Cyprus sees more foreign companies relocating their businesses to the country, with many benefits and tax advantages.

24/05/2021

Companies leave Lebanon and come to Cyprus - In which sectors are they active?

Leptos Estates offers a one-stop-shop solution for your Headquartering needs.

According to official data, 80% of the companies that have joined the Rapid Activation Mechanism so far come from the IT and communications sector, 10% from the services sector and the remaining 10% from transport.

The data so far from the operation of the Rapid Business Activation Mechanism, from October 2020, show that it not only pays off, but that there is dynamism and interest in establishing new companies in the Republic of Cyprus. The aim of the mechanism is the fast and efficient service of requests from existing or new companies of third and European countries for installation in Cyprus.

The Minister of Trade, Energy and Industry Natasa Pileidou and the Minister of Interior Nikos Nouris announced that since October 11 companies have joined the mechanism, transferring staff, equipment and know-how to the domestic market.

The companies come from different countries, such as Lebanon, Israel, Luxembourg, the United Kingdom and the United States. It is worth noting that 50 companies have expressed interest in joining the mechanism. According to official figures, 80% of the companies that have joined the mechanism so far concern the IT and communications sector (ICT), 10% service companies and the remaining 10% transport.

Positive… and complaints

During the conference, the three foreign companies that joined the mechanism and have transferred a significant number of human resources to our country, were given the opportunity to transfer their experiences from the submission of their application to their establishment in Cyprus. It is noted that of the three companies, two have already moved their offices from Lebanon to our country due to the economic crisis and the uncertainty experienced by our neighboring country, while only these two companies employ more than 300 employees.

Among the positive elements listed by the representatives of the companies are the safe environment that Cyprus offers, the fact that we are an EU member state, its geographical location and the highly trained human resources. However, the representatives of the companies, in addition to the positive points, expressed the view that there should be an improvement in the part of the digitization of the documents in order to facilitate the application process.

Services

It is noted that the services provided by the mechanism concern the establishment of a company from a single point for company registration, name approval, registration in the Social Security register, employer register and VAT and Income Tax register. In addition, licensing of facilities and securing the necessary operating licenses of the company is offered, as well as facilitating the issuance of residence and employment permits from third countries. Finally, it is worth mentioning that in the cases of submitting a request for inclusion in the Rapid Activity Mechanism, an extensive due diligence is carried out by submitting the necessary documents so that there is the appropriate transparency.

Leptos Estates offer you a one-stop-shop solution for your Headquartering needs, making your move to Cyprus, painless and seamless.

Through our in-house services and specialised associates, Leptos Estates will assist you throughout the procedures for getting all the necessary permits for the establishment and operation of your business, opening of bank accounts, and work permits for you and your employees. Our property portfolio includes commercial and residential spaces in the same location (business and pleasure), commercial spaces in prime locations, and residential accommodation to buy or rent for you and your employees.

 

For more information, contact:

Yiannis Pierides (Business Development Head)

E-mail: yiannis.pierides@leptosestates.com

Mobile/WhatsApp: +357 99 342 860