Before looking at the paperwork needed to sort out the setting up of your own business, have you done the necessary research to ensure that the business would be a profitable one? Without an impeccable business plan, you'll flounder (I speak from the experience of having interviewed many couples who have had failed catering businesses, bars, resturants, cafes and kiosks). The catering businesses here are either international set ups or large, well established family run operations that will defend their businesses tenaciously. They also tend to specialise in niche events . For example Cypriots tend to go in for big weddings and use family/friend connections to sort out the catering - thus any catering company that wishes to compete should be prepared to cater for several hundred people (if not thousands) rather than the standard 100-150 of the UK and that takes enormous outlay and involves huge risk. Also bear in mind that most people are cutting back on luxuries as the recession hits, so the pool of potential customers is dwindling.
would like some advice from all you ex brits
hi well like all ex brits we are in the planning stages of a liftime change. we are looking at cyprus and realy need your help we have lots of questions.
we are self employed caterers and would still like to be able to work or own a business so my first question is:
what paper work do we need to move there and secondly what paper work do we need to be self employed and run a business and is there still tax laws like in england
we no we need medical insurance but when you look on some sites about moving abroad you do not get the answers you need so who better to ask than all of you who have done it all ready and probably found the pitfalls so to speak first hand
so any help is better than none :confused2:
we are self employed caterers and would still like to be able to work or own a business so my first question is:
what paper work do we need to move there and secondly what paper work do we need to be self employed and run a business and is there still tax laws like in england
we no we need medical insurance but when you look on some sites about moving abroad you do not get the answers you need so who better to ask than all of you who have done it all ready and probably found the pitfalls so to speak first hand
so any help is better than none :confused2:
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To add to what Kimonas said, if you are running a business you must register with social insurance.
Many Brits have been operating illegally, trying to get away with not paying but the social insurance office are clamping down hard and the penalties for any who is caught are severe, we know of brits who own property here who have been deported.
Having said that, if you are paying into the social fund you are entitled to free hospital treatment so you don't need private health insurance, also it goes towards topping up your old age pension.
If you deregister for tax in the UK and pay tax over here you can earn far more before you pay tax. You can earn up 19.000euros before tax and after that its 10% for the next tax bracket.
If you have a business in two names you both get a the allowance so you can earn almost 40.000 before paying tax.
Veronica
Many Brits have been operating illegally, trying to get away with not paying but the social insurance office are clamping down hard and the penalties for any who is caught are severe, we know of brits who own property here who have been deported.
Having said that, if you are paying into the social fund you are entitled to free hospital treatment so you don't need private health insurance, also it goes towards topping up your old age pension.
If you deregister for tax in the UK and pay tax over here you can earn far more before you pay tax. You can earn up 19.000euros before tax and after that its 10% for the next tax bracket.
If you have a business in two names you both get a the allowance so you can earn almost 40.000 before paying tax.
Veronica
thank you so much for your feedback we are as I say caterers at the moment and you have confirmed what we thought might be the case
although we have catered for large weddings/functions over here like you say they would still probably use family or big catering companies for this so maybe a career change as well as life change is the way to go once again thank you chrislane
although we have catered for large weddings/functions over here like you say they would still probably use family or big catering companies for this so maybe a career change as well as life change is the way to go once again thank you chrislane
thank you for your fedback re tax this is usefull information maybe you could help with anpther question can expats in cyprus have market stalls like they do in tenarife/gran canaries/ etc.
hi there
Chrislane,
welcome aboard
I recon there is a good market for catering in Cyprus. It may be a bit difficult to start with because of all the advsertising costs etc, but there are so many people who I hear complaining of getting ripped off by some Cyprus caterers and in any case there are so many weddings and christenings, parties and functions that if you get a foothold and your prices and better then you could be in with a winner. Go for it.
Andy
Chrislane,
welcome aboard
I recon there is a good market for catering in Cyprus. It may be a bit difficult to start with because of all the advsertising costs etc, but there are so many people who I hear complaining of getting ripped off by some Cyprus caterers and in any case there are so many weddings and christenings, parties and functions that if you get a foothold and your prices and better then you could be in with a winner. Go for it. Andy
There are quite a few markets run by the expat community and many people who seem to earn a living by running stalls on these.thank you for your fedback re tax this is usefull information maybe you could help with anpther question can expats in cyprus have market stalls like they do in tenarife/gran canaries/ etc.
However they are mostly older retired people who are supplementing their pensions. I also suspect that most oft hem are not declairing their earnings and as I said in my earlier post the government is fed up of losin g money to people working illegally and are cracking down. Manyof these people are going to find themselves with huge problems before long.
Whatever you decide to do, make sure you do it legally then you wont be forever looking over your shoulder.
Regards
Veronica
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