# Starting a Busniess advice



## welshspencer (Nov 6, 2007)

Hi All

I am a single parent living in Wales with my two daughters aged 11 and 12 years. within 12/18 months I would like to move over to Cyprus limassol,

I am the Principal of a Theatre Arts School which provides quality education in the performin arts.
For Three hours a week outside school but during term time, students attend classes in dance, drama and singing. I would looking to employ teachers in this field.

I would like to bring a school over to cyprus. and would like to start the school before I move over fulltime.

I have read on other boards about the need to set up a Ltd company??

Is this right? would i need to form a comapny to set this kind of operation up?

or can I just start up and register someplace.


Kind Regards


Welshspencer


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## Aase (Jul 8, 2007)

Sorry but I can't help you with the legal issues but just thought I'd say that I'd love my kids to attend your school! We're hopefully moving over next summer, my kids will then be 5 and 7. Will they be too young to attend?


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## yummymummy150 (Sep 8, 2007)

HI Welshspencer. not sure about ltd company But if you can get it up and running it has a good chance as the expat . would love it and also the locals like the kids to do lots of after school things.
Best wishes Tricia


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## welshspencer (Nov 6, 2007)

*School*

Hi there

Thank you for your comments. 5-7 years will not be to young to attend, The school will run two groups

Early Stages aged 4-6 years

Senior Stage School aged 6 - 16 years

With the Early Stages group students learn elementry skills in Dance, Drama and singing, but only run for 90 min each week, instead of 3 hrs for the seniors.

Kind Regards


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## smudge (Aug 28, 2007)

*ltd company*

Hi,
yes you would have to set up a ltd company here. I just set up a health company that treats injuries, conditions e.g back pain, trapped nerves etc. To set up a ltd company it will cost you £1000 all in. It is much more expensive than england and it takes a few months, that is if your company name is accepted straight away. They don't like people having even vaguely similar names to another company. My company is called noble health and it took an appeal to make them see that it was different from a company with the same first word. It is my surname was my main point. If you want it to be easy, use your name in the company name e.g. joe bloggs dance ltd. If you have a ltd company over here, it opens a lot of doors, particularly from banks.


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## jeffrey Streets (Dec 17, 2007)

It depends how you wish to play it and taxation etc. Cyprus runs on the same lines as UK for Limited Companies. I have a registered company in UK and wouild like to move it to Cyprus. My advice is get on the website for Starting up a Limited Company and see what the benefits are first and make your decision.


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## welshspencer (Nov 6, 2007)

chher guys have been a great help.. I would be looking for part time teachers in this feild. I hope it will not be a problem finding staff


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## Veronica (Apr 5, 2008)

If you use the right lawyer it should not cost you more than £500 to set up a company.
We have a ltd company which we set up last year at a cost of £400.
Some lawyers will try to rip you off so get quotes before you settle on one.
It onlytook about 4 weeks to get our company registered so again I think it depends on the solicitor you use
You can use a different name as your trading name, as long as all official documents invioces etc are in the registered companies name.
For example we have a website selling property but the government didnt accept the name for our registered name so we eventually settled for the ltd company name including our surname. This is normal practice over here so you can use a pretty name for your school and your own name eg Mary Smith dancing school for your registered name.
Hope this help you


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## welshspencer (Nov 6, 2007)

Hi Veronica

You have been a great help..... I will look into your website and seek some more leagl advice


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## Chris & Andrea (Feb 15, 2008)

Hi Veronica ~ Just visited your site and links, found it along with Yummymummy's, extremely useful. Even purchased survival guide 'Buying a Home in Cyprus'. Raised some concerns re renting out of property, more about short term than long term. Not as straight forward as some people may think in Cyprus?
Regards, Chris


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## Veronica (Apr 5, 2008)

Chris & Andrea said:


> Hi Veronica ~ Just visited your site and links, found it along with Yummymummy's, extremely useful. Even purchased survival guide 'Buying a Home in Cyprus'. Raised some concerns re renting out of property, more about short term than long term. Not as straight forward as some people may think in Cyprus?
> Regards, Chris


No Chris it is not straightforward. There are a lot of pitfalls if you dont look into everything thoroughly.
If you are thinking of buying a home do not fall into thetrap of allowing developers to talk you into using their solicitors
They will tell you it is cheaper, but if anything goes wrong guess who the solicitor is working for. The developer who brings them so much business.
Use a good independent solicitor. 
This is a lovely country and most of the people are are very friendly and helpful but like everywhere there are people who will take advantage.


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## yummymummy150 (Sep 8, 2007)

There are con men world wide, Buying or renting use reg agent As Veronica said independent solicitor.We let our apartment for holidays and this has gone well.Veronica i know Konia and it is nice .Icant see the link for your property sales site.Hope all is going well in your buisness.Enjoy the sun.
Tricia


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## Chris & Andrea (Feb 15, 2008)

Hi Veronica 
Obviously caused total confusion here. We already have a stone built property being built in Polemi, exactly what we came out to look for. Also have an independant Cypriot Lawyer with power of attorney. Slightly more expensive than my solicitor here in the Uk, but she has ensured the 'T's are crossed and the 'I' s dotted.
No, my query is in respect of short term holiday rental versus long term rentals. If I read the information correctly then there would appear in Cyprus to be strict guidelines to renting out property to persons other than friends and family. Long term rental seems more straight forward with less restrictions. Any advice on the property renting issue gratefully received, especially as our 'hand over' occurrs in August and we don't intend to move out immediately?
Kind Regards, Chris


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