Doing Business in Cyprus (UAE Edition)

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DOING BUSINESS C YPRUS 32 UNITED ARAB EMIRATES EDITION new incentives to attract non-EU talent and companies to establish operations in Cyprus. The recent introduction of a Business Facilitation Unit (BFU) promises to be a gamechanger for ease of setting up in Cyprus. The BFU specialises in fasttracking business setup, permitting and licensing for companies, their employees and families, and in less than two years of operation, the BFU has catered to more than 550 companies that have relocated or expanded their activities in Cyprus. To better facilitate FDI, the country’s investment promotion agency, Invest Cyprus, has also developed an online investment matchmaking platform branded the Project Bank, to help investors identify the right market opportunities for projects based in Cyprus. In addition, Invest Cyprus hosts the annual International Investment Awards, where it honoured seven companies in 2022 for their contributions to Cyprus, namely BrainRocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and SYKES. LOCATION, LOCATION, LOCATION Cyprus’ liberalised FDI Policy, both for EU citizens and investors from third countries, along with its favourable tax regime makes it one of the most attractive investment targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in the EU and new tax-neutral reforms that are on the way will simplify and modernise the tax system further. The country’s extensive network of double taxation treaties with 67 countries have strengthened its position as a business gateway and a preferred location for corporate headquarters. The country’s skilled talent, low cost of doing business, top-tier professional services, and high quality of life renders Cyprus not only a wise business and investment choice but also a great relocation destination. n With solid and continuous interest in the tourism sector, Invest Cyprus has set up a dedicated and specialised unit, TourInvest, to promote investment opportunities in the tourism and hospitality sector. In cooperation with the Deputy Ministry of Tourism and other stakeholders, the unit focuses on attracting multimillioneuro investment into large-scale infrastructure projects
DOING BUSINESS C YPRUS 33 UNITED ARAB EMIRATES EDITION CYPRUS-UAE RELATIONS C yprus and the UAE have a long history of friendly relations. The cooperation between the two nations has been strengthened in recent years and the Joint Declaration of February 2022 by the Cyprus and UAE Governments for a Comprehensive Strategic Partnership set the framework for further expansion of Cyprus’ bilateral relations with the UAE in both the political and economic sphere. Through this partnership, and with the signing of other significant Memoranda of Understanding (MoUs) concerning maritime transport, cyber security, and diplomatic training, the two countries are focused on advancing cooperation in fields of mutual and strategic interest. Cyprus’ strategic location only three hours’ flight away from the UAE makes it the closest European country to the Gulf region. This, coupled with Cyprus’ strong business centre and EU membership has further solidified the Mediterranean island’s appeal as a popular destination for UAE citizens, investment and expatriates alike. Similarly, there are numerous Cypriot companies operating in the UAE as well as Cypriots living and working in the Gulf region, contributing to the bolstering of bilateral trade relations. In terms of FDI, Cyprus has seen more interest from the United Arab Emirates in terms of investments in the services sector. A prominent example of this is the 2016 award to DP World – an Emirati multinational company specialising in cargo logistics, port terminal operations and maritime services – of a 25-year concession to operate the multi-purpose port terminal in Limassol. Other projects that could be attractive for future UAE investment in Cyprus are in the sectors of energy, tourism, education, shipping and maritime transport. Cyprus is also rapidly becoming a promising location for hightechnology businesses from around the world. The country’s government has placed strong focus on attracting more research and innovation companies to its shores by introducing a number of incentives such as the Cyprus Intellectual IP Box Regime, particularly beneficial to UAE high-tech companies. Additional pull-factors are Cyprus’ world-class services and advantageous tax and regulatory framework, as well as its cost-effective business operating environment compared to larger European business centres. Another key area that is of mutual interest to the two countries is the energy sector. The UAE has become a global centre for clean energy in all its forms, especially hydrogen, and it is currently one of the leading countries in developing this field. The UAE’s futuristic vision targets three pillars: renewable and clean energy; oil, petrochemical and mining industries; and land and sea transport and storage. With the evolving energy developments in the Eastern Mediterranean, taking advantage of the UAE’s knowhow in this field could prove useful for Cyprus.
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Doing Business in Cyprus (UAE Edition)

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