One of the most popular islands in the Mediterranean for people to start a business or relocate 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 searching for a location 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.
So it’s the perfect place to set up a business, but what kind of businesses do well there? Here are some examples:
based on tourism
Thanks to the massive influx of tourists that come to Cyprus every year, setting up a business based on what they 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 give people new options in terms of accommodation. To help feed all these guests, catering is another business that will do 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, every type of cuisine is sought after.
Rental companies usually do this well too. Tourists will rent many things, from cars and bicycles to motor boats and jet skis. An established rental company could easily bring their fleet to the island and it would be rented out on a regular basis.
Transport
Thanks to Cyprus’s location, shipping companies also tend to do well in Cyprus. 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 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 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 jobs in Cyprus.