If you are considering creating your startup company in Europe, here are ten reasons why Cyprus is a great destination to do that.
Cyprus is located between three continents – Europe, Africa, and Asia. This positions the country as a major player in the Eastern Mediterranean region in terms of trade, also, as a business and services centre of the region. This allows Cyprus to serve as an exchange point between these three continents, in extension, providing business opportunities and access to diverse markets.
Cyprus has been a coveted investment destination for foreign investors for many decades. It is arguably the leading destination of foreign investment in Europe. This comes as no surprise because the country has one of the easiest and conducive business climates in Europe, tax incentives and several competitive advantages that other countries lack. There are many thriving markets in the country whether you want to participate locally or internationally.
Robust Legal and Regulatory Framework
The legal and regulatory framework is one of the reasons why investors always have their eyes on Cyprus. Generally, startup founders are always looking for places where the government is not over-regulating or slowing down the process of setting up businesses with bureaucracy. If you are looking to create your startup company in Cyprus, get the help of local lawyers or a global law firm like oikonomakislaw.com to help you set up your company within the legal framework of the country.
Legislation for Citizenship
Foreign investors have a great opportunity to take advantage of Cyprus citizenship program by obtaining a Permanent Residence Permit or Cyprus/EU citizenship. The process of obtaining a Resident Permit takes only 3-4 months if all requirements are met. However, the government will carry out rigorous due diligence.
European Union Member State
Cyprus became a member of the EU on 1st of May 2004 and then moved on to adopt the Euro as its currency in 2008. Gaining the EU membership was a vote of confidence for the country. It showed that there is guaranteed stability and safety for local and foreign investors. The best part is that businesses within Cyprus have access to other European Union markets.
As far as infrastructure is concerned, Cyprus has invested heavily in its telecommunications, road, air and shipping transport. The country is filled with modern sophisticated road networks which facilitate easy movement from one part of the country to another. There are two world-class airports located in Larnaca and Paphos which host more than 10 million visitors annually.
Low tax Benefits
Cyprus has one of the lowest business tax rates in Europe, making it a friendly destination for startup companies and foreign investors. This is an important factor to consider.
Efficient Banking and Professional Services
Cyprus boasts of a well-developed banking sector with a large number of certified accountants. Many professionals in Cyprus are multilingual. They speak a combination of European Languages such as English, Turkish, Russian, and Greek. This makes it easy for foreign investors to get access to professional services, legal services, accounting, financial advisory, and management consultancy.
Awesome Working and Living Environment
Cyprus is considered a low-cost society, but it ranks 23rd in the world when it comes to the quality of life. This makes it one of the few countries in Europe where there is a balance between cost and standard of living. This environment makes it suitable for young entrepreneurs to thrive since they are not spending a huge portion of their income to get access to a quality life as is the case in other major cities across the world. It is a safe country, as of 2015 it was ranked the 5th safest country in the world. Cyprus is rich in culture and art, contributing to its lifestyle.
The weather in Cyprus is the icing on the cake. The weather is quite predictable and consistent season after season. When the weather is great it is extremely great. You have hot days and cool nights in the summer, and mild winters. This is why Cyprus is a popular destination for vacation and business.