Cyprus is one of the best-performing economy in the European Union. In 2018, the country’s economy grew by more than 4%. This was more than triple the European Union average. There are several reasons for this. The most important is that foreign direct investment has continued to move into the country. Multinational companies are investing billions in the country. In this article, we will look at the best process for foreigners to register companies in Cyprus.
Why Companies Register Companies in Cyprus
There are several reasons why many companies are opting to register their companies in Cyprus. First, Cyprus is a well-known tax haven. The corporate tax rate is about 12%. This is significantly lower than that of the European Union average, which stands at more than 20%. Second, Cyprus is a member of the European Union. This gives companies access to a large market. Third, Cyprus is relatively cheaper to run a company. In addition, they value the strategic location, high security levels, and the good weather.
Buy a Shell Company
One of the best and easiest ways of registering a company in Cyprus is to buy a shell company. This is also known as a briefcase company. A shell company is one that is registered but one that does not have any history of doing business. Many company registrations companies like Pavlaw have registered many companies that they can sell to you. The benefit of buying such a company is that it makes it easier to start a company in the country.
Business Registration Consultant
An alternative to buying a shell company is to start the registration process from scratch. In this, you hire a company that offers these services. The company will help you chose an acceptable business name. It will also help you create a memorandum of understanding, which is required by the registrar. In addition to all this, the business consultant will give you counsel on various things. For example, they will advise you on the tax regime in Cyprus. They will also give you counsel on the competitive nature of the Cyprus economy. Also, the company will help you receive the required licenses.
A Good Lawyer
After getting your business registered, you need to have a good lawyer. The lawyer will help you in a number of ways. First, they will help you come up with the terms and conditions of your business. If you are running an online company, they will help you come up with the privacy documents. These privacy documents must meet the GDPR regulations. These are regulations that companies must follow when taking customer data.
After having the business registered, the next step is to start doing the work. In this, you can start selling the products or offering the services.
As a company, it is very important that you have a good lawyer. This is mostly because Cyprus is a member of the EU. The EU is well-known for its many regulations and rules. You should do the best you can to find an attorney who charges you well and one who has decades of experience in the business.