Setting up a small business in Cyprus

7 Replies
rachal1084

1448735877

Message

Hi We are moving to Cyprus (Larnaca) in February and are opening a new but small Business We have been trying to organise with a Lawyer in Larnaca to set up the Business before we get there, we at first assumed it would be similar to the UK, but after research and discussions we have found it not to be as straight forward. We are looking for a one man band solicitor as we were told this would reduce costs, but all we ever seem to come across is consultants, we have been quoted by a local solicitor €4000 for initial set up of the Business, and have been told we will need to register for VAT straight away costing another €1500, then would have to see the Accountant every 3 months. I find it strange that "Rip Off Britain" Freshold for VAT is £82,000 and Cyprus €15,600 but yet Cyprus is very popular for people setting up a Business. So I suppose I am wondering if anyone has a small business in the Larnaca area and could please help in maybe finding a Solicitor and Accountant that comes reccommended, as our Business won't be earning mega money, we can't afford to get the on-going services of both the Solicitor and Accountant wrong. Any advice would be most grateful, thank you for taking your time to read this post. :)

Replies

umeca74 1448809313

I don't know what kind of business you plan to setup but for a regular LTD company the worst case of setup costs with all the documents and registrations I heard of was 2000 euros (including VAT registration). So either your circumstances are very different or you've been talking to the wrong guys


VAT registration is compulsory if you are doing business in the EU. The extra accountancy costs shouldn't be over the top though. Keep in mind that cyprus is a country of lawyers and accountants so the whole system is geared towards giving them constant work :)


 


also see my reply to a similar post


http://cyprus.angloinfo.com/forum/viewtopic/147376/

rachal1084 1448822531

Hi


 


thank you for your very helpful reply, we are only setting up as a small Business and after reading loads of advise I can see that we are better off setting up as a sole trader, all we need now is to contact some Accountants in Larnaca with our new approach :) 


 


thank you


 


regards 

M Gee 1448829041

Don't, whatever you do, tell Cypriots what you are doing as they will open a similar business next to you and being Cypriot will be able to undercut you on all prices.


 


M Gee


 

cypriotgreek 1449898340

competition entails copycat-ing to a creative degree ,if they go beyond the reworking then you can sue for copying your business idea I think? If they copied 100% of it (!!!).


 


And speaking of they, why all Cypriots have to suffer the characteriziation of the business idea thief?

DavidClark-715764 1449931607

cypriotgreek.


Absolutely right on both points.

Franco-Peg-866245 1470387412

Hi,

I realize that starting up a business can be very cost intense and I realize a lot of people want to and need to save however much they can. But please do not try to save money by not talking to lawyers. This is so important. Think of the taxes you have to do, and that's just one of the very good reasons. I don't know who you've been talking to, but getting help from lawyers will not mean spending more then you make. In cause you need some help, I can highly recommend these people to you. You should check out their page and make an appointment with them I am sure you will get the help you're looking for. 

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