This is an interesting fact According to a report from Doing Business, Cyprus scores an average of 92 points when it comes to beginning the business.
Cyprus is a stunning island nation located in the Mediterranean Sea and the third largest island in the region. The climate in Cyprus ranges from mild winters through warm summers. Additionally, a significant portion of the population are foreign.
The advantageous location, the relaxed rules for businesses, as well as lower tax burdens are just a few of the main reasons Cyprus ranks high on the list of foreign investors.
Maybe it’s time to seek assistance from the business relocation services in Cyprus and begin the process of shifting. Are you wondering why?
Let’s look at the seven amazing reasons to relocate your company to Cyprus.
Before you relocate, seek Assistance with Business Relocation Services in Cyprus
No matter if you’re a travel firm or recruitment company, or an individual contractor who is moving your company to Cyprus the business must adhere to local tax laws.
Although setting up and moving your business is simple but taxes can be a pain. Although the Cyprus government is a proponent of and has enacted low tax rates, it’s crucial to adhere to the regulations and not do any illegal acts.
We suggest that you avail consultation services by Access Tax and Accounting. The company is chartered accountants as well as tax advisors, with offices in Cyprus as well as the UK as well as Ireland.
They can aid your company with tax planning and compliance, secretarial and back-office support.
The Advantages in Moving Your Office location to Cyprus
Here are the top five reasons to consider shifting your office to Cyprus.
1. No-hassle Relocation and Rapid Track Businesses Activation Method
If you’re planning to relocate your business to Cyprus and you are looking to relocate your business there, the Fast Track Business Activation (FTBA) procedure can assist you. The objective is to provide efficient and quick solutions to foreign companies who want to start an enterprise or relocate their operations to Cyprus.
You are able to avail the benefits of registration for your company as well as social insurance register, the employer’s registry VAT as well as income tax registration and also the issuing of residence and employment permits for residents of non-EU countries.
The whole process can be completed in just seven days. The primary criteria to be eligible in FTBA are:
- The company must have a physical presence, with operations in the country.
- The business must be able to show an annual turnover of EUR500.000 annually for three of the past five years.
- The business must present the business plan for five years that is reliable that includes the company’s mission as well as its operations and strategy.
2. The lowest corporate tax rates among Europe Union Countries
The second aspect to the business relocation process to Cyprus is the corporate tax rates. Cyprus offers a competitive tax-rate of 12.5 percent, which is among the lowest rate of any other EU countries.
They have an Double Tax Avoidance Agreement (or DTAA that includes more than 60 nations to increase foreign investment. DTAA guarantees that taxpayers and employees are not taxed twice: once in their country of residence and another time to the country they work.
There aren’t any succession taxes and the earnings earned from the sale of stock are tax-free This makes investing more attractive.
The income tax threshold is quite low. Therefore, hiring employees won’t be a major issue. Additionally, the income earned from non-immovable properties that is located in other countries than Cyprus can be exempted from tax on capital gains and estate duty.
If it’s time to move your company, you can do it using one of the relocation services offered in Cyprus.
3. The Widely Spoken English is what makes it ideal
In Cyprus it is not necessary to be concerned about the language barrier. Over 70% of the population is fluent in English. You can see the English spoken language in street signs, advertisements and even on public announcements in the country.
Around 90% of nation’s GDP is derived from the service sector and tourism is the most important sector. Additionally, over half of the people have degrees, making hiring the best talent for your business much easier.
4. Affordable Costs and high standards of living
The affordable cost of living allows you to relocate your company to Cyprus possible.
The country offers the highest quality healthcare and free education until age 15. Additionally the cost of eating out and tuition, renting a home or owning a house is reasonably low when in comparison to other European nations. Telecommunications and transportation services are also reasonably priced.
Furthermore, with around 20% of the population being non-natives and the second-highest proportion of immigrants of the European Union.
5. Your entry into European Markets and Asian Markets
Cyprus is located at the intersection between Europe, Africa, and Asia. Cyprus has a good relationship with European as well as Asian countries.
So, setting up a company in Cyprus can open the door for Asian, European, and African markets. Additionally there isn’t any tax or bureaucratic stress in the country.
6. Low Crime Rates
As per Numbeo Numbeo, The crime rate at 30.93 and the index of safety of 69.07 in Cyprus which is very low according to the agency.
The people of Cyprus are warm and welcoming. They are tolerant of foreigners, which is why 20 percent the population is not Cypriot.
These factors all favor moving your company All of these factors favor relocating your business to Cyprus.
7. Cyprus Laws are Investor-Friendly
The advanced infrastructure of the country along with a stable and stable economy and an open legal system provide security and security for international investment. Cyprus Securities and Exchange Commission (CySec) is an agency of the government that guarantees the protection of investors and development of assets for everyone.
Financial and investment services, including investments.
Foreign investors are protected by the same protections under the constitution that domestic investors enjoy in terms of fundamental rights. The country also provides an appealing tax structure, citizenship through an the investment program, revised banking laws and dividend tax exemption.
If you’re convinced, you can contact any business relocation service in Cyprus and inquire about whether they can help you relocate your company.
We’ve covered seven reasons that are so compelling to move your company to Cyprus. Hope these factors assist you in understanding the reasons and bring you to the next level within your industry. Don’t hesitate to seek assistance with business relocation services in Cyprus to move your business in a hurry.
It’s not easy to run a business. If a government allows and takes the necessary steps to ease the process of doing business is a positive indication.
We are hoping to visit the office of your company in Cyprus in the near future!
- Why do companies relocate into Cyprus?
Cyprus is a business-friendly nation which has an affordable corporate tax at 12.5 percent, and a variety of tax breaks. The high-quality, yet affordable cost of living, the ease of move for businesses, a low-crime rates and opportunities for investment makes it an ideal location to move your company.
- Is Cyprus an ideal place to do business?
Absolutely, Cyprus can be a great place to do business. It is among the most rapidly growing economies, with a modern infrastructure, a large consumption market, and high-demand services-based companies that draw foreign investors.
- Does it make sense to begin your own business with a business in Cyprus?
The process of starting an enterprise in Cyprus is relatively simple thanks to using the Fast Track Business Activation (FTBA) process. This makes the entire process simple and efficient. It involves registering a business as well as knowing what tax rate is applicable, land residency and immigration procedure.Further more checkout the logo design business like colourist logo