Setting up a business in Cyprus

[Stravinsky]

Originally Posted by shalford

Hi Julie,

since 2004 when Cyprus adopted the Euro the cost of living has gone up and up and as a result the tourists, in their thousands, are staying away. At this time everybody here is suffering. The building industry is come to stop and many people are without work. English people are leaving because it is so bad.

Wow Shalford that does sound just like Spain at the moment! Terrible times

[manchesteralex]

Originally Posted by julie evanson

How easy is was it too set up a salon in Paphos, we are considering a move over, a little concerned as have a thriving business here, but desperate for a big change, have bought in Peyia all ready, but as a holiday home and love it more and more, would appreciate any help at all.

hi
i have lived in cyprus for 9 months and recently come back to uk
its a lovely place but very quite for business as in the winter months its dead!!!!
but saying that business is very easy to start just have to set up a business which will set u back around 800 cyprus pounds or what ever the amount in euros now.
good luck
if you want more info get in touch if i can help i will
alex

[Veronica]

Originally Posted by manchesteralex

hi
i have lived in cyprus for 9 months and recently come back to uk
its a lovely place but very quite for business as in the winter months its dead!!!!
but saying that business is very easy to start just have to set up a business which will set u back around 800 cyprus pounds or what ever the amount in euros now.
good luck
if you want more info get in touch if i can help i will
alex

It depends whereabouts in cyprus you were whether it dies in the winter.
There is a large expat community in the Paphos area so most buisness do ok all year round.
The East Coast is more Holiday oriented so does get much quieter in the winter months although it is slowly attracting more people for full time living so certain areas on the East coast are less dead in the winter than they used to be.
Veronica

[izzy777]

[QUOTE=julie evanson;46308]How easy is was it too set up a salon in Paphos, we are considering a move over, a little concerned as have a thriving business here, but desperate for a big change, have bought in Peyia all ready, but as a holiday home and love it more and more, would appreciate a n

Hello Julie.. im near u in st albans and i want to know more...do u have a n email address, i dont like writing on here...Emma x

[SALOPMAN]

I would like to set up a business one day in Cyprus too,photos to canvas would be good

[lyso]

You do not have to register as a business
until you have exceeded vat threshold
The only difference is
registered 10% tax
unregistered 40%
trade for a while
and register only when you have to

Regards

Lyso

Dear All

the costs of a new Cyprus company is 1350 euros inc VAT. however, you don't need to have a company in order to start a business. both a sole trader/partnership and a company need to keep proper accounts and so will probably incur accountacy fees. However, a company will also have to have annual audit which are an additional (nor insignificant) cost

in my opinion; unless there's good reason start as a sole trader/partnership and spend the capital on your business . when it makes sense - then start a company

Regards

catherine

Notwithstanding specific circumstances of individuals and business activity, here are some points about business in Cyprus;

Limited Company v Sole Trader

It is not necessary to form a Cyprus Company in order to conduct business in Cyprus.
It is possible to can start, own or operate a business as an individual (sole trader) or a partnership.
The cost of forming a Cyprus Company is €1,200.
A Company can limit liability and provide tax advantages.
A Cyprus Company needs to be audited annually at additional cost.
It is a legal requirement that all businesses keep proper accounts.


Social Insurance Fund (S.I.)

Social Insurance contributions are due on salaries
If no salary is paid then no S.I. contributions are due
Standard S.I. payments include contributions to the following funds:
Social Insurance Fund (Half payable by employer, half payable by employee. Note: Many employers pay 100%)
Central Holiday Fund
Redundancy Fund
Human Resource Development Fund
Social Cohesion Fund
Total S.I. contributions are roughly equal to 19% of basic salary
S.I. is due monthly and can be paid via direct debit


Value Added Tax VAT

It is not necessary to register for VAT unless turnover exceeds €15,600.
The standard rate of VAT is 15%
If a VAT registered business purchases goods/services from an EU supplier outside Cyprus that is registered for VAT, VAT will not be added

[icedgem32]

hi julie i have just bought a book on amerzon about starting up a your own shop in cyprus as thats what me and my husband are going to be doing ! it tells you every thing you need to no ! faye

[Miles and Sue]

Faye

What was the book called

Thanks

Miles