On March 13, the BPW English Speaking Club hosted a very educational event called "Business Essentials: How to Set Up and Run a Business in Cyprus." The event, held in Hellenic Bank's famous headquarters in Nicosia, drew a broad crowd of prospective entrepreneurs, business owners, and professionals interested in learning more about starting and managing firms in Cyprus.
The event featured a lineup of notable speakers who shared their knowledge on a variety of important topics. Raluca Ioana Man, a brand strategist and President of the BPW English Speaking Club, gave a lively presentation titled "Building a Solid Foundation: The Importance of Effective Business Planning." Her speech stressed the need for strategic business planning as a road map to success, outlining crucial components and the multiple advantages of creating a complete business plan.
Nina Ebanoidze Dimitriou, a certified attorney in Cyprus, also addressed the stage and shared useful insights into the legal elements of doing business in the country. She concentrated on the limited liability company, the most regularly used business vehicle, addressing the incorporation process and offering critical information on intellectual property protection. Nina also addressed the liabilities of business owners as shareholders, as well as directors and secretaries of limited liability corporations.
Stela Ivancheva, representing the prestigious firm Baker Tilly Cyprus, delves into the complexities of Cyprus' tax legislation. Her lecture provided guests with a complete overview of the ever-changing tax situation as well as ideas for optimizing financial plans.
Vicky Tsangaridou Hadjipavlou, a representative of the Ministry of Energy, Commerce, and Industry, provided excellent information on funding options for businesses, including as traditional loans, venture capital, and government subsidies. Her enlightening lecture highlighted the different financial tools that entrepreneurs can use to help their businesses succeed.
Participants in the event included both members and non-members of the BPW community, as well as students from the prestigious University of Limassol. Furthermore, foreign BPW members attended the session via Zoom, enabling a fruitful international interchange of ideas and information.
The informative speakers captured the audience with their engaging presentations and interactive discussions, which contributed to the event's success. Sandra Da Silva's expertise and passion as the MC were particularly impressive. Special thanks to BPW-ESC members Alesia Costa, Anastasia Charitou, and Rania Abou Alwan for their invaluable contributions to event planning and implementation.
The President of the BPW English Speaking Club expressed deep gratitude to the speakers, attendees, and everyone else who helped make the event a memorable and meaningful experience for everybody.
Small business owners in Cyprus may not always have access to experienced accounting, branding, and tax knowledge. However, it is vital to understand the critical needs of business income taxation from the beginning in order to avoid major problems, stress, and financial difficulties later on.
Here are some crucial topics that small business owners should consider:
- Income tax returns are due 15 months after the end of the relevant fiscal year, and provisional income tax must be paid in advance during the year in which it is incurred.
- All Cyprus companies, regardless of size, are required to have external audits, and income tax returns are prepared using the audited accounts.
- Net income is taxed at 12.5%, however net profit before tax may be adjusted based on the company's records to determine taxable net income.
- Cyprus tax law offers a variety of incentives for entrepreneurship and investment, including tax breaks for dividend income and gains from the sale of stocks and securities. Royalties and other income from intellectual property are effectively taxed at a reduced rate, and expenses for acquiring or developing intellectual property are deductible. Notional interest on new equity investments is also included. Certain expenses, such as company entertainment and bad debt, are limited in their tax deductibility.
- Companies that do transactions with related parties are subject to additional reporting requirements under transfer pricing regulations.
BPW Cyprus merits recognized for offering a dynamic platform for professionals, entrepreneurs, and aspiring business owners to network and share knowledge, thereby improving the business community in Cyprus.
The BPW English Speaking Club's mission is to empower and encourage women in business by providing a venue for networking, knowledge sharing, and professional development.
