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  • 07th Dec 2018

    Where Work is Leisure: Why to do Business in Nicosia (Cyprus)?

    There is a secret paradise in the Mediterranean Sea where you can relax and bring your business to success at the same time. This is Nicosia, the capital of Cyprus. Check why this location can provide the perfect environment for your goals!

    History is on your side

    The centuries proved the enduring and versatile nature of the island of Cyprus. Having been resided for thousands of years, the piece of land showed development and progress even under the Ottoman empire and the British administration and achieved its current political status in the last century. As the country is currently divided between Turkish and Greek interests, Nicosia, its most important city, is the only capital in the world that is separated into two legislative and authoritative parts. Still, the Brit influence remains prevalent, with 80% of the population mastering English, and with a judicial system that is modeled after that of the UK, so you can have both a piece of the EU (which Cyprus is a member of since 2004) and the United Kingdom in this relatively small country. The common way of communication can make organizing your personal and professional life easier, especially if you already have a postal address or a local phone number by the time you start spreading your wings there.

    An impressive economy by an educated society

    Located in an important strategic point between Asia, Europe, and Africa, the land offers opportunities for the virulent logistics and transportation industries: Egypt, Turkey, Israel, and Lebanon are all in the vicinity. In addition, of course, the country can be proud of its blossoming touristic sector, and also of its general quality of living, as Cyprus has achieved a higher position on recent Human Development Index charts than Qatar, Russia, or the United Arab Emirates. This is already visible in Nicosia, the city that serves as the financial and business center, hosting all the local bank institutes and the headquarters of a high number of international companies like Deloitte, KPMG, or Ernst & Young. With such a background, it is no surprise that the city is the wealthiest in the eastern Mediterranean region and is one of the richest in the world in terms of purchasing power. And even though there is a population of only about 865,000 people, the country has a higher ratio of university graduates in comparison to entire Europe, with about half of all locals between 30 and 34 owning a degree.

    The ideal background for businesses

    As Cyprus was ruled by the Brits, the country’s judicial structure is in close proximity to that of the UK, and since the nation is part of the EU, the laws of the Union are directly reflected in its daily operations. If you have any knowledge of these two fields, then you may enjoy some advantages when navigating among the business regulations of the country. It’s also good to know that setting up a limited company is considered to be cheap and simple (with the administration period being around a few days) and that corporate tax is among the lowest in the EU, with further specific options helping those with a business in the country. You can also enjoy huge advantages as a private entrepreneur or freelancer: you can operate under the tax structure of Cyprus with a non-domiciled status by staying in the country for a minimum of 60 days each year and thus save significant costs with your personal income tax, among many others. Moreover, if you book a virtual office, you will have the opportunity for company incorporation and registration with the authorities as well, so you can manage a big chunk of your operations in Cyprus online in advance.

    The doors are wide open

    There is hardly any country in the EU that welcomes newcomers so warmly as Cyprus, so we recommend giving it a chance if you are thinking about moving your operations abroad. Your business will surely benefit from it, and your personal life will have nothing to complain about either: even if you control your Nicosia virtual office from abroad, if you feel like relaxing, sightseeing or just simply having fun, this sunny paradise will not go anywhere further.

    • The proximity of the EU and the legal influence of the UK
    • The educated, well-off and satisfied society
    • Advantageous taxing for businesses
    • Available virtual offices, with domiciliation on top

    Open a virtual office with us in Nicosia with a real street address, a registered business addressdigitized postal mail managementlocal phone numbers + more from 3,95€/month!

    DISCLOSURE NOTICE: Any legal or tax advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice.

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