Cyprus: The Ideal Relocation Hub For Tech Companies
Sep 30, 2023
Cyprus has established itself as a prominent global business center, attracting attention from corporations seeking headquarters, startups looking for fertile ground, family offices seeking strategic locations, and foreign investors in search of investment opportunities. Driven by a blend of factors, Cyprus’ standing has been solidified as a regional business hub with enormous potential.
Cyprus' Thriving Business Ecosystem
Cyprus possesses a strong set of attributes that strengthens its status as a thriving business hub. Its pool of skilled and multilingual professionals, in correlation with the prevalence of English as Cyprus’ main business language, augments the island's appeal as an attractive business hub.
This appeal is additionally supported by Cyprus’ strategic geographical positioning, its hospitable business climate, and a pro-business legal and tax framework, which is based on the longstanding traditions of English common law. Notably, Cyprus offers a compelling corporate tax rate of 12.5%, among the lowest in the European Union, along with a suite of additional tax benefits.
Embracing the Cyprus Tech Revolution
The island nation has warmly embraced the technology wave and is swiftly emerging as a favored destination for technology headquarters. It is steadily drawing international conglomerates and startups alike, all capitalizing on Cyprus's favorable business environment and relaxed immigration policies, particularly pertaining to IT personnel.
Notably, several success stories have surfaced, including the remarkable achievement of Nexters; a gaming company established in 2016 and secured a listing on Nasdaq in 2021, a mere five years of its establishment in Cyprus.
Cyprus Work Permits For Global Talent
Cyprus has been committed to welcoming international talent, which has been exemplified by the issuance of approximately 9,000 Work Permits to highly skilled employees and their families since the onset of 2022. This surge in permits, predominantly from technology groups, including those with Western and U.S. origins, highlights Cyprus' growing appeal as a talent magnet. Moreover, Cyprus is increasingly becoming the preferred destination for organizations seeking to establish intellectual property (IP) holdings and financing operations.
Remarkable Tech Companies In Cyprus
In addition to Nexters’ remarkable success story, Cyprus has seen the emergence of numerous prominent EU tech start-ups, such as, Fibery, Pay.com, and Simple to name a few. This trend continues to attract new entrants to Cyprus's diverse tech scene, with a strong focus on innovation in industries such as fintech, gaming, cybersecurity, and telecommunications. Additionally, the government offers incentives, including tax breaks and R&D funding, to support the tech sector's growth.
Cyprus' transformation into an international business and technology hub is a testament to its forward-thinking vision, modernized infrastructure, highly skilled workforce, and welcoming business climate. With its growing appeal to technology firms, financial institutions, and foreign investors, Cyprus is unquestionably positioned to continue its rise as a regional business powerhouse in the years ahead. Not only has Cyprus made its mark on the global business stage, but it has also firmly established itself as a leading player with a promising future.
What ATG Corporate Services In Cyprus Can Do For You
In line with this thriving environment, ATG Corporate Services specializes in providing Administration and Management Services to Corporate Structures in Cyprus, the UK, BVI, UAE, Hong Kong, Singapore, and other financial centers. We offer our clients a centralized point of contact for their corporate structuring needs, ensuring streamlined management of international group tax and compliance. Our tailored corporate solutions span a wide range of sectors and industries, and we handle all administration and compliance matters with regulators, registrars, tax authorities, banks, corporate lawyers, fund managers, and auditors.
ATG can assist with all aspects related to the relocation of private clients and corporates to Cyprus. Whether you are looking to invest in real estate on the island, relocate your family, or move your team and business operations, our team at ATG can advise and coordinate the entire process seamlessly.
This publication should be used as a source of general information only. It is not intended to give a definitive statement of the law. For a FREE Initial Consultation to discuss the specifics of your enquiry please contact Andreas Athinodorou on + 35722057560 or email@example.com.