Step by step guide to your investment
Companies or individuals deciding whether to invest in a country need reliable information from a trusted authority. Then once they decide to proceed, they need sound advice to help map their route and make an investment plan.
A single point of contact that meets all these needs is invaluable.
This service is provided free of charge by the Cyprus Investment Promotion Agency (CIPA), a non-profit body that should be any potential investor’s first point of contact. It can guide new investors through all stages of their investment cycle and serves as a friend and partner for existing investors.
CIPA can immediately answer queries such as:
- How do I go about registering my company?
- Will I be able to get the right skilled workers?
- What’s the tax framework?
- What about labour legislation?
- How do I set up an investment fund?
- How do I register a vessel?
You can read CIPA’s comprehensive guide to investing in Cyprus at: Cyprus Step by Step Guide to your Investment
But here is a brief outline of what CIPA offers:
As the government’s trusted adviser on attracting and facilitating foreign direct investment, CIPA works closely with the presidency, government authorities and public institutions as well as the private sector and international experts.
CIPA’s friendly staff are highly-educated, well-travelled and multilingual. They’re steeped in local business and investment knowledge and well-versed in the ways and needs of the international investor. They offer tailor-made preliminary advice with a personal touch: investors won’t be dealing with just a website, useful though CIPA’s is.
CIPA can provide full information on day to day issues such as costing, locations, tax rates, working hours, how to register a trust, the procedures involved in hiring employees and so on. And because CIPA continuously advocates reform and helps the government draft bills to enhance the investment framework, it is well-versed in all relevant legislation which, needless to say, is fully complaint with EU directives and regulations.
As an impartial body, CIPA does not offer professional advice. It never refers investors to a specific lawyer or accountant. These professions have registered and regulated associations with public lists of their members. It is up to the investor to do their own due diligence before choosing a lawyer, accountant or any service provider.
Support and After-Care Service
CIPA offers a sophisticated after-care service for existing investors. It organises regular workshops and seminars that bring together investors in a particular sector with officials from relevant government departments and public bodies. Here, investors can discuss challenges they might be facing, with CIPA staff ready to advise or assist in finding solutions.
The relationship between an investor and CIPA is mutually beneficial. The happier an investor, the more likely they are to make further investments in Cyprus. And a satisfied investor whose business and profits are growing is the best advertisement for attracting other investors to Cyprus.
Because Cyprus is a well-regulated and transparent international business and investment hub, a certain amount of bureaucracy is to be expected. However, by using its contacts in various government departments, CIPA can help ease an investor through bureaucratic procedures without, of course, cutting any corners. The investor’s path will be further smoothed if the government goes ahead with the plan to establish a Deputy Ministry of Growth and Competitiveness.
Big, priority investment projects with complex requirements can already be fast-tracked with CIPA’s help. Because of its good working relationship with the presidency and public sector, CIPA can make introductions, help open doors, and bring teams of people around the table to expedite the process.
CIPA will tell a potential investor if, for whatever reasons, their business plan is not suited to what Cyprus has to offer. It never allows itself to make a promise that it cannot keep. If for instance, an investor wants to build a large factory and employ hundreds of low-skilled workers, CIPA will tell them that it will be difficult to meet their objectives in Cyprus. The island does not try to compete in manufacturing with countries such as India or Indonesia.
But if the investor wants small premises for a light industry that needs skilled workers, then they will be told that Cyprus is ideal. As it is for investment in shipping, tourism, real estate, energy, funds, education, ICT and innovation.
CIPA has gained a reputation for offering advice that is both well-informed and honest. Satisfied customers that prosper are the best possible advertisement for Cyprus and the Agency.