Is Cyprus good for business?
Communication Team
Communication Team

July 07, 2022

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Is Cyprus good for business?

The answer is yes and here’s a few reasons why. Cyprus’s geographical position is a good starting point. The island exists at a rich crossroads between Europe, the Middle East and Africa and this intersection has always and still does make Cyprus a unique and advantageous jumping off point for business in many directions. Of course, if you’re considering moving to Cyprus in order to start a business, wherever you come from, the Mediterranean climate is a big bonus and holiday access to so many beautiful places on your doorstep can keep you going even through the most gruelling business challenges!

Why do companies move to Cyprus?

Aside from its prime location, Cyprus offers many and varied business opportunities to foreign nationals with a business dream. It has a current, service-based, free-market economy that gives businesses (and international investors) the confidence to invest and the right support to grow, and flourish. In some circles Cyprus is known as ‘the entrepreneurs paradise’, this is because Cyprus has taken positive action to mitigate the 3 biggest challenges that are historically faced by entrepreneurs: access to talent, excessive bureaucracy and scarce early stage capital. The government has recently begun to introduce a number of incentives, development programmes and grants to help both local and foreign entrepreneurs launch their businesses with less obstruction.

Can a foreigner start a business in Cyprus?

Cyprus is a great place to start a business as a foreigner as it seeks to actively encourage entrepreneurship there! The Cyprus Startup Visa scheme, for example, allows entrepreneurs from countries outside the EU and the European Economic Area permission to work on the island to establish start-ups with high potential growth.

The bottom line is that if you have a good business - or even a good and thorough business idea - Cyprus is the sort of place that will seek to work with you to realise your business goals, rather than working against you at every turn.

Open a business account in Cyprus without going to Cyprus

You might already be in Cyprus and looking to open a business bank account there - and perhaps you have already discovered that this is one aspect of starting a business in Cyprus that is a bit trickier than it needs to be - but whether you are in Cyprus already or have no plans to go there at all, wamo’s digital business account platform can make even this aspect of opening and running a business in Cyprus easy.

With wamo you can open a smart business account in 10 minutes for your business in Cyprus without going to Cyprus. Of course, this applies to you if you are looking to open a business account from within Cyprus too.

With wamo, anyone with a legitimate business can have a full business account up and running in 10 minutes and can start taking payments instantly. Opening a business account with wamo is easy. You’ll need your ID, company details and shareholder information and we’ll do all the rest. We know that opening a traditional business bank account as a non-resident can be tricky, painful and exhausting. We’re here to take the hassle out of getting your business dreams off the ground. You probably suspected that there was an easier way and we’re pleased to tell you that there is - wamo is it.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner

wamo.io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner