Entering the Market in Cyprus
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Total Posts: 1 Last post by serviceoffer
hi can anyone tell me who are the best people to approach for information on starting a business up in cyprus. e.g. solicitor, estate agent. ect. i run a business here but want to start one from scratch in cyprus, in the leisure side of things. thanks charlie
Total Posts: 6 Last post by aladjihassan
Why Expand to Cyprus?
Ther is a real potential for expanding a business in Cyprus, including its beautiful climate, the location of the island, the tax regime, a well developed infrastructure and well qualified human resources. Also English is spoken by 90% of the population even though it is primarily Greek in language and culture.
One thing that must be remembered when referring to Cyprus is that the island is divided into two sections. There is the Republic of Cyprus which was established in 1960 and its government is the internationally recognised government of the island. Since 1974 the north part of the island has been occupied and controlled by Turkish troops and is refered to as the Turkish Republic of Northern Cyprus. It is not controlled by the Republic of Cyprus and is not recognised by the UK, EU, UN or any other country apart from Turkey itself. It is important to understand and be aware of the political situation when setting up a business in Cyprus.
Whats the Attractions for UK Businesses?
Well apart from a stunning location, English spoken throughout, they drive on the left and traffic signs are in English, it has a warm Mediterranean climate, the lifestyle if relaxed and they spent a lot of time outside there are various other reasons that attract UK businesses interested in starting a business in Cyprus. The living standard is one of the highest in the EU and unemployment is low. Due to it being an island they rely on heavy on imports and foreign investment. Cyprus is an attractive place for investment as foreign capital has always been among the main objectives for their development policy. Cyprus had a tax reform and was accepted in the EU, making it an even more attractive place for investment. Licensing or incorporating a business in Cyprus is a valuable option.
Road vehicles - With the development of the infrastructure, vehicles are becoming an important sector companies expanding a business in Cyprus may consider.
Power-generating equipment - This can range from solar power, gas or oil equipment.
Machinery - The machinery sector is an important part of the engineering sector
Medicines and pharmaceutical products - With the development of healthcare, medicines and pharmaceutical products
Clothing - With fashion being big business and a large amount of tourists every year, the clothing and footwear section has some real potential.
Food and drink - Food and drink is an ever developing and growing sector.
Environment - Saving the planet and environmental issues are becoming big business throughout the world and developments in Cyprus is no exception.
Tourism - This is the main sector of industry in Cyprus and continues to grow. Expanding a business in Cyprus in this sector can be the winner hands down.
Education - Education is the key to a countries potential economic grow. Opportunities for UK training providers, especially those providing certified vocational courses.
High Technology - Technology is one of the fastest growing industry in the modern world and is worth investing in.
Financial Services - With a growing economy, financial services are an important part of business.
Energy - Although Cyprus relies on imported sources of energy, there is development in eco friendly energy supplies such as solar, after all one thing they have plenty of is sunshine.
Main cities in Cyprus, which are also the best location for starting a business in Cyprus, are:
Challenges Foreign Companies Face
Whatever country you choose to expand your new business venture to there will always be challenges. In setting up a business in Cyprus market research, location research and planning ahead are vital. Cyprus has come along way in order to fit in with EU regulations before joining up with the EU. There are many reasons why you should consider licensing, incorporating or registering a business in Cyprus as long as you have enough research under your belt and understand the local business culture.
Organisations that can assist with Entering the Market
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?
When expanding your business to Cyprus, donít forget to protect your brand. We provide Trademark Registration Services in Cyprus and in the entire European Union.
Need to register a company or setting up a company?
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets
TopSource Worldwide offers a complete range of employer services that allows you to employ and pay people promptly, consistently and compliantly ó locally and internationally to suit your business needs. Our systems and processes are designed to work with your technology, and we bring decades of experience and a track record of success to our operations.