The perfect land position of Cyprus has energized the worldwide business group to set up their workplaces on the island for trading in Central and Eastern European nations, the Middle East, North Africa and further.
The lawful arrangement of Cyprus was consolidated during the time of British pioneer guideline in the late nineteenth and mid twentieth centuries. Thus, British law has unequivocally affected the arrangement of the Cypriot lawful framework. Indeed, even since Cypriot freedom in 1960, people of different nations acquainted with our British based legislation find it simple to work together on the island, particularly as English is generally talked and utilized.
EUROPEAN UNION MEMBERSHIP
On 1st May 2004, Cyprus became a full member of the European Union. The country’s tax system was reformed and as from 1st January 2003 the tax legislation is EU compatible.
Cyprus has put intensely over late years into its telecommunications infrastructure. Subsequently, it is presently a standout among the most progressive nations on the planet. Cyprus has programmed phone associations with a large portion of the world, yet expenses are among the most reduced in Europe. The Cyprus Telecommunications Authority give an assortment of cutting edge telecom administrations, covering the entire range of client requirements.
A company is required to submit annually to the Income Tax office, audited financial statements, tax computations, an income tax return and a self-assessment form. All the above documents must be submitted before the end of the financial year following the year of assessment (i.e. for the year of assessment 2015 the deadline is the 31st December 2016).If the documents are submitted electronically through the Taxis-net system, the deadline is also extended to three months (i.e. March 2016).
Cyprus has an accomplished, experienced and persevering population. Qualified proficient, specialized and administrative staff live on the island, who have boundless experience, familiarity with English and different dialects.The island ranks among the leading countries in the world in terms of university graduates.
Banking system in Cyprus works at an exceptionally refined level and takes after the British model. Banks have extremely solid reporter systems all through the world. The mechanized frameworks utilized by the banks for overall electronic keeping money are honor winning.