Business in Cyprus

Business in Cyprus

 Unlock Cyprus Business Opportunities: A Primer Cyprus, a small island with a stable modern economy, offers diverse business prospects. With its low corporate tax rate, investment opportunities, minimal bureaucracy, and supportive state policies, it's an attractive destination for businesses. Let's delve into the benefits of setting up a company in Cyprus and essential incorporation details. 

Benefits of Cyprus Business Setup:

  1. Low Corporate Tax: Cyprus boasts a 12.5% corporate tax rate, one of Europe's lowest. Added benefits include tax exemptions on securities, dividends, and capital gains.
  2. Investment Opportunities: Cyprus offers diverse sectors for profitable investments, such as banking, shipping, construction, tourism, and insurance.
  3. Minimal Bureaucracy: Compared to continental Europe, Cyprus has less bureaucratic burden, making it easier to operate.
  4. State Support: Cyprus provides attractive tax benefits and deductions, fostering a business-friendly environment.
  5. Skilled Workforce: Over 70% of the population speaks English, with a strong pool of skilled professionals.
  6. Quality Residency: Cyprus ranks high for lifestyle, with low living costs and crime rates, making it an appealing place to live.

Incorporation Details:
  • Companies must register with the Department of Registrar of Companies, following the Cyprus Company Law.
  • Different company types include private limited liability by shares, public limited liability by shares, limited liability by guarantee (with or without share capital), and variable capital investment companies.

Incorporation Process:
  1. Name Approval: Submit an application for company name approval, taking around 2 to 7 days.
  2. Document Submission: Prepare and submit corporate documents, Articles, and Memorandum, accompanied by a lawyer's statement.
  3. Certificate Issuance: Upon approval, receive a certificate of incorporation and company documents.
  4. Post-Incorporation: Register with the tax service, obtain a Taxpayer Identification Number, and potentially a VAT number. Register with the Ministry of Labour, Welfare, and Social Insurance if hiring employees.

Total Cost of Incorporation: Approximately 900 EUR (government fees). Our Services: Our experienced team offers comprehensive legal support for local and international clients. We provide consultations on effective company structures, document preparation and submission, tax consulting, and accounting services. For seamless business setup in Cyprus, partner with us.