Cyprus offers an efficient and conducive business environment

Cyprus is increasingly ranked on the shortlist of decision makers when it comes to choosing the right location to establish international and regional headquarters. The island provides not only access to the EU's market of over 500 million people, but also a secure base to tap into the evolving markets of the Middle East and Africa.
With new regulations such as the OECD Common Reporting Standard coming into play, establishing substance and physical presence is an increasingly important aspect for business. Cyprus' importance as a management centre and a jurisdiction where substance is easily established is set to grow. With operational costs being substantially lower than in Western Europe, Cyprus offers an efficient and conducive business environment to build up European, African or Middle Eastern networks. The country also has a long-established free trade zone close to Larnaca, offering excellent infrastructure, low rents and customs-free status. Plans for a Science and Technology Park are also in the works, and are expected to boost businesses focusing on research, technology and innovation as well as stimulate knowledge sharing between corporate bodies and research institutions.
Gateway Country
The strategic geographical position of Cyprus in the Eastern Mediterranean has always played a pivotal role in influencing the country's destiny and prosperity, and led to close cultural and business relationships with countries in the region. A former British colony, Cyprus has a long-standing relationship with the UK, enjoying close business ties as well as a comprehensive, modern and forward-looking legal and regulatory framework based on English Common Law principles. Cyprus' entry into the EU in 2004 and the Eurozone in 2008 was welcomed by the international business community, who saw it as a new opportunity for foreign companies to use Cyprus as a convenient entry point into the EU marketplace. Multinationals from a range of different sectors have already chosen Cyprus as the location for their regional headquarters. Giants such as Weatherford, Buena Vista Hospitality Group, NCR, Bernhard Schulte Shipmanagement, Kardex, Wargaming and AMDOCS are just some of the corporations that have based operational or corporate management functions on the island. Cyprus is also one of the most influential global hubs for ship owning and ship management services. Thanks to its advantageous legislative framework, the island has attracted some of the world's most influential names in shipping for the last 50 years. Today, Cyprus is the largest third party ship management centre in Europe and the largest crew management centre in the world, while the island's international ship register is the third largest in Europe and the 10^th largest in the world. The success of the shipping sector has also developed clusters and auxiliary services, which is a model that could be successfully replicated in other sectors.
Corporate Location
Cyprus offers a strategic location, a competitive and EU-approved tax environment, an educated English-speaking labour force, excellent telecommunications, modern banking and legal infrastructure, and a high quality of life - all of which make it an ideal international management centre and springboard into neighbouring markets. Foreign companies already based in Cyprus comment favourably on their experiences with local employees in terms of productivity, profitability and dependability. Doing business in and from Cyprus is easy and straightforward. Home to a major international business and financial services sector, the country is an ideal base for region-wide corporate coordination and central management functions, sales, marketing and customer service. As a pro-business, neutral, cost-effective and politically stable country, Cyprus offers companies a perfect climate to successfully compete in the region. A fiscally efficient tax structure leads the way and is complemented by a network of almost 60 double-taxation treaties, facilitating international business and ensuring a smooth trading environment. In addition to its geographical proximity to major markets, Cyprus also scores high on connectivity. The country is connected by air through its two international airports with major cities in Europe and key destinations in North Africa and the Middle East, most being just a few hours' flight-time away. The country also has long-established links with Eastern European countries with many Cypriot professionals having in-depth knowledge of these markets, and often acting as key business introducers.
The Pull Factor
Cyprus has established itself as a magnet for foreign-owned companies and is continuously improving its competitive position. A stable business environment and excellent quality of life are just a few of the many reasons why companies relocate senior decision makers to perform strategic functions from Cyprus. In the long-term, Cyprus has great prospects to benefit from growth in the region and become an increasingly popular choice as a location for international and regional headquarters. Boasting the lowest crime rate in the EU, a superb Mediterranean climate, competitive personal tax rates, as well as excellent educational and healthcare systems, Cyprus is an easy sell for expatriate executives, particularly those with families.
Source: CyprusProfile.com, part of the CountryProfiler Group, an international publisher of business intelligence.