As far as cost, I can't tell you my experience since my father-in-law is a lawyer and he set everything up and paid for it. But, my advice is to make sure you have a good cash reserve in case things don't go as smoothly and rapidly as you expect. In my case, the 2 week period it was supposed to take to get a company name and register a Limited Liability Company took over 4 months even with my father-in-law's 20 years of law practice and he is Cypriot! That was surprising to me. The paperwork had apparently been lost and that was discovered after 2 months of waiting then it still took another 2 months.

If you have a good business plan, a good product or service, patience to get the paperwork and research done to start a business it is worth it, especially in a place like Paphos because the potential in enormous.