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Starting a Business in Cyprus

Starting a business in Cyprus is not complicated with the help of our lawyers. At https://www.lawyers-cyprus.com/ you can find out more information on us. ___________________________________________________________________ Foreign investors in Cyprus Cyprus is a very appealing investment destination for foreign entrepreneurs thanks to its membership to the European Union and to the residency by investment program. Foreign investors can set up operations in Cyprus under various business forms through which are quite easy to register. Types of companies in Cyprus The following types of companies can be used by those who want to start businesses in Cyprus: • the sole proprietorship, • the partnership, • the limited liability company, • the branch and the subsidiary for foreign corporations. Business registration steps in Cyprus The following steps need to be completed when opening a business in Cyprus: • trading name reservation, • Articles of Association drafting and notarization, • corporate bank account opening, • company officers’ appointment, • documents filing with the Trade Register, • tax and VAT registration, • business licensing. Hiring personnel in Cyprus One of the important steps when opening a business in Cyprus is related to hiring staff. The procedure must be completed in accordance with the Employment Law which can be explained by our lawyers in Cyprus. Business creation costs in Cyprus When opening a business in Cyprus, there are several costs that need to be considered. Among these are the business registration, the annual maintenance and the accounting fees. Completing operations in Cyprus Foreign investors who come to Cyprus can conduct various activities through small companies or large entities such as holding companies. The decision should be made by the investor prior to opening the Cyprus-based business. Why set up a business in Cyprus Cyprus is a very appealing destination thanks to its geographical location which makes it one of the most important trading hubs in Europe. Cyprus’ taxation system which has one of the lowest corporate tax rates in the EU and the tax incentives offered by the government are also reasons to choose this country. Assistance in opening a business in Cyprus If you want to open a business in Cyprus and need help with the legal procedures, our lawyers are at your service. Our law firm in Cyprus can also handle the registration process of a company based on a power of attorney.