Setting up a business is not as easy as it appears.
There are rules and costs involved, around 1100 euros to register, and then if you are thinking of employing people, you have to remember that emp contributions are not only 6.3% but also 8% holiday fees and a contribution to other aspects. in effect it runs to around 18% as far as i have been able to check
There are several sites on social insurance in Cyprus and minimum wages
When registering a Company / Business, you may not get the name you want so think about this before you go ahead with the Business.
I know a very good UK accountant who also does the legwork for Business registration if you need assistance in this.

good luck

Daisy