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08.2024
The registration of new companies in Cyprus is a key indicator of business activity and the country’s attractiveness as an international business hub. In recent years, Cyprus has continued to draw businesses thanks to its favorable tax regime, strategic location, and well-developed infrastructure.
Growth in Company Registrations in the First Half of 2024
According to data from the Department of the Registrar of Companies and Official Receiver, 8,464 new companies were registered in Cyprus between January and June 2024. This increase is particularly noticeable in key sectors such as IT, fintech, and real estate. Although the number of registrations varied from month to month, the overall trend shows consistent growth, underscoring the strong interest in setting up businesses in Cyprus.
Comparison of Company Registrations in 2024 and 2023
For comparison, approximately 7,200 companies were registered in Cyprus during the same period in 2023. This means that in 2024, the number of registered companies in Cyprus increased by about 17.5%. This figure reflects the steady interest from both local and international entrepreneurs who view Cyprus as a promising platform for expanding their business within the European Union.
Benefits of Registering a Company in Cyprus for International Business
Let’s take a closer look at the key advantages of registering a company in Cyprus:
- Legal Framework for Company Registration
Cyprus continues to attract international companies due to its stable legal system and favorable business conditions. The primary legal document governing the registration and operation of companies in Cyprus is the Companies Law, which provides clear and transparent rules for the creation, management, and dissolution of companies. This is a significant factor for entrepreneurs seeking legal certainty and protection of their investments. Additionally, Cyprus actively adapts its legislation in line with European directives, increasing the confidence of international businesses in this jurisdiction. - Favorable Taxation
A key factor driving the growth in company registrations in Cyprus is its advantageous tax regime. The corporate tax rate in Cyprus is 12.5%, making it one of the most competitive jurisdictions in the European Union. Moreover, Cyprus offers tax exemptions on dividends and interest. - Innovation and Digitalization
Cyprus is actively integrating innovations and digital technologies into various sectors of its economy. The Cypriot government is implementing a digital transformation program aimed at simplifying administrative procedures. This includes access to online services from government agencies and enhanced cybersecurity, making Cyprus one of the leading jurisdictions in digital business. - English Language and Highly Qualified Professionals
Cyprus is also a top jurisdiction for business due to the widespread use of English, which eliminates potential language barriers and significantly facilitates collaboration with international partners and clients. Additionally, Cyprus boasts a highly qualified workforce across various industries, making the country attractive for companies seeking quality personnel and professional services.
Cyprus continues to strengthen its position as one of Europe’s leading business registration centers, offering stability, transparency, and favorable conditions for setting up and operating a business.
Get expert advice and comprehensive support at every stage of your company registration in Cyprus!
The legal team and consultants at Feod Group in Cyprus provide full support throughout the entire business registration process. Our experts will help you choose the optimal legal structure, manage the registration process, and ensure your business complies with local and international requirements.
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