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by Foutina
Home / Articles / Бизнес на Кипре

Бизнес на Кипре

The Republic of Cyprus is very loyal to foreign businessmen. Registering a business by a non-resident is a simple task — you will not need a large amount of certificates, permits and other official papers; The tax system in the country is very liberal. The main source of state revenue is the profit from bank credits and loans.

From legal point of view, several features can be highlighted as advantages of doing business in Cyprus:

  • ease of registration of a legal entity;
  • simplicity and transparency of the tax system, low tax rates on profits and repatriation;
  • a company registered here can be used as a source of credit;
  • furthermore, Cyprus is a reputable state in the business sphere. By opening a company under its jurisdiction, you can build and strengthen ties in Europe.

Mentality

Local mentality plays a big part. Acknowledging national mentality’s peculiarities makes it possible to build a more effective business strategy and to avoid various problems arising.

Cypriots are people of a leisurely manner. They never try to fulfill their obligations on time, no matter what. It’s perfectly normal, for example, if you wait 5 hours for food delivery instead of the promised 2. Therefore, a responsible person with continental european mentality has advantages over local ones – the company’s responsibility will become a truly unique feature that will attract many customers.

Just imagine that you have unrestricted access to a sports car in a country where everyone rides horses and simply does not want to learn to drive. Something like this is happening in Cyprus. IT-technologies are rarely used here. Most often they are actively introduced into their business by foreigners. Therefore, in this state you can truly feel the benefits of using the achievements of modern humanity.

Sluggishness of Greek Cypriots  extends to government agencies. Do not expect that you will be given the promised certificate within one day – most likely it will take up to a week. This fact should be taken into account when giving promises to partners and customers.

Most residents of Cyprus do not apply tough competition methods. Having learned about the rival, the company can become more active, begin to promote sales and improve. They prefer to be friends with strong and persistent businessmen – hardly having to deal with tough dumping and other ways to eliminate competitors.

Buying a property

Buying commercial property in Cyprus is not tricky. At large, it does not differ much from the purchasing of a house. The only difference is that the transaction takes place with legal entities that are already registered in Cyprus. That means you first need to arrange the business and only then start looking for the premises.



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