Cyprus ideal JurisdictionLocation The island of Cyprus is situated in the north-eastern corner of the Mediterranean sea at the crossroads of Europe, Asia and Africa. This strategic and convenient location has established Cyprus to be an international professional and business centre. Cyprus is the third largest Mediterranean island having an area of 3.572 sq. miles (9.251 sq. km.). Air distances of various cities from Cyprus
Climate The island has a pleasant and healthy climate with more than 300 days of sunshine a year. Temperatures range between 10 to 35 degrees centigrade. The coldest month is January with minimum and maximum mean temperature of 6°C and 13°C respectively. The hottest month is August with minimum and maximum mean temperatures of 21°C and 36°C. Transport Road network is in a very good condition with dual carriage-ways linking most of the towns whilst self driven cars, taxis and bus services are widely available. A large number of shipping lines, clearing and forwarding agents operate in Cyprus. Ports The main ports of the island are in Limassol and Larnaca where modern port facilities are available. Bonded warehouses are also available in all towns. Time zone Cyprus is 2 hours ahead of GMT. Public holidays The Public holidays in Cyprus are the following: January 1 Good Friday October 28 January 6 Easter Monday December 24(half day) January 19 May 1 December 25 Clean Monday Whit Monday December 26 March 25 August 15 December 31 (half day) April 1 October 1 Bank holidays are about the same with public holidays. Stock Exchange The stock exchange started operations in 1996 and there are more than 80 companies already listed on it. The legal and regulatory framework incorporates all relevant E.U. directives as well as the common practice in more developed stock exchanges. It is hoped that the Cyprus stock exchange will become a well developed and advance regional stock exchange. There are various tax incentives for foreigners and the offshore companies to invest in the Stock Exchange. Accounting Profession The members of the local institute of Certified Public Accountants of Cyprus(ICPAC) are almost in their entirety members of, the Institute of Chartered Accountants in England and Wales , and the Chartered Association of Certified Accountants in UK. The standard therefore of the professional auditing services provided is similar to the one provided in UK and subject to the professional ethics and etiquette of the UK professional bodies. The law requires the auditor to be a member of a recognised body of accountants (i.e one of the UK Chartered Institutes or association of Accountants as above) or have similar qualifications. Students of accountancy may train in Cyprus to become Chartered Accountants, or Chartered Certified Accountants. The accounting profession follows the international accounting and auditing standards. Legal Profession Members of the Cyprus Bar Association are educated and trained in the UK. All lawyers speak English and the profession is at a very high level indeed. Since the legal system is based on the Anglo Saxon Law, many laws are identical to the laws applicable in the UK, e.g. Companies Laws, Merchant Shipping Law, Banking Law, Insurance, Partnership, Contract, Trustee Laws, etc. Air-links Larnaca and Paphos have each of them an international airport serving the island. Thirty four international airlines offer regular services to and from the island. Some twenty charter operators charter flights to Cyprus. Telecommunications Cyprus is holding the fourth place worldwide as regards direct dialling telecommunication facilities. Direct telephone link with 98% of the worlds’ telephones. Telex, e-mail, Internet, telegraph, data, facsimile, T.V. transmission/reception, courier, postal services and intelpost are all available. Services like card-phones, paging, mobile telephones, pocket switched date services, video conferencing, etc., are again available to the consumers. Languages Greek are the official language of the republic. However, English is mostly used in business, government as well as in courts. International relations After its independence in 1960, Cyprus has become a member in the following inter-national bodies: United Nations Council of Europe Commonwealth Organisation for Security and Co-operation in Europe (OSCE) European Union (Full member as from 1 May 2004). Non-aligned countries (founder member) World bank International Monetary Fund Cyprus also maintains diplomatic relations with almost all countries in the world and it has particularly very good relations with the Arab world and many developing countries. |
Cyprus Company Registration
KDC Chartered Accountants Limited is a firm of qualified professionals with offices in Nicosia and Limassol. Our firm is built upon the principles of Integrity objectivity and technical excellence.