Cyprus’ Answer to Economic Challenges is Making Business Easier to do on the Island

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Cyprus’ Answer to Economic Challenges is Making Business Easier to do on the Island

Foreign investments might help Cyprus to overcome economic difficulties caused by the COVID-19 pandemic and adverse legislation moves on the Cyprus tax system. Historically, Cyprus is dragging its feet in the digitalisation of government services. Someone may compare Singapore and Cyprus. It takes only 2 hours to register a company in Singapore, which is in sharp contrast to Cyprus where the registration of a new Cyprus company is still paper-based and takes between two to four weeks.

Having realized that being competitive means bringing something new to the table is what attracts international businesses to Cyprus. While the Mediterranean slow pace of life is good for tourists who want to slow down and relax, international business is looking for a cost effective and time efficient solution. And so it seems, the islands government is putting forward a Fast Track Business Activation Mechanism which dramatically reduces the time it takes to start a business in Cyprus, i.e. setting up a Cyprus company and obtaining the necessary permits to commence trading. Details of the new structure will be disclosed soon.