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PROFEL (www.PROFELltd.com) is a Global Business Services provider in the fields of Corporate Administration, Fiduciary Services, Audit/Bookkeeping, and Business Advisory Services, directly addressing the needs of international clients. PROFEL navigates clients through the maze of the offshore sector and provides products at affordable prices with the utmost attention to high quality of service. We aim to help clients expand into new markets, run their businesses more effectively, and take advantage of new possibilities.

Tuesday, 8 June 2010

CYPRUS COMPANY AND COUNTRY ADVANTAGES

Location
Cyprus is located in the eastern Mediterranean sea, surrounded by three continents: Europe, Asia, and Africa. It has a nice Mediterranean climate with dry, hot summers and mild winters.
 Population
The population is about 800.000. Greek-Cypriots represent 78%, Turkish-Cypriots 18% and the remaining 4% represent other minorities.
 Languages
The official language is Greek. English is almost spoken by all of the population and is frequently used in commercial and government sectors.
 Political Structure
Cyprus has been an independent republic since 1960. The government structure is similar to other western countries, where free speech, political freedom, human rights and private property are safeguarded.
Cyprus has a presidential system where the President is the Head of State. He/she is elected for a five-year term. The executive power is in the hands of the Council of Ministers. The President appoints the members of the Council. The legislative body of Cyprus is the House of Representatives, which consists of 56 elected members who serve for five-year terms. The legal system is based on English Law. Cyprus is a member of the European Union, the Commonwealth, the UN and the Council of Europe.
 Membership in the European Union and the Euro zone
On 1st May 2004, Cyprus became a full member of the European Union. From January 1, 2008 Cyprus has entered the Euro zone being the 15th member state to adopt the Euro as its national currency.
 Economy and Infrastructure
Cyprus has first-class telecommunications, air and port connections. There are two international airports; one in Larnaca and one in Paphos, with the major sea ports being located in Limassol and Larnaca.
Cyprus has a free-enterprise economy, where the government’s role is limited to supervision, regulation, planning and provision of public utilities.
The banking facilities available are excellent with a number of onshore banks with international presence, offshore banking units (OBU’s) and other licensed financial institutions operating on the island.
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