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Startups in Cyprus


 

Cyprus offers visitors beautiful holiday destinations and long summer days. Technology, macroeconomics and cultural diversity have started to shift the focus for Cyprus from being a holiday destination to a business hub. Business trips to Cyprus by foreign investors are now becoming more popular than ever. The agents from the One Visa immigration agency confirm that the number of foreign investors traveling to Cyprus is increasing by the day. Startups are now increasing in number at the same time the state is making the environment better for new businesses. Government officials are busy negotiating bilateral agreements with numerous trading partners including the EU.

Reasons to Form a Startup in Cyprus

Although the state is small, entrepreneurs who have operated here can confirm that Cyprus is indeed one of the best markets in the region. There are more reasons to invest here than one can imagine.

Many similarities to the UK – this is a former colony of the UK. Due to Cyprus’s small size, the colonial giant left a significant mark and influence. Therefore, the majority of processes and interactions are completed in a manner similar to that of the UK. This places the state in a better position to perform business with ease.

High literacy level – most people here are literate. The university-level education rate stands at almost 50 percent, which means that the majority of the people can easily run businesses or understand and support a conducive business environment.

Location – Cyprus is strategically placed in an excellent location. It can easily conduct business with European and Asian countries. This makes it a lucrative location to plant a startup for those who are eyeing international growth.

Supportive taxation policies – among the many states in the world, not many can match Cyprus when it comes to simplicity of taxation policies. Foreigners from EU countries will benefit from all the trade policies under the organization including double taxation avoidance.

Excellent people – one of the most difficult things is to conduct business in a country with unsupportive people. Cyprus has welcoming people who are willing to work with you at all times.
Common Business Startups in Cyprus
There are numerous business startup opportunities across the world. In the case of Cyprus, they provide some of the best opportunities for startups. If you are eyeing this state, the following list will be of help to you.

Real Estate   this sector is now thriving all over the world. Cyprus is not left behind either. Investors can opt to buy old properties and renovate them or build new ones. The government regulates real estate development to ensure the best outcome for its citizens while also enticing investors at the same time.

Banking and insurance – as the state is developing, there is a great need to insure people or manage their finances. You can start a business in this area and succeed with ease. Although a risky business, it will yield the investor a good amount of profit when managed well.

IT – this state remains current with others that are developing in the technology world. Whether you want to offer IT services and support or sell devices, you will not go wrong in this sector. Every person, organization and company want to be tech savvy, which is why this skill is very marketable.

Sourcing Funding

The Cypriot government and other organizations support business startup ideas. If you have a compelling business plan, you are likely to receive capital and nurturing until the business is stable. Here are some reliable sources of funding.

Angel Investment Network – this organization is growing quickly and has already helped numerous entrepreneurs with both capital and the business incubation period. It is the most successful support system on which any business in Cyprus can rely. Submitting an application to them is simple if all the documents and a compelling business plan are included.

Business grants – Cypriot citizens can access funding for their businesses from government grants. They need to apply and wait for the assigned committee to go through the application.

Bank loans – most banks are willing to offer capital assistance to your startup if you convince them that the business will be able to repay the loan. Although loans will incur interest, they are the best solution if all others have failed.


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