Establishing a business or opening a business branch in Cyprus has attracted the attention of smart investors in recent years. Cyprus offers many advantages, especially tax exemptions. If you are a business owner or are going to start a new business, we’re here to share the main advantages of owning a business in Cyprus.
1. International Prestige
Cyprus is integrated into the global trade network and hosts a significant amount of commercial traffic. Although Cyprus is small, it’s an important economic power. Global companies, especially in the finance and digital sectors, open branches or companies in Cyprus regularly. The reason for this is that it offers easy access to European and world trade. Having international prestige is at the top of the list of advantages of opening a business in Cyprus. Cyprus is a prestigious location with solid commercial importance.
2. Low Bureaucracy
One of all business owners’ biggest gripes is to do with paperwork. Many complain about the amount of time and effort that goes into every transaction - to the extent that it is off-putting for starting and maintaining a remote business. The bureaucracy and paperwork involved in starting a business pose the biggest challenge to many business owners. But Cyprus has fully embraced the liberal state system and it’s working extremely well, to the advantage of entrepreneurs and intrepid business owners. The influence of the public authority on commercial activities is effective but low. Things do tend to go smoothly when it comes to processes and procedures - one of the great advantages of opening a business in Cyprus.
İlayda Birol
3. Remote Management
When you set up a business in Cyprus, you do not have to be in charge of that business. If you wish, you can manage your business from the country you live in or from anywhere in the world. You can easily market your digital products and services or provide consultancy services. Cyprus law doesn’t prevent or obstruct remote management of a business. Very appealing for those who intend to run their business from outside the country.
4. Tax Advantage
Of course, this is the most important part of our list of advantages of opening a business in Cyprus! The tax exemption granted to companies established in Cyprus is the main reason why investors prefer Cyprus. In almost every country in the world, there are serious tax cuts for companies. However, in a business you will establish in Cyprus, you will not pay tax if you make your sales outside of Cyprus. Income tax and VAT are not applied to these sales. Therefore, it is possible to trade at zero tax level.
Sinan Elver
5. Remote banking
If you have established a company in Cyprus, your business needs a business bank account. With wamo you can easily open a business account in Cyprus without going to Cyprus - in just 10 minutes!
