INTERNATIONAL BUSINESS ACTIVITIES
Internationa Business activities in Cyprus include among others the
- Shipping and ship-management activities
The strategic position of Cyprus together with other tax and
non-tax incentives provided have contributed to the success of the island as an
established international shipping centre.
In the last decade a number of offshore banking units have
established their business in Cyprus. They are allowed to provide banking services to
non-residents and to international business entities operating from Cyprus.
During the recent years many captive insurance companies have
registered in Cyprus mainly because of the important exemptions provided by the government
including the relaxation from the minimum requirements for registration.
- Transit trade, reinvoicing and transfer pricing
Order can be placed and received from any country by a Cyprus
international business entity, goods can be stored in Cyprus bonded warehouses and finally
exported to any destination. Goods and services may be reinvoiced to take advantage of the
Cyprus tax incentives.
- Personnel recruitment and training
Foreign nationals may be employed by a Cyprus international
business entity to work outside Cyprus thus taking advantage of the tax exemption given by
a number of countries if their nationals are paid by another country for their work
Multinational companies wishing to take advantage of the Cyprus
strategic position may establish their regional offices in the Island.
For the above reason and for tax and other incentives, companies
may wish to operate a holding company in Cyprus in order to exercise management and
control of their group.
An international business royalty company can receive and pay
royalties and be liable to tax at very favorable rates.
- Business consulting and services
Architecture, civil engineering, business consulting and many other
services are currently provided by Cyprus offshore entities to Arabian Gulf, Middle East
and North Africa countries.
Other business activities conducted by international business entities
in Cyprus include:
- holding of property and securities
- electrical and mechanical engineering
- construction and engineering companies
- hotel ownership and management
- advertising and graphics
- trust and fund management companies
- investment companies
- computer hardware and software business
- repairs and maintenance of equipment and components.