Our 23 highlights to start the year 2023!
Our team at ServPRO has decided to kickstart 2023 with 23 highlights for your business in Cyprus, the European Union (EU) and the wider world:
- We’re welcoming 2023 by offering a 23% discount on our Intellectual Property (IP) trade mark services and, in particular, for national (Cyprus), EU (EUIPO) and world trade mark applications (WIPO). Email us with your details to kickstart the process – please note that due diligence checks apply for all clients, as per EU legislation.
- Do you own or work for a Small and Medium-sized enterprise (SME)? Your SME may benefit from the EU’s SME Fund which, in its 2023 edition, includes reimbursements for trade mark applications, and IP Scan services. The EU’s SME Fund 2023 is expected to expand in scope, with reimbursement vouchers to be made available for registrations of Patents and Community Plant Varieties.
- During the year 2022, the Department of Registrar of Companies and Intellectual Property (DRCIP) recorded a total of 12,583 companies, 108 partnerships, 1,890 trading names, and 75 overseas companies newly registered with the DRCIP.
- 2022 ended with a total of 192,469 companies, 6,080 partnerships, 45,977 trading names, 1,231 overseas companies, 16 European companies, and 11 European economic interest groups registered with the DRCIP.
- By 31 December 2022, the DRCIP recorded a total of 20,896 strike-off applications, 27,804 name approval applications, 119,945 register searches, 132,155 register updates requests, 113,331 Annual Returns (HE32) filings, 327,804 certificates requests, and 353,517 e-filing submissions.
- Looking to relocating your business? Cyprus is an ideal headquartering destination sought-after by high-tech companies, Research, Development & Innovation (R&D&I) driven companies, and pharmaceutical companies. Contact us to get started.
- Own or manage a newly-incorporated company in Cyprus? Its officers have 30 days to record its beneficial ownership particulars onto the UBO Register. Any changes to the company’s beneficial ownership particulars must be reflected onto the UBO Register within 14 days of such changes.
- Consider enrolling your Cypriot entity into the Business Facilitation Unit (BFU) under the Action Plan for Attracting Companies to Operate & Expand their Activities in Cyprus 2022-2024 to benefit from multiple benefits, in tax, residency and immigration, social insurance, IP rights registration, and many more. Visit our website to find out more.
- Companies interested in enrolling into the BFU must ensure they meet the eligibility criteria, which have recently been revised to include specific investments amounting to €200,000.
- A notable tax incentive to attract foreign businesses and talent is 50% tax exemption given to new and existing employees relocating/relocated to Cyprus (with the requirement that they were not Cyprus residents during the previous 10 years) with employment remuneration of ≥€55,000 granted for 17 years from the commencement of employment.
- Are you a foreigner employed for the first time in Cyprus? If yes, you may be eligible to benefit from 20% or 50% tax exemption on your remuneration (known as first employment tax exemptions).
- For investments in innovative businesses, the 50% tax exemption has been extended to cover investments in certified innovative companies and by foreign investors.
- For investments in R&D, there are increased tax deductions for R&D costs (e.g., by 20%), whereby eligible R&D expenses will be deducted from the taxable income at an amount equal to 120% of the actual amount.
- Get your corporate tax deadlines in order! Companies must prepare and submit their TD4 forms for the year 2021 by 31 March 2023. For more tax-related deadlines, stay tuned for our Tax Diary 2023, expected to be released later this month. Visit our Tax Services webpage for our services in taxation.
- Ensure your details and email address on the TAXISnet platform are up-to-date, given the gradual implementation of the new Tax For All (TFA) Portal, which will soon replace TAXISnet.
- Have you considered obtaining a Cypriot Tax Residency? You may do so by application of the 183-day rule, or the 60-days rule. If you have obtained your Cypriot Tax Residency, consider applying for Non-Domicile (Non-Dom) status which affords you 100% exemption of Special Defence Contribution (SDC) tax. Visit our Personal Income Tax webpage for more and Contact us for a consultation.
- On the social insurance side of things, the amount of maximum insurable earnings has recently been changed to €60,060. Visit our Accounting & Finance webpage for all our related services.
- Cyprus has recently been ranked 2nd most innovative country in the Middle East, driven by Government funding. Get in touch with us to explore your options.
- Is your business involved in imports and exports in/out the EU? Apply to your customs authority for an Economic Operators Registration and Identification (EORI) number, which is valid across the EU. Visit our Corporate & Legal webpage for our services.
- You and your family can live in Cyprus and work for an employer or clients abroad; Digital Nomad Visas take approximately 2 weeks to be examined and issued. Cyprus is renowned for its safe and peaceful standard of living.
- Consider establishing a Cyprus International Trust (CIT). CITs are known for their asset protection advantages, confidentiality privileges, and multiple tax incentives and benefits.
- Invest Wisely. A recent Survey on Retail Investor Behaviour & Habits released by the Cyprus Securities & Exchange Commission (CySEC) found that:
- Almost a quarter (22%) of investors make investment decisions based on digital promotions or celebrity endorsement on social media;
- Fin-influencers who reach prospective clients through social media advertising play a major part in persuading investors to buy products;
- Too few investors spend any significant time researching the products they plan to invest in or the firm selling it; and
- Investors are also taking more risks than they can afford, and many regret past financial investments.
- What we’ve done in 2022 – a never ending list, including ServPRO’s presentation at CODEWAY EXPO 2022 (Rome, Italy), feature in The New York Times (TNYT) & Brussels Research Group (BRG) on Spotlight on Cyprus, delegation with the Ministry of Energy, Commerce and Industry of the Republic of Cyprus & the Cyprus Chamber of Commerce & Industry (CCCI) in Tel Aviv, Israel.
For more information on this topic contact us by telephone (+35722021100) or via email ([email protected]).