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articles | 03 September 2020 | ServPRO Accountants & Consultants

Cyprus as a Destination for FinTech companies

The Cyprus Investment Promotion Agency is currently focused on the emergence of Cyprus as the main choice for international technology companies looking to relocate within the European market.

The Headquartering Unit of Invest Cyprus promotes the island through a series of promotional activities in various countries, including Israel, India, Lebanon, England, Canada and the United States. Invest Cyprus is already in contact with a significant number of international companies with the aim of facilitating the creation of a business base in Cyprus.

Responding to the interest shown by technology companies from the Eastern Mediterranean region, predominantly from Lebanese companies, Invest Cyprus maintains an open line of communication with stakeholders, providing the appropriate support for the development of their business plans.

Companies currently in communication with the Agency include FinTech companies TechnOrion and Swittle, which specialise in electronic presentation of accounts and payments and have an international clientele in Middle Eastern countries such as Lebanon, the United Arab Emirates, Saudi Arabia and Jordan.

In a recent meeting with the company’s representatives at the offices of Invest Cyprus, General Manager George Kampanellas wished them every success, assuring that Invest Cyprus remains at their disposal, always ready to provide ongoing support.

The President and General Manager of both companies, Andre Zein, described the geographical location and investment environment of Cyprus as ideal for technology companies, explaining that the European laws and regulations in force on the island, the ease of doing business, the incentives, the transparency, as well as the high level of professional services it offers, are just some of the reasons that helped them choose Cyprus as the destination for their European headquarters. “We are very pleased that Invest Cyprus has helped make this a reality and we look forward to contributing to the development of the technology sector in the region” he concluded.

Mr. Kampanellas stressed the importance of the establishment of foreign companies in Cyprus and the top goal remains to build conditions of long-term prosperity, through the attraction of value- added investments. “We are very pleased because we see more and more foreign technology companies choosing Cyprus for their business activities. Our country’s potential for hosting technology companies is huge, as it has many features capable of turning it into a technology hub within the European region”, he said. He further added that the Cyprus Investment Promotion Agency has submitted a series of proposals to the Ministry of Internal Affairs for the revision of the employment framework of third country nationals in the fields of technology, a crucial change which can help improve Cyprus’s appeal as a foreign and international investment destination.

 

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