If you are thinking about opening a small or large business, you should also consider registering it. There are many options, but one of the most popular is Cyprus. Why exactly is it? Let’s look at the benefits and why this particular place has become so popular among entrepreneurs for registering businesses.
The Cypriot authorities are interested in a stable and secure financial system, as banking has a great influence on the country’s economy. Thanks to the support of the state and compliance with EU directives, Cypriot banks are in good positions in the ratings of financial market analytics agencies. Plus, the entire European Union is opening up for business owners to scale their business and cooperate with other EU member states. This is definitely a great deal. Although the conditions for registering a business have changed slightly with the entry of Cyprus into the EU, they still remain more favorable compared to other places.
Individuals and legal entities, residents of any country can open an account in the banks of Cyprus. A stable and regulated banking system of a jurisdiction with a good reputation in the financial sector creates favorable conditions for business. Clients of Cypriot banks are trusted by counterparties from all over the world. Thanks to the simplicity of account management, you can conduct commercial transactions in minutes from anywhere in the world.
Other advantages of Cyprus banks:
- the possibility of conducting a large number of transactions;
- no restrictions on currency transactions;
- low tariffs for opening and maintaining an account compared to banks in other EU countries;
- high level of customer data protection and banking secrecy;
- Insurance compensation for bank accounts and bank deposits;
- a wide range of banking services with constant updating of the list;
- no minimum deposit to open an account;
- minimum requirements for a potential client;
- cyber protection against fraudulent actions;
- possibility to open a multi-currency account;
- profitable investment programs and credit lines;
- opportunity to open an account without visiting the institution;
- banking in international language – English.
Opening a bank account is an important step in the process of planning an international business. Company registration in Cyprus can give you not only an international business, but also a passport of an EU member state. The distribution of investments can be in several directions – open a company, invest in a Cypriot business, buy shares, put money into an account, etc. Having a European passport will make it much easier to work with foreign partners and open a company, which is especially important during the current global crisis and global restructuring in the market.
Therefore, many business owners choose this place, it opens up many opportunities and significantly expands the horizons of the business and the company. Particularly captivating is the ease of carrying out all the necessary procedures. Cyprus remains one of the leaders in business registration and account opening. It’s easy, fast, and comes with many side benefits, which for many are a key choice.