Starting A Business in Cyprus – What You Need To Know
Starting a business in Cyprus can be the right move whether you are looking to expand your business overseas or you are an entrepreneur looking for new challenges. Like any business, you need to do a lot of research into the history of the country, the culture, people and most importantly, the business environment.
The same applies to starting a business anywhere in the world – it will be counterproductive to pack your bags and head to another country without doing the necessary research. You need to have a full understanding of the way things work so that you will not encounter a series of problems that you could have prepared for. Every country has its regulations when it comes to setting up businesses, especially if you are a foreigner.
As of today, citizens of other EU countries can now start a business in Cyprus without any restrictions, since Cyprus is now a member of the EU. As of today, EU citizens no longer need a local partner and there are no longer investment restrictions, which is a great thing for people who want to start small businesses in the country. There are still strict regulations in place for businesses related to financial services, so if you are looking to launch a financial service in Cyprus, keep this in mind and make necessary preparations to work with the regulations.
Leisure and catering businesses make up the majority of businesses established by foreigners in Cyprus. Also, property development and investment is a popular choice by foreigners. The most common being villas, holiday accommodation, catering, apartment and cottages, bars and restaurants, property agencies, shops, language schools, sports centers including water sports, tennis and golf.
Whichever business you choose to do in Cyprus, ensure that you set up the necessary infrastructure including a bank account, an accountant and lawyer. The reason why you need these infrastructures is to help settle down and meet up with all the requirements of starting a business in Cyprus.
The services of a lawyer or a law firm cannot be overstated, regardless of the size of your business. The local lawyer understands the business climate in the country more than most people that you will meet and is also experienced in the process of business incorporation. This is vital because the lawyer/law firm will walk you through the legal framework for operating a business in Cyprus, and save you from breaking any laws which can shut down your business. If you need legal advice or the services of a lawyer, then you should visit oikonomakislaw.com, where you will have access to lawyers who have experience in helping foreigners start a business in Cyprus.
Cyprus boasts of a modern, service-based, free-market economy making it a viable destination for international investors. The country has a high per capita income which translates to a strong consumer base – an important factor to consider when deciding to start your business in Cyprus.
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