Starting a business in a foreign country requires one to dig deeper to research and understand the environment. If Cyprus is your target business location, knowing their market trends, political environment, culture and other important details will help you when making a final decision. However, Cyprus is generally a prime business hub that most foreign investors are eyeing.
It means, therefore, that business people should prepare their immigration to Cyprus early enough so that they have sufficient time to set up the business. In all these situations, the most important part is understanding the process of starting a business in Cyprus.
What Type of Business Do You want to Start?
It is a no-brainer that some businesses do better than others in certain locations. There are some businesses that do better than others in Cyprus. If you are starting a subsidiary company with a parent business elsewhere, then you will be left with no choice of the type of business.
Open-minded entrepreneurs can check the banking, insurance, hospitality and real estate industries. They are the best performers in the country, and a good strategy will bring easy success. All in all, other areas like education, fashion and electronics also perform well in this state.
Writing a Business Plan
Any business, irrespective of size, deserves to have a business plan. It is not advisable at all to start engaging in setting up a new business without preparing a business plan. It is a blueprint that guides the entrepreneur on everything that the business entails. The professional business plan includes the business name, scope of business, shareholders, finances, and operations. With a detailed guide, the process will go smoothly when the operations start.
Also Read: 5 things to know about Cyprus
Registering a Business in Cyprus
This is the main step if you are starting a business in this state. It is a straightforward process that is mandatory for all businesses as set by the law. Here is the process.
· Name of the business – now that you already have the name of the business selected, all you need is to fill it in the provided business incorporation forms. The name should be unique, which means it should not be registered with another business.
· Name of the directors – Cyprus allows the directors to reside anywhere and be of any nationality. Therefore, an entrepreneur is not limited as far as this is concerned. The minimum number of required directors is one, which also means that you can start a business alone.
· Name of the shareholders – it is also required that you provide the names of the shareholders of the business. Just like the requirement for directors, only a minimum of one shareholder is needed here.
· Minimum share capital – the minimum is simply 1708 euros.
· Company secretary – all companies are required to have a secretary to perform the administrative work.
· Register an office – finally, you are required to have a registered office in Cyprus.
With all these in place, the registrar of companies in Cyprus will be glad to process your application and provide you with a certificate of incorporation. It is easier to use an authorized agent who will help you go through the process.