Cyprus

Why Cyprus?

There are several factors that have established Cyprus as one of the most attractive places for business. Cyprus is the ideal place for the registration of a Company due to the political stability of the island, almost with most important countries there is a Double Tax Treaty agreement, fast growing economy and the high standard of living.CYPRUS

Particularly, Cyprus has been a member of the European Union since the 1st of May 2004. As a result, several new opportunities for business became available in the island.

The highly skilled and professional workforce contributes to the country’s growing and international reputation as a business center.

The simple administrative procedures and the high competitive level of fees are considered major advantages in choosing Cyprus for business activities.

Finally, compliance with European Union laws, Code of Conduit of Business Taxation and common Law Business has established Cyprus as an ideal reputable international financial center.

General Information

Population

Located at the crossroads of three continents Europe, Africa and Asia, Cyprus is the third largest island in the Mediterranean with a strategic location. The population in the Government controlled area is estimated at 850.000 according to data from the Statistical Service of the Ministry of Finance.

Political structure 

In Cyprus there is a presidential system of government according to which the President is the head of the state and is elected every five years. The Council of Ministers whose members are appointed by the president is the executive power of the island while the House of Representatives is the legislative body of the island. The legal system of Cyprus is mainly based on English law. Apart from the European Union, Cyprus is a member of the United Nations, the Commonwealth and the Council of Europe.

Currency

The euro was introduced as the official currency of Cyprus since 1st January 2008 after the Republic of Cyprus became a member of the European Monetary Union.

Bank system

The banking system in Cyprus is consisted of the Central Bank of Cyprus, other local banks and international financial institutions.

Company law

The companies in Cyprus are regulated by the Cyprus Companies Law Cap.113 which after several revisions is now compatible with the European company law directives.

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