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Prospectacy Proudly Ranked 2nd in Cyprus Best Workplaces™ 2024

These are the companies distinguished as Cyprus’ Best Workplaces™ 2024

The 20 companies that make up Cyprus’ Best Workplaces™ 2024 have been announced by Great Place To Work® Cyprus with the slogan “Bank of Cyprus Spotlights the Cyprus’ 2024 Best Workplaces™ List by Great Place To Work® “. The list separates the distinguished companies into 3 categories based on the number of employees. The first category consists of 10 companies from 20 to 100 people and the second of 5 companies with staff from 100 to 250 people. The last category concerns large companies with a day staff of 250 people.

A necessary condition is that the companies have more than 20 employees. 

The companies are:


No. 2 Prospectacy Ltd

No. 3 Philp Morris International

No. 4 Deriv

No. 5 Tryphon Tseriotis

No. 6 Thermomix|Kobold Cyprus – Eminentia Trading Ltd

No. 7 Traders Trust

No. 8 D.G Techlink

No. 9 MetLife

No.10 Cyprus Global Logistics

Category of Medium Companies (100 – 250 people)

No. 1 DHL Express

No. 2 Scorewarrior

No. 3 Hilton Nicosia

No. 4 Coca-Cola HBC Cyprus Ltd

No. ​5 Varnavas Hadjipanayis Ltd

Large Company Category (250+ people)

No. ​1XM

No. 2 Vassos Eliades Ltd

No. 3 CA Papaellinas Group

No. 4 Amdocs

No. 5 European University Cyprus

You can 
also see the Cyprus’ Best Workplaces ™ list here .

As explained in the relevant announcement, candidates for inclusion in the list were all those who had been certified in 2023. The final selection of the best and their ranking has been made based on the regulations and specifications that have been established internationally, in the 90 countries in which Great Place operates to Work®.

For the first two categories, the selection and ranking were based on the results of the Trust Index© staff survey, while in the larger ones the Culture Audit© is also taken into account.

In his statements, Kyriakos Iakovides, its General Manager, said:

“Both the Great Place To Work ® certification and the inclusion in the Cyprus ‘ Best Workplaces ™ list  are based on internationally established and reliable criteria that measure the quality of the companies’ working environment. Only the employees of a company can evaluate their working environment and this is done by conducting the Trust Index ©, a staff survey based on a solid scientific background. Anything else cannot be considered reliable.”

Companies included in the national lists of European countries are automatically nominated for a place in Europe’s Medium Best Workplaces™ 2023 (companies with 50 – 500 employees) and Forbes 100 Best Companies To Work For in Europe by Great Place To Work® (multinational companies and companies with 500+ employees).

When asked what is the importance of the institution for our country, he states the following:

“It has the tools and incentives to make it easier for local companies to create a positive work environment that serves each company’s business goals.”

As we are informed in the announcement, many actions will follow to promote the success of these companies. “With Communication Partner of Philelefthero, Philenews and Insider , the support of the Bank of Cyprus which as a major sponsor contributes to the recognition of these companies for the second year in a row, as well as the support of interFRONTIERS in as far as the organization is concerned, we will seek to promote these companies and the best practices they adopt” , stated Kyriakos Iakovides .

published by Philinews

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How Trademarks Empower Businesses in the Digital Era

Yanna Raevskayia – Head of Legal at Prospectacy LTD

In the digital era, registering trademarks is of paramount importance, especially for small businesses and new entrepreneurs, as they play a crucial role in protecting a company’s brand and intellectual property.

Registering trademarks is a strategic step for small enterprises and startups to safeguard their brand identity, increase brand recognition, build consumer trust, gain a competitive advantage, and establish a strong legal foundation for business growth, aspects which are challenging in today’s digital world, given that almost everyone and everything is online.

It is a proactive step towards building a resilient and legally protected business identity.

Having successfully handled a major legal battle against tech giant Apple Inc. which had tried to block Cyprus-based gaming startup Apella Games from registering its name and logo with the European Union Intellectual Property Office (EUIPO), claiming they were visually, phonetically, and conceptually similar to that of Apple’s, I suggest registering early is of paramount importance for several reasons.

By failing to register their trademark, businesses risk investing time and resources in building a brand that may need to be changed if someone else claims prior rights to a similar mark. Therefore, registering a trademark as early as possible is the most prudent and cost-efficient way to avoid rebranding costs further down the line. In other words, it is simply more expensive to be unprotected.

Additionally, registering a trademark early gives a business a jump-start in securing its online market position. Securing a trademark helps protects brands from infringement in the vast and competitive digital marketplace, reducing the risk of copycat products or services.

This also applies to influencers who promote goods and services through various social media platforms.

A trademark can also be a significant asset for a business, contributing towards raising its overall value.

Registered trademarks are a clever way to monetize a brand; a business can choose to sell the trademark, or lease it, or license it to ensure a steady increase in revenue. A good example is Finnish company Rovio Entertainment, the developer of Angry Birds, which licenses the brand and the related characters to product manufacturers and content producers. In 2022, brand licencing business unit accounted for approximately 3% of group revenue.

Also, if the business expands, the trademark can appreciate in value and become an important part of the company’s intellectual property asset portfolio.

Online Presence and Digital Branding

Registering a trademark is crucial for navigating the digital market with distinctiveness, fostering innovation, and contributing to digital diversity.

Also, given that the digital age is highly dependent on the algorithms of search engines, the presence of a trademark in digital content improves search engine optimisation (SEO), acting as a keyword for online visibility.

Social media platforms benefit from a registered trademark, providing a solid foundation to secure a brand’s name and logo, preventing confusion or dilution.

Registering a trademark boosts and secures brand identity, establishing a unique and memorable presence. It differentiates products and services, increasing market differentiation and making goods or services more memorable.

Given the limited attention span of the digital age, a lasting and memorable trademark is crucial for creating a permanent impression.

Registering a trademark should be a priority from the onset, especially in the digital world, as it can act as a visual ambassador for businesses large and small, as well as entrepreneurs.

In a highly saturated digital market, it’s important to stand out and securing a trademark affords a brand autonomy. A trademark can also sustain a small business in its early days and provide protection for its brand in the fierce digital world.

Registering a trademark

There are three avenues one can take for registering a trademark (“TM”):

  • National registration via the local competent authorities of a particular jurisdiction (in Cyprus this would be the Intellectual Property Section of the Department of Registrar of Companies and Intellectual Property). National registration affords protection of the TM in that country only and the registration is valid for 10 years (subject to renewal).
  • European registration via the European Union Intellectual Property Office, which affords protection of the TM in all EU countries for 10 years with the option to renew.
  • Worldwide registration via the World Intellectual Property Organization whereby the applicant can opt for registration of a TM in specific countries across the globe. Registration is valid for 10 years.

Small businesses and new entrepreneurs interested in registering a TM should consult qualified advisors who can guide them according to their market needs and the particular product or service.

published by Cyprus Business News

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Prospectacy: An example of equal treatment of its staff

Despite the fact that the principle of equal pay has been institutionalized for decades, the gender gap remains wide, with little improvement in recent years.

On average, in the European Union in 2021 women’s gross hourly earnings were 12.7% lower than men’s per hour worked.

In Cyprus, this figure rose to 9.7%, however, the country recorded one of the largest gender pay gaps in the private sector at 19.3%.

Unlike most Cypriot companies, Prospectacy is an example of equal treatment of its staff members. Diversity in the workplace is at the core of the company’s operation and it is in this context that Prospectacy Ltd supports the Best Workplace for Women standard, which has come to fill this major gap.

The key criteria for a business to secure Best Workplace for Women certification are that it meets the minimum requirements for fair pay and promotions, offers a healthy workplace, provides meaningful work, and supports women wherever they work — remotely, in situ, or hybrid.

Simply put, gender should play absolutely no role in a person’s opportunities for career advancement.

Equality and the equal treatment of both sexes at this time should be self-evident and not yet demanded.

One of the factors affecting wages is the fact that, on average, women complete more hours of unpaid work (childcare or housework) than men.

They are also much more likely to interrupt their careers while some of their career choices are affected by caring and family responsibilities.

Additionally, about 24% of the overall gender pay gap can be explained by the overrepresentation of women in relatively low-paying sectors such as healthcare. It is also characteristic that only a third of managers in the EU are women, even though they represent almost half of the workforce.

Prospectacy against discrimination

In the case of Prospectacy, women are not only rewarded for their hard work, but also receive the professional recognition they deserve, given that the company’s middle management consists entirely of women.

At the same time, recognizing the additional difficulties and challenges faced by the modern working mother, the company offers a flexible work regime, both in terms of hours and in the space from where its staff members will work.

Describing her personal experience, the head of Prospectacy’s legal department, Yanna Raevskaya, emphasized that during her maternity leave, she never felt insecure about returning to work.

“On the contrary, Prospectacy has always been by my side, in all those cases where it was needed. And as a worker, I had an extra motivation to work even harder. Any organization that understands the needs of employees gets back much more from them than it gives,” she said.

Ms. Raevskaya emphasized that all companies can and should create work cultures that support women and help them thrive, regardless of background and position in the business.

The Best Workplace for Women standard also aims in this direction and the goal is to become an institution.

“It would undoubtedly be beneficial to continue and develop in the future, rewarding businesses and organizations that provide a healthy working environment for employees, while treating them equally, without any discrimination, pay or otherwise,” Ms. Raevskaya pointed out.

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Best Workplaces™ for Women the new institution of Great Place To Work® Cyprus

This is an institution that has been adopted in many countries where Great Place To Work ® is present.

The Great Place to Work® institution is being upgraded and developed, with the adoption of Best Workplaces for Women™. This is a new certification that will be received by businesses that meet specific criteria in terms of equality.

It is worth noting that the Best Workplaces™ for Women list will be announced in the first quarter of 2024 and candidates will be companies certified in 2023.

“The criteria taken into account, as always, will be clear, measurable, and therefore objective” emphasized Kyriakos Iakovides, General Manager of Great Place To Work®.

According to Mr. Iakovidis, “the dominant philosophy of Great Place To Work ® is summed up in the phrase For All ™ which clearly implies that the working environment must be positive for all staff groups”. In this context, he explained, “initiatives in many countries to highlight and recognize companies that treat both sexes equally, impartially and fairly” are included.

The new institution is supported by the Federation of Professional and Business Women BPW Cyprus.

In a related statement, the President of BPW Cyprus, Tasia Giannara, stated,

“It is an honor for us to sponsor this event as Best Workplaces ™ for Women perfectly aligns with our goals and objectives. With a presence in over 100 countries around the world, BPW’s mission is to develop the entrepreneurial, professional, and leadership potential of women at all levels through advocacy, education, mentoring, networking, and skill development through programs, and economic empowerment projects around the world. »

The sponsor of the institution will be the company Prospectacy.

On behalf of Prospectacy, CEO Vassilis Zertalis emphasized the importance of building a healthy working environment, where equal treatment of the sexes is self-evident, for its smooth operation and sustainable development.

“For Prospectacy , tackling prejudice in the workplace and treating employees equally regardless of gender is a matter of course. These are two important parameters that not only determine the growth prospects of a business but also contribute to the creation of a better society.”

Prospectacy is a consultancy specializing in providing personalized services to corporate clients, individuals, and e-commerce businesses. It provides a wide range of solutions, including tax planning, legal services, company formation, and management, as well as e-commerce solutions. Its experienced staff works closely with clients to understand their needs and develop customized strategies to help them achieve their goals. With a proactive and collaborative approach, Prospectacy is an excellent partner for those looking for expert advice and support for their business or personal needs.

published by philinews

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How a Cypriot company, Apella Games, beat Apple.

Interview with Yanna Raevskaya, Head of Legal at Prospectacy Ltd who handled the case

Apella Games, a Cyprus-based video game development startup, recently won a major commercial battle against global technology behemoth Apple Inc. In an interview with Digital Tree, Yanna Raevskaya, head of the legal department at Prospectacy Ltd, which handled the case, explained the reasons why Apple filed an objection to the EU application for trademark registration and registration of the word mark ” APELLA GAMES», while also describing how they eventually won the case. It is noted that the multinational company reserves the right of appeal within two months from the issuance of the decision in favor of APELLA.

Let’s start with the general ones. Tell us a few words about the company APELLA… 

– Our customer, APELLA GAMES LTD is a limited liability company established and operating in accordance with Cypriot law. The company operates in the video game industry and creates free-to-play (F2P) games for PC and consoles. Apella Games was founded in 2020. In other words, it is a new company that is still in its first steps. ( All details about the company are posted on its website at the email address )

How many people does Apella employ?

– Despite the fact that it is a start-up company, Apella has nevertheless managed to grow in a short period of time and today employs around 40 experienced and passionate professionals in the video game industry, who believe in the company’s purpose and what it stands for. 

It is worth noting that the founders of the company are Greek Cypriots. It is obvious that the national origin of the founders of the company played an important role in the choice of the brand name – Apella Games…

You mean the word Apella… 

– Certainly. As you know the word “Apella” has its origins in ancient Greece and refers to the popular assembly in the ancient Greek city-state of Sparta, which corresponded to the church in most other Greek states. Every Spartan male full citizen who had completed his thirtieth year was entitled to attend the assemblies, which, according to the decree of Lycurgus, must be held at the hour of the full moon within the limits of Sparta.

And let’s go to the big topic. How did the ‘confrontation’ with Apple come about…

– It all started when Apple Inc. filed a Notice of Opposition against the EU trademark application and the registration of the word mark “APELLA GAMES” citing the likelihood of confusion and alleging that the company is trying to take unfair advantage of the well-known Apple brandWhich, of course, does not correspond to reality, since the origin of Apella’s name was completely different. 

I imagine the decision to ‘break up’ with Apple was a difficult one, wasn’t it?

– Despite the fact that our company Prospectacy Ltd specializes and focuses on intellectual property issues as well as legal support for online businesses, both in Cyprus and abroad, this case was nevertheless treated with great care. After all, we had in front of us a globally recognized brand with unlimited resources. Our legal team spent a lot of time on the case and we tried to focus on researching every available online case launched by Apple against other trademarks in the EUIPO database. However, it should be noted that one of the reasons why we decided to go ahead and respond to the complaint was the fact that at the initial stage of the process, Apple showed no willingness to negotiate to find a mutually acceptable solution, as it rejected all the arguments, the justification and the positions that were in the application for registration of the specific trademark that we submitted to the EUIPO.

The decision for Apple was cataclysmic. How did the giant react after this decision?

– Apple has 2 months from the date of the decision to file an appeal. For our part, we have already filed a trademark application for Apella’s first game – Rite of Titans, which will be released soon on Steam.

published by PANAGIOTIS TSAGGARIS from offsite news

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