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Why Cyprus is the Best Choice for Business in Europe in 2024
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If you are considering the best European countries for starting and running a business, take a look at Cyprus. This rapidly developing Mediterranean island offers exceptional opportunities for entrepreneurs from around the world.
Cyprus is rightfully called “the most convenient jurisdiction for European business.” The Republic of Cyprus is an ideal choice for entrepreneurs due to its unique conditions and advantages. The impeccable business infrastructure creates perfect conditions for growth and development on the international stage.
If you are interested in the procedure for company registration in Cyprus and the taxes for companies in Cyprus, read our article: Cyprus Company Incorporation.
Why It's Profitable to Start Your Business in Cyprus
Cyprus offers all the necessary conditions for the growth and prosperity of your business: from the ease of registration and multilingual business environment to low operational costs and a high standard of living.
1. Minimal Taxation and Financial Benefits
The Cypriot tax system provides numerous advantages for companies and individuals, including the favorable Non-domicile tax status, a low corporate tax rate of 12.5%, a tax-free personal income allowance of €19,500 per year, no taxes on dividends and interest income, and an extensive network of double taxation treaties.
Cyprus also boasts low payroll taxes and minimal social contributions for employees. For instance, employer social contributions in Cyprus are 15.4%, which is significantly lower than in Portugal (23.75%), Italy (29-32%), and Spain (30.40%). This makes Cyprus more attractive for businesses, allowing for reduced operational costs and increased competitiveness.
2. Ease of Business Registration and Operation
You can register a company in Cyprus without being physically present. Modern corporate laws allow all procedures to be conducted remotely, saving you time and resources. This makes Cyprus accessible to entrepreneurs from all over the world.
3. Multilingual Environment and Highly Skilled Professionals
English is widely used in the business sector in Cyprus, eliminating language barriers and facilitating interactions with partners and clients. Cyprus is also renowned for its highly skilled and multilingual workforce, making it easier to hire employees and engage with international clients.
4. Low Business Operating Costs
In Cyprus, you can start a business with minimal costs thanks to economically favorable conditions. Office rental costs, employee expenses, tax contributions, and other operational costs are 15-20% lower than the EU average. This means you can significantly reduce expenses and increase your company’s profits, ensuring more favorable conditions for growth and development.
5. Cyprus is a Great Place to Live and Work
Cyprus offers a high standard of living, making it an attractive place not only for work but also for life. The Mediterranean climate, safe environment, high-quality education, and advanced healthcare system make this island an ideal location. Entrepreneurs can enjoy a unique balance between career growth and personal well-being. Cyprus not only provides opportunities for successful business but also ensures excellent living conditions.
In conclusion, registering a company in Cyprus offers unique opportunities for business and is a highly advantageous decision!
With a transparent tax system and low tax rates, your business can significantly reduce its tax burden and increase profitability. Additionally, economic stability and an attractive business climate create optimal conditions for the growth and expansion of your business in the global market.
Get professional consultation and comprehensive support at all stages of registering your company in Cyprus!
Our expert team of lawyers and consultants at Feod Group in Cyprus provides complete support to clients in all aspects of business registration, including assistance with opening bank accounts and support in obtaining residence permits for the entire family of the client.
We offer legal consultations on all issues related to relocation, investments, real estate, and business in Cyprus!
Luhina Iryna Head of department Visas and Immigration Ukraine
In 2006 graduated from the National Aviation University (NAU), Kiev with a degree in Philology, Translation. Irina Lugina has many years of successful work experience in large companies with a voluminous workflow. Within Feod Group specializes in: visa support by category for financially ...
In 2006 graduated from the National Aviation University (NAU), Kiev with a degree in Philology, Translation. Irina Lugina has many years of successful work experience in large companies with a voluminous workflow. Within Feod Group specializes in:
visa support by category for financially independent foreigners, visas for entrepreneurs and investors in the EU, Great Britain and the USA.
preparation and compliance of packages of documents for registration of companies in low-tax jurisdictions, opening bank accounts.
obtaining a residence permit and permanent residence in Ukraine on the basis of marriage and through company registration.
