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Opening an E-commerce business in Cyprus

2021-01-06
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Opening an E-commerce business in Cyprus is relevant, as the jurisdiction is suitable for international activities. The country is considered attractive to investors from other countries. Cyprus has a well-developed banking sector, which greatly facilitates the process of opening an account.

Company maintenance is relatively inexpensive, the tax system is loyal. There are no fees on royalties and dividends, interest. Transactions with securities are not taxed; the value of VAT is 19%, and corporate tax - only 12.5%. Inheritance tax is not levied, there is an opportunity to optimize the taxation advantageously.

The concept of E-Commerce

E-commerce business in Cyprus - selling products via the Internet (online store). The advantages of opening such a company - there is no need to pay for premises, to hire workers for the cash register, etc. Trade can be conducted without geographical restrictions.

Among many customers, such stores are in demand because they are affordable. This type of business involves great opportunities for brand development - with the right marketing policy, you can make the online store recognizable and get a competitive advantage.

For novice entrepreneurs, this business model will be the best option, as it is easy to understand and manage. Working from scratch or buying a ready-made company in the same niche as the main business will increase sales.

How to start a business

Before you start registering an E-commerce business in Cyprus, you need to determine what kind of activity is most profitable. To do this, you need to assess your capabilities and study the market. Areas of tourism, transportation, trade, restaurant business, investment are currently in demand.

When deciding to open its own company, it is important to work out the direction of development, to develop a plan for the opening with the involvement of a lawyer. A specialist is required to correctly draw up all the documentation.

It is desirable to work in areas in which you already have experience. In Cyprus, it is possible to open companies of different types. The most popular is the creation of a firm with limited liability.

The main stages of registration:

  • Choice of the name. It must be unique. No obscene expressions are allowed in the name;
  • Drawing up a Memorandum and Articles of Association with the assistance of lawyers;
  • Preparation of the authorized capital. Usually, enough about 1000 euros to create a new company;
  • Registration of shares, the appointment of managers;
  • Registration of registered office, obtaining VAT number.

Business operations may be commenced after all required documentation has been received. It takes about a week to establish a new company, provided that a package of necessary papers is available. To clarify in more detail the nuances of opening a company, please contact our specialists at IT-OFFSHORE.

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