# Setting up a New Business.



## jimmy63 (Mar 15, 2009)

Hi,

First off I’m new to the site so apologies if I'm going round the houses a bit. I'm looking to move to Cyprus (area unknown at the moment) to invest in a business opportunity. I could really do with some advice on Commercial property (estate agents) also the process of setting up a small business in Cyprus. Any help would be very grateful.

Regards Jim


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## BabsM (May 24, 2008)

Hi Jim.
Welcome to the forum. 
Are you thinking of setting up a commercial property agency or are you looking for one to acquire a commercial site? 

As regards setting up a business, there is a good thread about setting up a business. Its a sticky at the top of the menu page (maybe the third item?). Have a look through there and see what you find.


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## Veronica (Apr 5, 2008)

jimmy63 said:


> Hi,
> 
> First off I’m new to the site so apologies if I'm going round the houses a bit. I'm looking to move to Cyprus (area unknown at the moment) to invest in a business opportunity. I could really do with some advice on Commercial property (estate agents) also the process of setting up a small business in Cyprus. Any help would be very grateful.
> 
> Regards Jim


Hi jimmy, welcome to the forum.
Make sure you do your homework re starting a business. Be aware that you will need to register for social insurance as well as tax and although tax is much better than the UK social insurance can be a bit of a crippler. Gone are the days when you can work for cash and not say anything as the social insurance are now chasing people and hitting anyone who dosnt pay with hefty fines as well as any back monies that are owed.
What sort of business would you be looking at starting up?
It is important to do some research to make sure that what you have in mind is not something which has already saturated the market.

Veronica


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## jimmy63 (Mar 15, 2009)

Veronica said:


> Hi jimmy, welcome to the forum.
> Make sure you do your homework re starting a business. Be aware that you will need to register for social insurance as well as tax and although tax is much better than the UK social insurance can be a bit of a crippler. Gone are the days when you can work for cash and not say anything as the social insurance are now chasing people and hitting anyone who dosnt pay with hefty fines as well as any back monies that are owed.
> What sort of business would you be looking at starting up?
> It is important to do some research to make sure that what you have in mind is not something which has already saturated the market.
> ...


Hi Veronica 

Thank you for your reply, I cannot confirm the business I intend on opening due to legal reasons at the moment. All I can say for the the moment is it is a franchise. My problems at the moment are location, Banks and Premises. I intend to visit the Island in 4 weeks and do some research myself, but could do with points of contact to speed this process. Thank you for your time. I forward to hearing from you soon.

Regards James


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## BabsM (May 24, 2008)

Jimmy, 
It is a bit difficult to give you the contacts you want without having an idea of the location and broad nature of the proposed business. I appreciate you don't want to give away too much information in case someone takes your idea but can you not give us any more of an idea? 

For example, the location.... what part of the island? Town, village, industrial estate..... ? You says premises what kind and size?


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## jimmy63 (Mar 15, 2009)

BabsM

Hi there, thankyou for your reply. The business will be an eating establishment. The areas I'm considering would be tourist resorts. Premises location obviousley important, the size could vary we can be quite flexible (approx 30 to 50 sqm) on this. It is difficult at the moment because we are in the negotiation stages. I would appreciate any advice. Look forward to your reply.


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## Veronica (Apr 5, 2008)

jimmy63 said:


> BabsM
> 
> Hi there, thankyou for your reply. The business will be an eating establishment. The areas I'm considering would be tourist resorts. Premises location obviousley important, the size could vary we can be quite flexible (approx 30 to 50 sqm) on this. It is difficult at the moment because we are in the negotiation stages. I would appreciate any advice. Look forward to your reply.


Make sure you do your research thoroughly as many eating establishments have closed down in the last few months. Like so many other places Cyprus has suffered with the current economic problems. Tourism has fallen and people who live here are not going out to eat as much as they used to.

Veronica


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