What kind of companies do well in Cyprus?

One of the most popular islands in the Mediterranean for people to set up or relocate a business is Cyprus. Cyprus is located in a sunny area between Turkey, Syria and Lebanon and is one of the most popular tourist destinations for Europeans.

As a business owner, you may have been looking for a place that offers good business opportunities and a great climate. Cyprus has many opportunities for new and existing businesses, including tax breaks, and receives many months of uninterrupted sunshine each year.

Therefore, it is the perfect place to establish a business, but what kind of businesses do well there? Here are some examples:

based on tourism

Thanks to the massive influx of tourists who come to Cyprus every year, setting up a business based on what you want and need is like money in the bank. New hotels, for example, will always fill up during the long summer months, as tour operators are always looking to provide people with new options in terms of accommodation. To help feed all these guests, catering is another business that will work well. There are never enough good restaurants and bars in Cyprus, especially in the capital Nicosia, and due to the variety of nationalities living in Cyprus, all types of cuisine are sought after.

Rental companies generally do well too. Tourists will rent many things, from cars and bicycles to motor boats and jet skis. An established charter company could easily bring its fleet to the island and it would be chartered regularly.

Transportation

Thanks to the location of Cyprus, shipping companies often do well in Cyprus as well. Many shipping companies already exist, but thanks to Cyprus’s unique position, at a crossroads between Europe, Asia and Africa, it will always be a hub for shipping and welcome new companies to its shores. As mentioned above, there are even tax exemptions for company incorporation in Cyprus available and there are many offshore companies in Cyprus created just for this reason.

Multinational

Another type of company that will do well in Cyprus is one that does business by providing multinational communications. Cyprus is a hub for many businesses that speak many different languages, so any business that can provide useful links that help people do business more easily. Translation services, communication technology companies and IT companies will always have work in Cyprus.