Opening a company in Cyprus can be a beneficial decision for several reasons. Cyprus is a member of the European Union, and its strategic location between Europe, Asia, and Africa makes it an ideal business hub. The island has a favourable tax regime and a well-developed legal system, making it an attractive destination for businesses of all sizes and types.
One of the primary advantages of establishing a company in Cyprus is the favorable tax regime. The country’s corporate tax rate is one of the lowest in the EU at 12.5%, making it an attractive destination for businesses looking to reduce their tax burden. Additionally, Cyprus has an extensive network of double taxation treaties with over 60 countries, which can help businesses avoid paying taxes twice on the same income.
Another advantage of setting up a company in Cyprus is the country’s well-developed legal system. Cyprus follows the common law system, which is based on English law, and has a modern and efficient legal system that is in line with EU standards. This can provide businesses with greater confidence in the legal system, making it easier to do business in the country.
Cyprus also offers a high-quality workforce, with a well-educated and multilingual workforce. Many people in Cyprus speak English, which is the language of international business, making communication with clients and suppliers easier.
Finally, Cyprus has a thriving business environment, with a wide range of industries and sectors to choose from. These include finance, shipping, tourism, and technology, among others. Cyprus has a well-developed infrastructure, including modern ports and airports, making it easy to transport goods and services to and from the country.
In conclusion, opening a company in Cyprus can be a beneficial decision for businesses looking to expand into the EU and beyond. With a favourable tax regime, a well-developed legal system, a high-quality workforce, and a thriving business environment, Cyprus offers an attractive destination for businesses of all types and sizes.