An increasing number of people are choosing to settle in Cyprus. With its low crime rate, amazing climate, and high standard of healthcare and education, it’s the ideal place to live and raise a family. It’s also a fantastic location to form a company as creating a company based in Cyprus brings with it many benefits that you may be unaware of. Here we outline just some of those benefits that your business can take advantage of if your company formation takes place within Cyprus…
An ideal location
Cyprus is so well located for business as it offers easy access to a massive range of countries across three continents. Transport links are fantastic here, with sea and air travel being so easy. You’ll have no problems shipping goods or travelling personally for business when you’re based in Cyprus and with a very well established shipping network, logistics are straightforward and cost-effective.
Fantastic tax benefits
The corporation tax rate in Cyprus is one of the lowest in all of the European Union at just 12.5%. In addition, Cyprus has many double tax treaties which means you won’t pay tax on your income twice, both in Cyprus and in your home country. This is quite rare for a low-tax jurisdiction and so offers a rather unique benefit for business owners.
English laws and language prevail
Overseas company formation can become complicated when you aren’t fluent in the native language, making those important conversations difficult and leaving you with the worry that you’re missing something in the small print of the paperwork. This is not a problem with company formation in Cyprus as with Cyprus being a former British colony, nearly everyone speaks perfect English and the legal system follows English Common Law. It is perfectly permissible for all documents to be filed in English.
EU member benefits
Cyprus joined the EU in 2004 and with this membership come many benefits for businesses within Cyprus such as access to a single market for goods and services and increased financial assistance from the EU to Cyprus.
No requirement to reside in Cyprus
To incorporate a company in Cyprus, there only needs to be one shareholder and one director and they need be neither Cypriot by birth nor reside on the island.
Banking is simple and efficient
The banking system in Cyprus is very sophisticated and secure. It’s also very easy to open a bank account in Cyprus and you don’t need to be physically present to do so. The entire process can be easily completed via telephone or online.
Could Cyprus be the perfect choice for the formation of your company?
It’s clear that Cyprus stands head and shoulders over many other countries when it comes to finding the ideal location for your company formation. Are the advantages we’ve outlined above tempting? The lure of Cyprus brings a multitude of businesses to these shores and many even relocate here permanently. For a small island Cyprus certainly has a lot to offer.