Cyprus is held in the ubiquitous grasp of economic crisis, and unemployment levels are high. Unemployment woes in Greece are even greater, and this had led to an increase of Greek nationals coming to this island for better work opportunities.
One in five people under 25 (22.7 per cent) were unemployed in September of this year in Cyprus. By comparison, Greece’s overall unemployment is more than double that at 45.1 per cent for the under 25s.
Greeks have traditionally held posts within Cypriot hospitality and the food industry, and we now have applications for public sector jobs, with teaching and health being deemed as very desirable industries. Even in entertainment, young Greek actors hope to find employment here, whilst their more established counterparts are being hired to boost ratings for locally produced serials.
As a consequence of the crisis, approximately 1,500 Greek companies moved their operations here over the last two years, and the number of Greek businesses that are now registered as a Cyprus company count for ten per cent of the island’s total.
For Cyprus company registration, you must apply to the Cyprus Registrar of Companies for approval of a proposed company name. The Cyprus company registration process indicates that a company should have a minimum of one registered shareholder, and that the said shareholder can either be an individual, or another company, Cypriot resident(s) or foreign. If anonymity and confidentiality as to the ownership of the company is required, then the beneficial owners of the company may appoint nominee shareholders to act for them as registered shareholders, while the actual ownership always rests with the beneficial owners.
If you need a Cyprus company complete with full nominee services and bank account the soonest possible, without going through the Cyprus company registration process, you would need to choose from a list of immediately available shelf companies.
For more information about Cyprus company registration, please get in touch with us.