Cyprus is now emerging as one of the top places for international businesses to bring their business. There are a variety of things that make Cyprus so popular for bringing work including many wonderful incentives for businesses that are established there.
There are approximately 100,000 foreign companies which are currently investing in the area. This number has been on the rise for the past decade and shows no sign of slowing down. These numbers alone attest to the fact that Cyprus is an excellent place to bring an international business, or to offshore parts of other businesses.
If you’re looking for a good place for an offshore company of your own, then Cyprus should be high on your list of potential locations. There are dozens of great reasons to choose Cyprus over other locations. The following are just a few of the biggest reasons why so many companies are bringing their business here.
- Local Tax Benefits – Cyprus offers a very competitive tax system that allows your company to keep far more of your profits than virtually any other location in the world. This will help you boost your return on investment almost immediately.
- International Tax Benefits – In addition to having a lower tax base from the country where your business is located, Cyprus enjoys lower tariffs and fees than many other places.
- Business Friendly Environment – The Cyprus government appreciates the fact that when a new business opens their doors in this country, they are bringing with them not only new jobs but also additional money. With this in mind the laws in Cyprus have been written to make it as easy as possible for new companies to move here.
- Regulations – The business regulations in Cyprus are widely considered to be fair to both the employees and the employers. Everything from the way taxes are withheld from pay to the reporting and environmental regulations are designed to help attract businesses. The regulations are strict enough, however, to ensure that there aren’t the safety and abuse problems employers face when outsourcing to many other countries.
- Lowest Corporate Taxes in Europe – Cyprus has a corporate tax rate of just 10% which is significantly lower than any other country in Europe. Another benefit is that unlike many other countries, these taxes aren’t going to be changing from year to year. The government officials in Cyprus recognize that businesses require stability in order to be successful so they do all they can to give them that benefit.
- Outsourcing to European Country – Many companies have found that while they can save money outsourcing their business to countries like China and Singapore, that decision also brings many problems. From the bad press of sending jobs to these locations to the language barriers, this is often not worth the hassle. When you outsource jobs to a country like Cyprus that is in Europe you can avoid these problems and still get all the benefits of cheaper labor, better taxes and lower regulations.
There are many other great benefits when you offshore companies in Cyprus. If you’ve never considered it before, make sure to add Cyprus to your list of great countries to move to. As the growing number of companies that have already made the move will attest, Cyprus offers the perfect combination of lower taxes, regulations and wages with all the resources and skilled employees you’ll need. Give it a try, you won’t regret it.
Crista is a high ranking official in one of Cyprus’ best known companies. She has served in a variety of key positions including Senior Manager and Vice President for Legal Affairs.