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
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
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.