Sergey Babayan – Senior Business Consultant at Prospectacy LTD
The list of large companies that have chosen to relocate or part of their international operations in Cyprus is not only long, it is also impressive. Wargaming, Amdocs, Sykes, Thomson Reuters, Nielsen, 3CX, eToro, NCR, VTTI are among the major foreign companies that have established headquarters in Cyprus in recent years.
These are essentially companies operating in different sectors of the economy, whose presence in our country has undoubtedly helped the Cypriot economy the most.
Despite the difficulties that Cyprus has experienced in the past years, it is noteworthy that it has managed to maintain its comparative advantages as a financial center, while at the same time properly taking care to move towards the development of new sectors, recognizing the great importance of attracting foreigners. investment to further the economy. Cyprus has a number of features that make it a competitive business hub. First and foremost, the country has an extensive network of ever-expanding double tax avoidance agreements, as well as an attractive tax regime. At the same time, it offers high quality and low cost support services,
At the same time, the country offers high quality of life, security, mild weather conditions, attractive tax incentives for fund managers and suitably qualified human resources. Given these facts, it is no coincidence that leading overseas companies seeking an alternative destination with a friendly business environment have chosen Cyprus as their headquarters. Shipping, investment, funds, higher education and the high tech sector are the main areas attracting foreign companies. Particularly for companies operating in the field of technology and IT, Cyprus offers additional incentives, such as the country’s current intellectual property regime.
All these elements answer the question, why large international companies have chosen and continue to choose our country for the establishment of a corporate base. However, in order to be able to meet tomorrow’s challenges effectively and to be competitive, it is important to continue working to create more conditions that will further contribute to making Cyprus a competitive business center of excellence. In this regard, both the private sector and the State must work together to promote even more promotional activities such as organizing large conferences in Cyprus and abroad in order to highlight incentives and comparative advantages. that Cyprus has,
Crucial to the bureaucracy that continues to plague businesses and citizens, as well as strengthening economic diplomacy in line with the expanding network of embassies and consulates abroad, is crucial to continuing the upward trend in the international competitive environment. . At the same time, the digital transformation of the state, addressing the long delay in the administration of justice and the passage of investment law are just some of the steps we should take next time, as developments in this direction would help in this direction. all effort.