At the end of 2024 there were 226.000 companies registered in Cyprus. The companies that exceed EUR 2 million revenue are not more than 1.200 (0.5%). There is a great number of medium sized firms and scale ups that cannot employ a full time CFO yet they need an experienced professional to guide them, put procedures in place to make them efficient, modernise their processes and introduce technological advancements to make them more robust. One of the key challenges is to identify the UBO objectives and to help both the operating and administration functions of the firm to work together, and in a manner that all employees are engaged and happy, to achieve those objectives.
The location, low operating cost and solid taxation system are the key reasons Cyprus is a favourable jurisdiction for international businesses and investments. The dependence of Cyprus’ GDP on the Services Sector will always “force” the country to be competitive against its peers and to expand into new and innovative areas. Cyprus’ small size in terms of population and surface makes application of reforms faster, allows for flexibility and efficiency in adapting to new economic conditions. Cyprus’ track record of success in the Services sector is proven from the fact that over the years, and despite numerous challenges, it remained a preferred location for multinational corporations (MNEs) and high-net-worth individuals (HNWIs).
