Why Set Up Your Business in Cyprus?
Did you know that there are more than a hundred thousand businesses that are registered in Cyprus? Yes, you read that right. Cyprus is emerging as a great location for setting up business because of the varied advantages provided by its business and economic environment.
Cyprus, located in the eastern Mediterranean, is an island that is famous for its rich history and beaches. Located near Turkey and Syria, the country is offering great opportunities for new businesses to set up here and grow. There is an extensive range of tax benefits that can be enjoyed in Cyprus. It will be both profit and fun doing business in Cyprus. The country is a member of the European Union and provides a large number of entrepreneurial opportunities for people from all over the world.
Tax Advantages
Cyprus offers the following tax advantages to businesses
- Corporate tax of 12.5%
- There is no tax in profits that comes from selling securities
- There is no tax on dividends that are received or paid out
- There is no tax on profits that come from abroad establishments of business
Communication System
Cyprus has a very advanced communication infrastructure. It offers fast, cheap, high tech and modern communication system to communicate with any country in the world through internet, mobile, landline etc. This makes it very feasible for the companies to run their business cost effectively.
Cyprus is also connected with the rest of the world through state of the art ultra modern airports that connects this country to all major parts of the world. This allows businessmen to travel fuss free and faster to any destination in the world.
Human Resource
Once you set your foot in Cyprus, you will notice yourself the highly qualified and top professionals present in the country. Most of the people of Cyprus have been educated at the top universities in the UK. You will workforce for all kinds of jobs and from all walks of life. Furthermore, the workforce in Cyprus is also less expensive than other countries in Europe. This makes it a great choice for setting up your business. English is the business language in Cyprus, thus communication will not be an issue for you here.
Economic and Political Stability
Unlike other countries in Europe, Cyprus is economically and politically very stable country. The geographic location and time zone also provide an additional advantage of doing business in Cyprus. The set up and maintenance costs are low and the country also has a highly developed banking, legal and accounting sectors. You will also be exempted from the control of foreign exchange.
When making the decision of setting up your business in a new country, it is important to consider all of the factors mentioned above. Cyprus not only offers a supportive business environment but a number of tax advantages for businesses. If you are looking for a country in Europe to set up your business in, Cyprus can be a great choice.
For further information and guidance regarding the procedures for setting up business in Cyprus, send an email to kt@cyprusaccountants.com.cy or visit CYAUSE Audit Services’s Website.
