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About Cyprus

Cyprus In Brief

The island’s excellent infrastructure, English-based legal system, high quality of life and low cost of living, combined with its well-educated labor force, good industrial relations and generous tax incentives create an ideal business environment.

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International Relations

Cyprus is a member of the European Community, a member of the United Nations, the Commonwealth, the World Bank, and International Monetary Fund. Cyprus also has Double Tax Treaties with more than 60 Countries including Russia, the United States, China, Ukraine, and India. See our updated list of double tax treaties (2019)

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Government and Administration

Cyprus became an independent Republic in 1960. The Cyprus government structure is modeled on western democracies in which the individual’s rights are respected and private initiative is given every opportunity and encouragement to develop. The Head of State is the President who is elected by the people for a five-year term of office.

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Human Resources

Cyprus ranks among the leading four countries in the world as to the proportion of university graduates to the population. A great number of qualified and experienced professional, technical and clerical staff with fluency in foreign languages (mainly English) is always available for employment at reasonable remuneration.

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Economic Conditions

Cyprus economy is based on a free enterprise system. The Government’s role has been limited to the regulation, indicative planning and the provision of public utilities. The tourist service has become the island’s most important sector. More than two million long-stay tourists arrive every year in Cyprus.

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Types of Cyprus Entities

Business Entities The principal forms of business entities are: Cyprus limited companies Branches of foreign companies Partnerships Sole proprietorship. The following categories of companies are recognized by the Cyprus law: A company limited by guarantee: In such a case the liability of the parties is up to the extent that has been agreed to contribute...

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Cyprus Companies

The law in Cyprus governing companies is the Companies Law, Chapter 113 of the Statute Laws of Cyprus, which is based on the Companies Act 1948 of the United Kingdom. The constitution of a registered company consists of two documents, the Memorandum of Association and the Articles of Association.

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