Tourists have already considered Cyprus as one of the best places worth visiting in the world, but it may still take a bit of convincing for businesspersons to consider it a wise destination where they would place their investment. Invest a few moments through this article and learn why it is never a disappointment to include business registration in Cyprus as one of your future plans.
Recovering the Past with a Blast
If you will review the economic history of Cyprus, then you would not believe that is has gone through the worst financial situations beginning the year 1960’s, because today it is one of the members of the European Union that has presented a very stable economy. It has gone through several structural and economic reforms, which includes elimination of tariffs for agricultural and manufactured goods from Cyprus and members of the EU countries. Interest rates and trade has also been liberalized and investment restrictions and price control has been lifted. Moreover, private financing was introduced providing more opportunities for the infrastructure and construction of projects. With all of these benefits, it is impossible not to take time and find a licensed accountant or Cypriot lawyer to discuss requirements that will help your company become an IBC registered in Cyprus.
Taking a Look at the Numbers
These are the numbers describing the economy of Cyprus in the year 2011 alone. It has international reserves equivalent to US$ 1.266 billion, gross domestic product equivalent to US$ 24.014 billion, and a GDP purchasing power equivalent to 23.752 International Dollars. Inflation rate of the country is was at its highest in the year 2011, which is 3.5%, but was reduced back to its original rate this year equivalent to 2.8%. The unemployment rate is below 10% with much of its citizens pursuing higher degree and specialization to further boost the demand for highly skilled and knowledgeable workers in the work place. At present, its export major partners include Greece, being the highest, followed by the UK and Germany; however its major import partners include Greece, Italy, UK, Germany, Israel, France, China, and the Netherlands.
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Global Finance Rankings
To further supply you with the feedback received from the global market that will earn additional trust and confidence in its government and financial institutions, it is noteworthy to mention that the Bank of Cyprus has been hailed the World’s Best Developed Market Banks for the past three years: 2010, 2011, and 2012 and the World’s Best Foreign Exchange Provider for four consecutive years: 2009, 2010, 2011, and 2012. Other banks in the region that earned awards in the field of World’s Best Internet Banks include Cyprus Popular Bank Public Co., Piraues Bank, Marfin Popular Bank Public, and Hellenic Bank Public Company. This makes Cyprus one of the ideal places to establish Offshore accounts because of the high regard to its internet banking policy and security.
Rate for Doing Business
Based on various categories, Cyprus was ranked 37th out of 183 competing countries all over the world in terms of the best countries for doing business. It scored highest with a rank of 19th as one of the ideal regions to trade across border, primarily because of the low corporate tax rates and existing Double Tax Treaties enjoyed by IBC registered companies in the region. It was ranked 32nd in terms of paying taxes and 26th for those who wish to establish a business. These is a very high ranking realizing that being included in the list is already a prestige enjoyed by these countries.
The numbers speaks of the many potential advantages your company may enjoy if you choose to register it in the country. Find the services of a reliable finance and law institution in the region for details of the registration procedure and start enjoying the benefits the Cypriot government offers to interested business enthusiasts.
Socrates is the head of the legal department of PM Corporate Law, a premiere business law firm offering Cyprus Corporate Services in the region. Enjoy listening to his expert opinions in relation to IBC formation and registration in Cyprus for better business planning.