With the most favorable tax system in the EU and its perfect strategic location, there are plenty of reasons to do business in Cyprus. Cyprus might once have had a reputation as a tax haven however this is inaccurate, and whilst there are many advantages to doing business in Cyprus, Cyprus remains a reputable international financial center.Here are Three Tips for Doing Business in Cyprus:
Consider seeking the help of Cyprus company services. By looking online you’ll be able to find consultants who specialize in helping businesses reach out into Cyprus. They will offer all kinds of services such as accounting, tax planning and services, business plans, trust formation and they will be able to help you obtain your Cyprus investment firm licence.
It is important that you are doing business in Cyprus for the right reasons. Yes there is a favorable tax system, and you can expect the lowest corporation tax in the EU. However, there is a sophisticated legal system (based on the UK system) and so everything needs to be above board and well accounted for.
If you’re doing business in Cyprus for the first time you’ll notice a pleasing similarity between the UK system. You’ll have to register a company name and get approval from the registrar of companies, a bit like companies house. Of course there will be some idiosyncrasies and so this is another reason to seek the help of corporate services who know Cyprus intimately.
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