Why Cyprus to start your business? The startup ecosystem of Cyprus.

If you consider starting a business, relocate your business for any reason such as settling a gateway to Europe or Middle East, Cyprus is a destination than can facilitate the growth of your tech startup or other kind of business.

A Cyprus company offers numerous advantages for startups to consider the country as their base of operations. Cyprus has been a business hub for many, years mainly for tax reasons but also because of the broad range of professional services at the highest standards.

Business Sectors in Cyprus.

Cyprus has multiple competitive advantages, driving and enhancing both traditional and new economic sectors and at the same time improving and enhancing the local business environment. Cyprus has a modern, services-based economy with a very effective regulatory, tax and legal framework offering international entrepreneurs, investors and local businesses the opportunity and security to invest, grow and thrive.

Tourism.

A strong economic sector with a significant contribution to the country’s GDP, continuously growing, recording more than 2.5 mil tourists visiting Cyprus every year. The island has all the prerequisites to further develop this industry and offers great potential for investments in niche areas such as Health & Wellness, Sports, Luxury and Lifestyle. Some of the latest developments include casinos, resorts, golf clubs and athletic tourism facilities.

Energy.

Hydrocarbons discovery in Cyprus’s Exclusive Economic Zone (EEZ) has attracted worldwide interest and significant investments from international energy corporations, such as ExxonMobil, Total, ENI and Noble Energy, as well as renowned international providers operating in the oil and gas auxiliary services sector. The new sector is creating new and exciting prospects for Cyprus to become an energy hub and a service center. Strategies are being developed to exploit the country’s wealth for local needs and export purposes.

Shipping.

Cyprus is one of the largest and widely known shipping centres in the world, offering the only EU approved Tonnage Tax regime with benefits for ship-owning, ship-management and crew management, and home to some of the world’s leading names in the global shipping industry such as the Italian MSC Mediterranean Shipping company. Cyprus is the largest Ship Management Centre in EU and among the top 3 Ship Management Centres globally. It has the 3rd largest merchant fleet in the European Union and the 11th largest fleet worldwide.

Startups. Startup Visa Scheme.

Entrepreneurs from countries outside the European Union (EU), individuals or in a team, are allowed to reside and work in Cyprus in order to setup and operate their startup with a high growth potential, by applying on the Startup Visa Scheme.

Startup in Cyprus.

The Startup Visa can be applied for individuals or a group of people (founders, employees)

Main advantages of the Startup Visa Program. Startup members (founders/employees) are given the below rights.

  • Economic activity and residence in Cyprus for one year, with the possibility of renewal for at least another year.
  • Self-employment or right for employment in the registered Startup company within the Republic
  • Residency in the Republic without any maximum time restrictions, if the newly formed enterprise succeeds
  • Family reunification, if the enterprise succeeds.
  • Future recruitment of specific number of personnel from non-EU countries without the need of approval from the Department of Labour.

The evaluation of the success or not of the company will be performed after two years of operations by the Ministry of Finance.

How SPL Audit can help you succeed.

  • Development of the business plan.
  • Formation of the company and issue of all the relevant documentation.
  • Opening of bank account.
  • Settle of operations office/premises.
  • Tax plan and advisory.
  • Communicate and liaise with the local authorities on behalf of the client.
  • Overview and supervise all the applications and procedures.
  • Advise on business development and operations strategy.
  • Hiring of personnel.
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