Main Characteristics of a Company in Cyprus:
Cyprus is located in the heart of the Mediterranean and is a hot spot for Israeli tourists during the summer months. Cyprus also has a buzzing business center that offers advanced banking and merchant services.
The island is about a 50-minute flight from Israel. The leading city in business is Nicosia which is in the center of Cyprus. Most government offices, banks and leading banking institutions in the country are located in Nicosia, which is on the Greek side of the island.
In 1974 Turkey invaded North Cyprus following a revolution instigated by army members in support of Greece and since then Turkey controls the northern part of the island. Most countries aside from Turkey recognize the Greek part of the island to be under Cyprus law. Despite the political situation, Cyprus has succeeded in developing a thriving economy with many international businesses.
Many Israelis have made Cyprus their business home, with such a short flight away along with the weather makes it an ideal location. The process of incorporating a company in Cyprus and opening a bank account there is quick and effective in contrast to other countries around Europe.
It is important to know that there is strong growth happening in Cyprus especially with regards to Israeli entrepreneurs. GBO specializes in incorporating web-based companies off all kinds with our wide range of knowledge and experience in the area.
Types of Web-Based Companies Incorporated by Israeli Entrepreneurs:
- Companies that deal with marketing – companies that specialize in sponsored links in traffic routing and various media.
- Companies that operate gambling sites (that is banned in Israel).
- Companies that operate various types of affiliate sites.
Additional Types of Cypriot Companies’ Activity:
- International trading – Cyprus is part of the EU and so a company incorporated in Cyprus benefits from a long line of trading agreements with many countries around the world. Many companies have business deals with western countries and a company in Cyprus neutralizes the Israeli identity and ownership of the company.
- Holdings – Cypriot companies may have holdings in other foreign companies with utilizing the tax benefits on the island.
- Real Estate – In recent years many businesses relating to real estate have been incorporated mainly in Europe. Cyprus is part of the EU and therefore these companies selling within Europe benefit from the various tax treaties, prestige, approval and highly rated validation.
- Private companies – Companies that deal with maintenance of private funds. In this case the beneficial owner of the account is unknown and is completely confidential.
Cyprus have managed to develop a banking system beyond the traditional realm and offer clients advanced banking services including insurance, leasing, factoring, funds and investment consulting and services in managing their assets.