# Starting a new business in Cyprus



## GaryR1 (Feb 7, 2014)

Hello, We are looking to move to Cyprus and setting up our own business. Can anyone let us know who we need to talk to and what hurdles are there along the way?


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## Veronica (Apr 5, 2008)

That depends on the type of business you have mind to some extent.
Also are you just going to register as self employed or are you going to start a ltd company?
Without a bit more information it isn't easy to give answers.

Regards
Veronica


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## thejohn32 (Feb 6, 2010)

Hi. Starting anew business any where is tough, however over here a lot of the forms etc you need to fill in are all in Greek and believe me it does help if you have a good accountant to help. 

I got a recommendation from Veronica and he accompanies me to social and tax office to smooth the way and do all the talking. 

But as Veronica says before you can get more information you will need to say more about what kind of business your planning on setting up.


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## GaryR1 (Feb 7, 2014)

Hi Veronica,
Thank you for your reply. I should have said we are looking to set up our existing Sign/Vehicle wrapping business. We have only been trading for six months in the UK, but have decided we would like to move out to Cyprus and set up in the Limassol area as a Limited company.

We are going over to Cyprus in May, for a week to look for premises to work from and somewhere to live (rent). We will be looking around Kolossi, Episkopi and Erimi.

Kind Regards
Gary


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## Veronica (Apr 5, 2008)

I will show my ignorance and admit I have no idea what a sign/vehicle wrapping business is
Make sure before you make any decisions that you check first whether there is a call for this sort of thing or whether there are already such businesses run by Cypriots.
They don't like competition.


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## Veronica (Apr 5, 2008)

Ok google was my friend and I now know what it is
Also I have found there are several companies in the Limassol area that do it.

Veronica


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## GaryR1 (Feb 7, 2014)

Hi Veronica,

Do you know who would be the best person to approach about setting up my business in Cyprus?
We don't plan on stepping on peoples toes.

Regards

Gary


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## Veronica (Apr 5, 2008)

My contacts are all in the Paphos area I'm afraid. So I cant really help you there.
To set up a limited company you need to use either an accountant or a lawyer. 
Be careful about using British accountants as they tend to claim to know how things are done in Cyprus when most of them are clueless.
The one Lawyer in Limassol which I can recommend is Louise Zamabartas who has a very good reputation and although she is English she is married to a Cypriot who is also a lawyer. Just google Zambartas law.

Regards
Veronica


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## Veronica (Apr 5, 2008)

Incidentally although you may not want to tread on any toes, if Cypriots who are running the same business as you think you are taking any trade from them they will take it very personally and if you happen to get on the wrong side of the wrong people you can expect them to take measures which will not be very nice.
This is not just scaremongering, it has happened before.

My advice is to keep very low key and you will be ok but if you put yourself out there too much in the open it could backfire on you.

Veronica


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## PeteandSylv (Sep 24, 2008)

As a former signmaker I would suggest taking a close look at the feasibility of this and offer the following observations:

The signmaking market is much smaller than the UK where the majority of signmakers are 1/2 man bands.

The quality of signage on vehicles here is often dire. There is a large proportion of signs with spelling errors when in English so that presents an opportunity. Obviously good Greek will be required.

There are far fewer vehicle fleets and most businesses seem to run their vehicles until the signage has almost disappeared through the use of wrong vinyl shrinking and peeling, age, print fade or plasticiser browning.

Shop signage seems to be dominated by a few larger sign companies and is very much wrapped up with shop frontage installation much of which is overlay panelling in Alcobond or similar. Most of this is very high quality.

There is very little foamex used, a fair bit of correx and a lot of Alcobond and metal.

Many of the digital print companies are diversifying producing canvas prints etc. indicating a lack of core business.

Veronica's observation's on rivals is important and her last sentence presents a catch 22. I doubt the larger companies would react to your competition but small ones might.

I don't know who distributes vinyl and machines out here but you can expect the cost to be significantly more than the UK. I've no idea on pricing for signs out here.


I hope this is of some use to you and wish you all the best.

Pete


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## GaryR1 (Feb 7, 2014)

Hi Veronica,

Thanks for the information.

Gary


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## GaryR1 (Feb 7, 2014)

Hi Pete,

Thanks for your support. We are over in May to check property's out and to do a bit of market research. I think we have a lot to offer and we are still thinking of making a go of it.

Gary


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