Be it its sophisticated infrastructure, highly skilled workforce or favourable tax system, both Limassol and Cyprus has a lot to offer for business. However, navigating through any regulatory environment can be challenging without the right local help, which is why Live In Properties is by your side, throughout the entire process.
Cyprus has a modern, free market economy based on services that provides international investors and national companies with the confidence to invest, grow and progress. The tertiary service sector within Limassol is considered as the backbone of the Cyprus economy and, with a high per capita income, the consumer market is especially strong, as well as the property market which is soaring.
The high level of consumption and great GDP have not affected the costs of doing business in Cyprus, which offers one of the lowest costs in the EU to start and operate a business. Just to reiterate this fact, as it is often unknown to investors. Cyprus, is indeed, one of the cheapest places in Europe to administer and manage a business. At present, there are a large number of multinational companies and international banking units in looking to invest or have already set up bases in Cyprus, further reinforcing the productive and positive nature of the national economy.
For any business to be successful, it needs the support and assistance for both staffing and also professional/personal property.
Starting a company in Limassol or Cyprus
Despite other countries having extensive bureaucracy, in Limassol or Cyprus it can be done in simple procedures – to start a business. First, businesses must get initial approval from the Business Registry. A statute must then be prepared and submitted to the Department of Business Registration and Business Administration, before taxes can be registered with the Ministry of Commerce, VAT with the Ministry of Finance, and social security contributions with the Ministry of Labor. A much simpler way to get your business up and running.
Take care of Cyprus building permits
In Cyprus, property considerations can be time-consuming and expensive. Favourable time periods to obtain building permits are available. Although only a few procedures need to be completed throughout the process.
Cyprus Property registration
Cyprus managed to enter the list of the top 100 countries in the world thanks to its ease of registering property, ranked 99 by the World Bank and IFC. First, a lawyer must manage the legal aspects before submitting a contract to the Land and Cadastre Department, paying all taxes, and submitting a transfer statement to the Land Registry – standard process, delivered with ease.
The World Bank and IFC rank Cyprus among the top 40 economies in the world for investor protection, thanks to its strong performance and on point indicators such as transparency indices and ease of shareholder lawsuits.
Excellent Tax Across Cyprus
Cyprus simply carries a lower tax rate in comparison to other European nations, with a distinct level of privacy. While also being competitive in the amount of time it takes to process those payments.
Marketing in other countries
As an islandic economy, Cyprus manages to keep a low cost to trade with other countries. Imports and exports take less than a week, several documents are signed each time, and the shipment is complete.
Overall, Cyprus is a great investment opportunity. And Limassol is currently booming, with cranes along the beachfront building new resorts, marina’s, modern offices, luxury villa’s and penthouses… as well as the new largest casino resort in Europe.