# Setting up a small business in Cyprus



## rachal1084 (Jul 26, 2013)

Hi 

We are moving to Cyprus (Larnaca) in February and are opening a new but small Business

We have been trying to organise with a Lawyer in Larnaca to set up the Business before we get there, we at first assumed it would be similar to the UK, but after research and discussions we have found it not to be as straight forward.

We are looking for a one man band solicitor as we were told this would reduce costs, but all we ever seem to come across is consultants, we have been quoted by a local solicitor €4000 for initial set up of the Business, and have been told we will need to register for VAT straight away costing another €1500, then would have to see the Accountant every 3 months.

I find it strange that "Rip Off Britain" Freshold for VAT is £82,000 and Cyprus €15,600 but yet Cyprus is very popular for people setting up a Business. 

So I suppose I am wondering if anyone has a small business in the Larnaca area and could please help in maybe finding a Solicitor and Accountant that comes reccommended, as our Business won't be earning mega money, we can't afford to get the on-going services of both the Solicitor and Accountant wrong.

Any advice would be most grateful, thank you for taking your time to read this post.


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## Veronica (Apr 5, 2008)

Unfortunately most of our members live in the Paphos area, for some reason people on the East coast don't seem to be as sociable as the West coast. So it may be difficult for anyone to give you a recommendation.
I can definitely tell you that the amount quoted for starting a business is ridiculous.
Also once your business is up and running you wont need the ongoing services of a lawyer, just an accountant. In fact a decent accountant can help you start up a business without the services of a lawyer. 
I would recommend not to start a LTD company unless you will have a lot of assets, stock etc as that can be very expensive. The government constantly have their hands in your pocket with a LTD company. Go for self employed if you can.

Veronica


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