The everyday challenges of the manufacturing industry and the pursuit of the companies for growth, are shifting their attention to more valuable and affordable options to grow their business. The companies are under the pressure to achieve the profit margins which are squeezed over the high tax rates. The benefits the EU member states are in a position to offer attract the attention of those manufacturing companies.
Cyprus provides an ambitious option for manufacturers who are willing to invest and expand their business in a small Mediterranean island which has one of the lowest corporate tax of 12,5% within the EU and double tax treaties with over 60 countries worldwide. Also, the excellent professional business services that Cyprus provides (e.g. lawyers, auditors, accountants, advisors) in conjunction with a highly educated workforce which is in a position to implement the business strategy of manufacturing company is ideal to complement the strategic position of Cyprus between the crossroads of Middle East, Arab countries and EU. On the other hand, a new established regime in the banking sector is in place to finance a breakthrough industrial product in Cyprus.
The Cyprus government introduced a variety of different incentives in order to face the challenges that small manufacturing businesses face in Cyprus. These incentives includes, inter alia, investments in fixed assets, industrial equipment and renewable energy which have been already implemented by manufacturers and small factories in Cyprus.
The manufacturers are crucial to the economy of an EU member state, they are responsible to place safe products under the standards of the EU regulatory framework and to comply with environmental protection requirements. The manufacturers’ and other market players (e.g. suppliers, traders etc.) are responsible to comply with conformity assessment, prepare their technical file, issue the EU declaration of conformity, and affix the CE marking to a product. These requirements are being transposed into national (Cyprus) law to be in line with EU directives and regulations.
Our law firm is able to address the needs and form a business strategy for prospective investors in the manufacturing industry by providing the following services:
(i) Advice the client for the formation/incorporation of a new business entity in Cyprus.
(ii) Consider the clients’ needs and blending our knowledge and experience by providing services in a variety of different areas including, amongst others, subcontracting, outsourcing, trade practices, supply and distribution chains, trust, M&A, technology, IP, product liability, tax, employment law.
(iii) Our long established ties with regulatory agencies and governmental authorities in Cyprus will benefit clients as we are in a position to meet the regulatory thresholds and mitigate any risks for the prospective investors beforehand.
(iv) Advise clients on their day-to-day operational and management issues by enhancing the corporate governance of the company.
(v) Advise clients on how to expand their Cyprus based business in the EU and worldwide.
Our technical capabilities in the legal and advisory field guarantees the knowledge and experience to understand the business of our clients' needs. We are in a position to provide our clients legal services that meet the demands of a fast-growing market and to interpret the clients’ philosophy form a legal and advisory perspective.