Lebanese companies seeking long term stability are increasingly looking to Cyprus to relocate their operations. Disasters of the last few years, an economy in free fall, and constant political unrest are fuelling the exodus.
Unfortunately, optimism is at an all-time low and the Lebanese business community does not foresee improvement any time soon. Therefore, more and more companies are looking to make the 200km journey and move operations to their close neighbour.
Historically Cyprus has always served as a safe haven for people fleeing the long-standing problems in Lebanon and now the business community is doing the same, not only due to the proximity but also for the incentives offered. Taxes on corporations are very low (12.5%), the procedure of setting up a company is actually very fast, and the workforce offers an abundance of highly educated and skilled individuals, multilingual in their majority, ready to serve the needs of most businesses.
Add to this the stability and security of an EU member state and Cyprus is a perfect solution for businesses that can relocate with minimal impact to their operations. Also, Cyprus has made it relatively easy for any foreign entity to set up operations.
A government body that was set up to assist foreign investment is ‘Invest Cyprus’ whose sole aim is to attract and facilitate foreign direct investment. Invest Cyprus collaborates with all governmental authorities and public institutions, as well as the private sector.
A leading specialist in this area is Eurofast, enabling successful business set-ups in Cyprus for over 40 years with a dedicated team of professionals that combine strong technical capabilities and the capacity to provide current and trusted advice.
Widely recognised as one of Europe’s leading payroll and EOR specialists, Eurofast can help clarify the benefits of setting up in Cyprus. Eurofast supports companies throughout the business lifecycle, offering Payroll, PEO/Employer of Record, Accounting, Audit, Tax and M&A services.