To nurture the entrepreneurial spirit and create value through ideas is one of Cyprus’ top priorities. The island is a perfect choice to start and scale companies for many reasons.
Why is Cyprus perfect for building a start-up company?
Cyprus offers many advantages to new businesses and start-ups, aimed at attracting foreign entrepreneurs and investors with a particular focus on innovation. There are research centres in all major cities and many successful tech companies have already relocated to the island. Also, there is a highly educated and experienced human talent.
Among the incentives is income tax relief of up to 50% of taxable income for natural persons investing in qualifying start-ups, an upper limit of deductions of 150,000 euros per year, and a right to claim the tax relief within a five-year time period. The costs of launching and running a business are low. Additionally, a start-up visa scheme offers state funding to talented entrepreneurs from countries outside of the EU who wish to establish and operate a high-growth start-up in Cyprus.
In an effort to diversify its economy Cyprus made a considerable push to foment innovation in business, entrepreneurship and an environment conducive for start-ups. As a result, funding is widely available to both local and foreign entrepreneurs looking to chase their dreams of innovation on the island.
Some other incentives for investors and entrepreneurs are:
• The Cyprus Entrepreneurship Fund,
• The Horizon 2020,
• The Innovation Hub
Additionally, the Fast-Track Business Activation Mechanism which offers accelerated procedures for the incorporation and re-domiciliation of companies. From the digital technologies and innovation to the Intellectual Property (IP) Box Regime and the Local IT and Start-up community, Cyprus is well-equipped.
How can CX Financia help you?
CX Financia can assist you in setting up your business in Cyprus and managing all the formalities in the process of operating your innovative business. See below our range of services:
1. Corporate services: Company formation, Tax and Social Insurance registrations.
2. Banking services: Bank Account opening Services.
3. Tax services for both the Company and the owners/employees.
4. Human resource management: Assistance in hiring local and overseas personnel.
5. Advisory services.
6. Compliance and taxation services.
7. Audit and Assurance service
You can reach our team of experts via phone, email or Skype.