If you are considering a new business venture and are interested in eCommerce, you might be looking for the perfect jurisdiction for your corporate base. At Fast Offshore we believe that Cyprus could be just what you are looking for and this is why…
If you have a limited budget in terms of start-up capital, eCommerce can still be a viable business opportunity for you. Today, consumers are increasingly relying on online shopping to purchase an ever-expanding list of items. In fact, by 2040 it is estimated that 95% of purchases will be made online. By 2021, eCommerce will account for some $4.5 trillion of global revenue with Millenials and Gen Xers accounting for most of the client base. Already, 56% of Gen Xers and 67% of Millenials prefer to shop online as opposed to in a physical location. Clothing, electronics, books, music, homeware, and even food can all be purchased online and delivered to the customers’ doorstep with just a few clicks.
In other words, eCommerce is booming and is showing no sign of slowing down anytime soon. Investing in this industry or setting up your very own eCommerce business is a smart move as more and more companies take their brands online, deserting the highstreet in droves.
If you have a great idea for a retail product, now is the time to make your move.
An Intro to Cyprus
Cyprus has been a fully-fledged EU Member State since 2004 and since then it has worked hard to solidify its status as a jurisdiction of excellence for financial services, corporate services, and financial technology. Well known for its thriving forex sector as well as its developing blockchain and crypto industry, it is a popular base for a number of large, international, respected businesses.
Costs of operations are low there- rent, utilities, internet, and infrastructure is cheaper than mainland Europe and you get the added bonus of enjoying up to 340 days of sunshine every year. Cypriots are well educated and multi-lingual and there is a large expat community made up of highly-skilled professionals- finding the right team in Cyprus, is not a problem.
The country is economically, socially, and politically stable and enjoys robust growth rates averaging 4.4% between 2015 and 2018.
Cyprus is an EU jurisdiction with a number of great benefits when it comes to company incorporation or using it as a corporate base. With a tax rate of just 12.5%, it is one of the lowest in the bloc. VAT sits at just 19% with a potential reduced rate of 9% and certain other transactions are exempt from taxation all together.
This along with its simple and easy company incorporation process, its’ English speaking and highly skilled workforce, and a stable, pro-business government makes it a very attractive option for e-entrepreneurs.
If you’re looking to set up an eCommerce business, you should also consider the fact that Cyprus is an EU Member State and that setting up there gives you access to business and trade throughout the whole Union. Over 85% of the European population use the internet and 60% of these shop online at least once a month. Lastly, some of the world’s biggest eCommerce spenders (UK $99 billion, Germany $73 billion, France $43 billion) are located there meaning there is a huge, eager, online client base ready and waiting for your products.
In terms of in-country eC6ommerce opportunities, the Cypriot authorities are expanding eCommerce as a new and innovative way of doing business island-wide. Consumers in Cyprus are warming up to the idea of buying online and the Office of the Commissioner of Electronic Communications and Postal Regulations is pushing the idea consistently. Any eCommerce business looking to incorporate in Cyprus and use the country as its corporate base, can expect a friendly reception from the government.
Why Fast Offshore
For 21 years and counting, Fast Offshore has been working extensively in the field of international corporate services and advisory for clients spanning a wide range of different industries. We work with big names in tech, finance, blockchain and crypto, legal, maritime, corporate, amongst many others.
Not only can we advise our clients with their corporate, banking, taxation, and financial situation, but we are able to provide a full range of services to them that transcends borders and even continents. With a combination of our professional and dedicated team, combined with our extensive network of partners we are on hand to help you establish, run, manage, and expand your business, wherever you are.