Do you have an idea for a new business venture in Cyprus? Every year, thousands of Cypriots take the leap. With high hopes, aspirations and enthusiasm, they launch their own businesses and enter the challenging but also potentially very rewarding world of entrepreneurship. Small businesses represent a hugely important segment of the Cyprus economy.
Some start-ups thrive, but many fail, unfortunately. Most often it’s because they weren’t well prepared and didn’t know what they needed to know.
Proper and adequate planning is the key to turning your dreams into reality. There are a number of issues to consider when you’re thinking of starting a business in Cyprus or in any country for that matter. What follows is a business start-up guide, featuring relevant information you need to get your business venture off to a healthy, solid start. Our Cyprus Start-Up Guide to Starting a Business in Cyprus is designed to give entrepreneurs the tools needed to succeed in business. It will help identify the things you need to do before, during and after launching a business in Cyprus and serves as a jumping off point to a host of other resources.
Choosing the right name for your Cyprus company or business, as the case may be, and drawing up your first business plan, through to up-to-date Cyprus taxation advice, banking in Cyprus and insurance tips, the various methods of business start up available in Cyprus, licenses & permits for your Cyprus business, what taxes do Cyprus businesses have to pay, legal implications of employing staff in your Cyprus business, how to fund your new Cyprus business etc. Each topic and subject is addressed in our Cyprus Business Start-Up Guide.
As with any new business venture, success can never be guaranteed, but our aim is to minimize some of the trickier elements involved in setting up and starting your business in Cyprus. We’ll draw your attention and forewarn you the most common pitfalls, including failure to research your market in sufficient detail and not setting aside enough funds for tougher financial times.
It is worthy to note at this point that The World Bank in its most recent evaluation and ranking of 178 economies worldwide, to evaluate the ease of conducting business for its “Doing Business 2011” annual report, Cyprus’s ranking in Doing Business 2011 is 37.Cyprus is ranked 26 overall for Starting a Business compared to Greece which is ranked 149 on this same sub index. This is indeed impressive considering that Cyprus is ranked better than Norway [33], Sweden [39], Japan [98], Germany [88] and Portugal [59].
In order to keep this guide as compact as possible, often you’ll find a link taking you to the most relevant business articles on our website and external websites.
Good luck with your business idea!
Click on the links to the left to open each page and to navigate through the Cyprus business guide to starting your own business in Cyprus.
Cyprusfranchising.com includes additional information and resources that will help you at any stage of the business lifecycle. You may also want to look at our related Starting a Business in Cyprus information on:
