To start a new business in a foreign country needs proper planning and adequate capital. Cyprus is a member of the EU, so for other EU citizens, there is no restriction for people who want to be a self-employed person or start a business in Cyprus.
Why do companies set up in Cyprus?
The main reason why Cyprus has become a great attraction as a business location is the business-friendly tax system that offers many advantages to companies that are based in the country. The key benefit of a resident corporation is the uniform 12.5% corporate tax rate which is one of lowest in Europe.
What counts as being resident in Cyprus?
To become a Cyprus tax resident on the basis of the “60-day rule” the individual must meet all of the following conditions: Remain in Cyprus for at least 60 days during the tax year in question; and. Do not reside in any other single state for a period exceeding 183 days; and.
How do I set up a limited company in Cyprus?
The following steps must be completed in order to open an LTD in Cyprus:
- reserve a trading name (the shareholders must make sure the name is unique);
- draft the incorporation documents;
- set up the corporate bank account and deposit the share capital;
- file the documents with the Companies Register;
What is a good business to start in Cyprus?
Top 10 Small Business Investment Opportunities in Cyprus
- Construction Company.
- Property Rental Business.
- Educational Consultancy Services.
- Clearing and Forwarding Business.
- Travels and Tours Company.
- Transportation Business.
- Auto Mechanic Workshop.
- Web Design and Web Hosting Business.
How long does it take to get residency in Cyprus?
over 5 years, you will be eligible for permanent residency and a 10-year renewable residency document (MUKW3) less than 5 years, you will be eligible for a document with 5 years validity (MUKW1) non EU family members will be eligible for a MUKW2 document.
