About Cyprus

Cyprus lies in a unique location between the three continents of Europe, Asia and Africa. It is the third-largest island (after Sicily and Sardinia) in the Mediterranean. Cyprus lies off the southern coast of Turkey and the western shore of Syria.

Greek and Turkish are the two official languages spoken. English is very widely spoken and nowadays Russian, French and German are also well spoken.
The northern area of Cyprus is currently under illegal occupation since the Turkish invasion of 1974.

Cyprus’ geographical position along with its highly educated population, good airline connections and telecommunications, the excellent climate and modern lifestyle, the developed legal and professional infrastructure, has developed the island into an appealing international business centre.

In addition, Cyprus has turned into a major tourist resort because various visitors from all around the world are attracted to its sandy beaches, unspoiled scenery, historic monuments, culture, the superior accommodation provided and of course the Cypriot hospitality!  

 
Population of Cyprus
The total population of Cyprus is around 830,000 with the capital, Lefkosia being the largest town. Lefkosia is also the seat of the Government. The second biggest town is Limassol, which is where our firm offices are situated.
 
Cyprus & the EU
With the accession of Cyprus into the European Union, as from the 1st of May 2004, it has been able to offer more attractive investment opportunities to entrepreneurs and advantages to investors. Cyprus joined the European Monetary Union and adopted the Euro since 1.1.08.
 
Industries in Cyprus
In the past 30 years, the economy has shifted from agriculture to light manufacturing and services. The services sector, including tourism, contributes almost 80% to GDP and employs more than 70% of the labour force. 
 
With around 80 per cent of Cyprus’ economy based on the provision of services, this sector is one of the most significant in the country. Professional services are a cornerstone of the economy.  Manned by an experienced and highly qualified contingent of professionals, this sector underpins many of the most rapidly growing areas of Cypriot business, from company registration, to finance, insurance, ship management and others.
 
The expertise of the country’s lawyers, accountants, auditors and other professionals, often EU or US trained, offer a full range of services in all aspects of company law and tax planning. 
 
Cyprus is classified among the high-income countries.  The Cypriots are among the most prosperous people in the Mediterranean region. 
 
Cyprus economy has, as its history has illustrated, traditionally bounced back from various difficulties faced.
 
 
Transport System
The transport system in Cyprus is efficient and effective. There are two main international airports in Cyprus, one (and the biggest) in Larnaca and the other one in Paphos.  Cyprus is also accessible by ship courtesy of two ports, the Limassol Port and the Larnaca Port.  Limassol Port is the principal seaport in Cyprus and it is the shipping and international business centre of the island. Cyprus has the tenth-largest ship registry worldwide and the third within the E.U. Cyprus is also the third largest ship management centre in the EU.
 
Legal System
The legal system in Cyprus is founded on English law, and is therefore familiar to most international financiers. Most laws have been officially translated into English allowing foreign businessmen to come to terms with the Cyprus legal system.
Cyprus's legislation was aligned with EU norms in the period leading up to its accession in the EU in 2004. 
 
 
Accounting System
All accountants and auditors are approved by the Minister of Commerce. The approval is only given to qualified accountants, members of recognized overseas accounting bodies. The main accounting body in Cyprus is the Institute of Certified Public Accountants (ICPAC). The profession is bound to follow the international accounting and auditing standards (IAAS).

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Office Address: 5 Amathountos street,
Pirilides Building, 4th-5th Floor,
3105 Limassol-Cyprus 51252, 3503