Nicosia old city walls, Limassol castle, and Ayia Napa Monastery. In addition, the country is known for its award-winning beaches. In 2018, the Nissi beach was voted as one of the 25 beaches in the world.
While Cyprus has a highly-developed infrastructure, it has a long way to go. In fact, the government has put infrastructural development as the main agenda. There are roads, residential, and commercial projects that need to be done. Therefore, there are many opportunities for construction Cyprus companies.
Cyprus has some of the best-known schools and universities in Europe. However, as the population grows, there is a need for more schools, colleges, and universities in the country. This means that there are opportunities for a company registration Cyprus in the area of education.
As a small country with minimal resources, Cyprus imports most goods from other countries. Most of the goods are imported from countries in the European Union. As a result, the shipping industry has been very vibrant. In fact, there are more than 130 shipping companies registered in the country. Still, there are many opportunities for a company registration Cyprus in the shipping sector.
The Cyprus government has put in place major incentives to attract technology companies in the country. Some of these incentives are related to taxes, intellectual property, and research and development (R&D). There are also many young people who have studied about technology. In fact, many technology companies like Microsoft and IBM have set up bases in Cyprus. Therefore, there are many opportunities for a company registration for technology businesses.
Steps for Company Registration Cyprus
Like in all countries, registering a company takes time and is a complicated process. Therefore, it is always important for foreigners and nationals wanting to register a company in Cyprus to use a good company registration consultant. At Evagoras Anastasiou and Associates LLC, we are the leading Cyprus company formation consultants. Here are the steps you need to take to register a company in Cyprus.
Information needed for company registration Cyprus
The following are the required information to register a company in Cyprus. These documents are:
Provide this information at our firm and an expert of our team will deal with the rest. All required documentation will be prepared and submitted at the Cyprus corporate registry to finalize the incorporation. We will also submit your documents to the required associations.
How long does company registration Cyprus take?
If you have all the information and you are using a good company registration professional, the process of registering a company in Cyprus will be completed within two weeks.
What are the different types of companies that can be registered in Cyprus?
The most common types of companies you can register in Cyprus are sole proprietorship, partnerships, limited liability companies, subsidiaries, and joint ventures. In addition, you can register non-profit organizations in Cyprus.
Where are companies registered in Cyprus?
Cyprus companies are registered at the Cyprus company registry. which is part of the commerce ministry.
Do I need a company registration consultant to register my company in Cyprus?
While you do not need a company registration company in Cyprus, it is highly-recommended that you use one. These companies are expert in the industry and know how its done in a fast and efficient manner.
All you need to do is get in touch with the firm’s representatives who will further assist you in the process of legally registering your company and preparing it for business.
To initiate the process of company registration the following information are required:
– The company’s name
– The company’s purpose
– The company’s capital
– The company’s shareholders
– The total number of shares and their nominal value
– The company’s directors and secretary
– The intended address of the company’s registered office
Contact us by completing this form and one of our firm’s professionals will get in touch with you to further assist you with the registration process.