Nowadays, opening a business in Cyprus seems to be more appealing to several people. Yes, of course, the reasons are quite obvious. Firstly, Cyprus gives you a warmer Mediterranean climate. We can a slow-paced lifestyle here. And finally, the country reports a low crime rates. Above all, the world language “English” is known to almost everyone there. Undoubtedly, Cyprus is a hot spot for conducting businesses abroad. To open a business in Cyprus, you must learn how to get Cyprus passport as the first step. Then, read the following article to know about the essentials here…
Conduct Extensive Research:
So, you know how to get a passport to Cyprus. Now, what? You must conduct an extensive research about the place, its history, culture, demographics, and business settings. In this line, as Cyprus has become a part of the European Union, all the EU citizens are free to open a business or carry out a self-employment here. As such, these people don’t require a local partner or a minimum investment to start a business here. So, if you are an EU citizen from another country, you are good to go! However, I would ask you to make sure about the business regulations before stepping foot.
Select a Name and Register:
As a first step, you will have to select a proper, as well as distinctive name, which you can check at the “Registrar of Companies”. Then, you must submit it to the “Registrar” for approval. After you have been granted the name, the articles of association must be prepared. Then, your incorporation process will continue with your submission of the registration files. These would include the following essential things:
- Articles of Association
- Appointment statements for the secretary and the director
- Registered office
- Lawyer statement
If the registration is successful, you would receive the following certificates:
- Registered Office
Once this process is over, you will receive a unique tax number along with a VAT. Remember, opening a business in Cyprus is said to be one of the easiest as the entire process is quick. The whole process will not take more than ten days. After the successful registration, one must also register his/her business for social contribution at the country’s labor ministry.
Cyprus Business Ideas:
It’s been observed that most businesses that are started by foreigners in the country are associated with catering and leisure activities. The next common businesses include property development and related investments. Overall, the interests of the foreign businessmen lie in the areas of:
- Bed & breakfast
- Property agency
- Translation Bureau
- Language school
No matter what type of business you set up, you must first establish the required infrastructure, which includes the bank accounts, lawyer, and an accountant. This way, you can make sure that you are heading towards the success in your new business.