Cyprus: still a good place to do business in!

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Cyprus: still a good place to do business inAccording to the World Bank’s Doing Business Report 2014, Cyprus ranked 39th among 189 countries. The Doing Business report aims to evaluate participating countries on ten indexes affecting and related to the ‘lifestyle of a business’, meaning from the moment of a company’s registration until the end of its operations. The report’s results are based on analysis of data collected from questionnaires answered by correspondents of the private and public sectors in participating countries. In a total of ten category rankings, Cyprus improved its position in three, kept its rating in one and marked losses in six. The main issue identified was the need to simplify procedures and update the structures and practices as well as high level of bureaucracy. Speaking at the event, CIPA president Christodoulos Angastiniotis acknowledged the problems facing investors and the need for swift reactions to developments. ‘We need to raise our pace and increase the speed with which we respond to new developments’, he said.