Businesses in Cyprus

 

Cyprus is what one can call as an advantageous living. This island has so much to offer. The advantages of living in Cyprus are as good as establishing a business. The Cyprus business structure and processes were deemed as business-friendly. For one, it has a tax-efficient and stable tax planning environment. Then, infrastructures are business – ready. This is coupled with the availability of world-class and competent workforce. Recently, there was an observed increase in the investment flow from the West to Asia through  Cyprus. Some businesses are also using Cyprus as an entry for investment in Europe.  What are some of the businesses in Cyprus?

Financial  services

Cyprus boasts of a sophisticated financial service that is constantly expanding. The banking system is compliant with the EU legislations and directives and follows a UK model. Banking is the biggest member of this sector that offers a wide range of financial services. Real estate holding and development business are also thriving as well as the investment services. Companies relocating to Cyprus can avail of the short – term and long term packages being offered.

 

Information, Communication and Technology

Technology industries are composed of but not limited to software, computers, networking and internet service providers.  Cyprus has fully embraced going high – tech. An important component of any modern business in the recent years, expansion of international ICT businesses has happened in Cyprus. As a crossroad to Africa, Asia, and Europe, Cyprus becomes an important regional center of ICT. The telecommunications sector has been liberalized but the major share of the market is dominated by the state-owned telecom company. However, competitors have a high level of confidence to invest in telecom infrastructure due to improved regulatory conditions.

Retail and Consumer goods

Consumer goods are products that are purchased for consumption by the average consumer. The market for retail and consumer good is facing challenges brought about by the different market forces. These companies thrive through achieving excellence in its operations, coupled with their relationships with the suppliers, employing and maintaining excellent employees proud of their Cyprus work.

Service-based  industry

The service sector consists of the production of services instead of end products. Cyprus is mainly a service-based economy with travel and tourism sector leading the pack. Tourism is often described by those in the business as the engine that drives the Cyprus economy. This sector contributes a lot the economy of the island. Cyprus has been a popular tourist destination in the Mediterranean and its tourism industry is globally competitive.

A significant shipping hub

As in the crossroad of the three continents, Cyprus prides itself on having one the largest ship management centers in the world. This is evidenced by the number of ship management companies conducting their international activities in the island. The largest ship management companies in the world thus established their office in Cyprus. Merchant shipping is a vibrant industry on the island.

Manufacturing and Industry

The island has also manufacturing industries and its key industrial products are food, beverages, chemicals, mineral products, machinery, and equipment. The pharmaceutical and non – metallic products have grown in the past years. Cyprus exports its products mainly to other European Union member countries and also to the Middle East.

Agricultural Sector

In agricultural, Cyprus prides itself on its products like grapes, olives, vegetables, and barley. Further, food processing, meat processing, and dairy products are also considered as major agricultural activities. The key export products are halloumi, fruit and vegetable juices, meats and wines.