articles | 17 November 2021

Cyprus:  The Company Incorporation & Relocation Destination

At the recently held Roundtable with the Government of Cyprus: Foreign Investors Discuss with the Government of Cyprus the Strategy for Attracting Business and Talent to the Island, the President of the Republic of Cyprus, along with the Minister of Finance, the Minister of Interior, the Minister of Energy, Commerce and Industry, and the Deputy Minister of Research, Innovation and Digital Policy have presented the Government’s strategy in encouraging companies to incorporate, relocate, and build on their economic activities in Cyprus. The strategy presented forms part of the Action Plan for Companies to Operate & Expand their Activities in Cyprus 2022-24.

What is Cyprus' Action Plan? 

The Action Plan places particular emphasis in the sectors / industries of high-tech, maritime and shipping, Research and Development and Innovation (R&D&I), biogenetics and biotechnology, to name a few. The Action Plan constitutes part of the Government’s ongoing efforts for further Foreign Direct Investments (FDI), the creation of new employment opportunities, as well as the adaptation of the Cypriot economy to the demands of the sustainable development era in an incredibly competitive environment on an international level. 

As President of the Republic of Cyprus, Mr. Nicos Anastasiades, has mentioned during his keynote speech at the Rountable:

“It is no coincidence that according to the latest report of the Institute for Management Development for the World Competitiveness Centre 2020, Cyprus’ ability to attract and facilitate foreign direct investment and the adaptability of its policies, have yielded remarkable results. Particularly, Cyprus has been named the most improved country, climbing eleven spots and ranking 30th globally. The above results clearly show that over the years, Cyprus has evolved into a key destination for international business and investment in the region, with significant potential to become a world-class hub.”

The following Executives addressed the Roundtable, sharing their experiences and encouraging more companies to incorporate and conduct business activities in the Republic of Cyprus: 

The 4 key reasons that encouraged our company to establish itself in Cyprus evolve around the access to other markets, immigration and work permits for our employees, the community and the facilitative structure of establishing a business in Cyprus. Arthur Mamedov, COO, TheSoul Publishing 

Cyprus is the best choice for our companies, and we will serve as its ambassadors abroad.  Petr Valov, CEO, Exness 

We chose Cyprus because of its strategic geographical position, its membership in the European Union (EU), its climate and the friendliness of the local community, all which support us in our transition. The company has gained a lot of advantages by coming to Cyprus, assisting in the development of the business. Hamza Afifi, PR Director, BrainRocket 

Encouraging more companies to establish and do business in Cyprus will help expand the market even further, create new employment opportunities, and facilitate access to other markets through Cyprus. Alexey Gubarev, Co-Founder and Board Member, Palta 

This development holds a lot of new employment opportunities, and we have a lot of locals filling in these positions… We need to make the shipping industry more attractive for young professionals. Prabhat Jha, Group Managing Director & CEO MSC Shipmanagement Limited 

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