It is officially known as the Republic of Cyprus. It is an island west of Syria and Lebanon and south of Turkey. It has known activity from the 10 century B.C. It is the 81st largest island on the planet and the third largest island on the Mediterranean Sea after the Italian Islands of Sicily and Sardinia. It officially joined the E.U on May 1, 2004. The European Union is a political and economic union that has 27 member states primarily from Europe. It developed and continues to develop a single market through standard laws that apply in all of the member states. It ensures free movement of people, goods, services, and capital across these borders. It also has common policies on agriculture, trade, fisheries, and development within its region. The republic of Cyprus was under British administrative rule up until 1960 but despite this, it has two non-English official languages mainly Greek and Turkish. It became a member of the commonwealth the following year.
To incorporate companies in Cyprus there are several processes the individual or group needs to follow. Firstly, the interested party must sort out the infrastructure required to run the business in question. This means that a business premises must be located and the payments made along with any other form of documentation that the owner of the property or the council may deem necessary. Secondly, the interested party must obtain a local bank account that will meet the company’s needs sufficiently. A lawyer also comes highly recommended for all new businesses that may not be familiar with the rules and regulations that govern Cypriot businesses. Lawyers not only ensure that the business operates within the stipulated legal parameters but they are also responsible for creating brief proposals that the enterpriser can present to financial institutions for any reason necessary. Any additional paper work is also duly completed by the lawyer. Their services are charged between 700 and 1000 Cyprian Euros and they help the company avoid any penalties that the company may not be in a position to anticipate and mitigate. An accountant that is well versed in the banking systems within Cyprus is also recommended to ease the company’s transition into the Cyprian business environment.
Taking over an existing company is easier though there are several things to be considered. Unlike starting a company from the ground up there are a few additional precautions that any individual or group needs to take. Firstly, it is prudent and important to get an independent and professional valuation of the company one intends to take over. If there are any hidden losses or loss generating activities or any outstanding legal or debt issues then these may be brought to the forefront and dealt with accordingly. This allows the individual or individuals to make informed decisions on whether the company to be bought or taken over is indeed worth it. Secondly, an accountant should audit the books to make sure that everything is indeed in order to ensure the right purchase is made.
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