Looking for a great location to start your business? Look no further than Cyprus.
This beautiful Mediterranean island is a prime location for entrepreneurs thanks to its low tax rate and a range of business advantages. With so much potential, setting up a business in Cyprus has never been easier.
In this article, we’ll explore the benefits of starting a business in Cyprus and outline the steps you need to take to get started.
Learn more about Cyprus.
The business environment in Cyprus
If you’re considering setting up a business in Cyprus, you’ll be pleased to know that there are many advantages to doing so.
One of the most significant advantages is the low tax rate offered by Cyprus, at just 12.5%! This has made it an attractive destination for international businesses, particularly those in the finance and shipping industries.
Cyprus is the 54th easiest country to conduct business in globally, according to the World Bank’s report. This ranking is a reflection of the streamlined business process in Cyprus. Setting up a business here is a relatively straightforward process, and the government is supportive of entrepreneurs and foreign investors.
Another advantage of starting a Cyprus business is its location. It is situated at the crossroads of Europe, Asia, and Africa. Making it an excellent location for companies with a global outlook. Cyprus has an extensive network of double taxation treaties. This means that companies can benefit from reduced withholding tax rates on their cross-border transactions.
Overall, the business environment in Cyprus is ideal for both domestic and international businesses. Its low tax rate, streamlined business process, strategic location, and educated workforce are just some of the many benefits. In the next section, we will explore the process of setting up a business in Cyprus.
The process of setting up a company in Cyprus
Starting an international business in Cyprus can be a straightforward and hassle-free process. Here are the steps to get started:
Decide on a business structure:
This may include a sole proprietorship, a partnership, a limited liability company, or a public limited company.
Choose a business name:
It’s time to come up with a unique and memorable Cyprus business name. This will require some research to ensure that your name isn’t already in use by another business.
You will need to register your Cyprus business with the Department of Registrar of Companies and Official Receiver. This can be done online and requires some basic information about your business.
Request necessary licences and permits:
Depending on the nature of your business, you may need to obtain relevant licenses and permits.
Open a bank account:
To operate your business, you will need to open a bank account in Cyprus. This will enable you to receive payments and manage your finances more easily.
Request a tax payer identification number:
This is a mandatory requirement for all businesses operating in Cyprus.
Once you have completed all of these steps, you can start hiring employees and begin trading as an official Cyprus business!
How RHJ Accountants can help
With a team based in Cyprus, we have a thorough understanding of the country’s business environment, tax regulations and legal requirements. Making us the perfect partner to help you set up your business in Cyprus.
We offer a range of services, to help make the process hassle-free. Our team work with your closely to understand your business needs, offering guidance and support every step of the way!
Once your business is established in Cyprus, our team of experienced accountants will continue to support you. Ensuring that your business is tax compliant each month and year.
In summary, RHJ Accountants are dedicated to helping you set up and grow your business in Cyprus. Contact us today to arrange a FREE initial consultation!