Clear indications that relations between Cyprus and Israel are set to gain momentum were expressed by entrepreneurs during a business forum in Tel Aviv on 24 January. The encouraging atmosphere at the conference, co-organised by the Cyprus Ministry of Commerce, the Cyprus Chamber of Commerce and Industry, and the Israeli Chamber, demonstrated the common interest in increasing business relations and solidifying economic ties between the two territories.
Maria Saveriadou, Director of Meridian Trust - Corporate and Fiduciary Services in Cyprus, attended the conference in Tel Aviv last month, and said that there was a real sense of unity and eagerly anticipated cooperation between the delegates of both countries. Her message is clear: previous satisfactory collaborations between Israel and Cyprus companies are set to escalate to impressive levels.
Cyprus and Israel have been encountering common and sizable prospects since the discovery of gas in their respective Exclusive Economic Zones (EEZ), and future business partnerships and cooperation between the two are certain to solidify within that sector.
The importance of energy developments cannot be underestimated of course, and this is the obvious focus of rising relations between the two regions, with growing Cyprus companyregistrations to accommodate new trade and business. But progress and ties within the conventional sectors are also necessary for economic growth.
Christakis Papavasiliou, chairman of the Cyprus Israel Business Association, expressed that it was necessary for businesses and entrepreneurs of both communities “to create the suitable conditions for cooperation and further development of trade relations” between them in order to realize this growth.
In the trying economy in Europe, Cyprus’ ranking is 40th out of 183 in the World Bank’s “Doing Business Report 2012”, a rise from last year’s 49th. Significantly, a show of interest by Israeli businesspersons in Cyprus companies within corporate, real estate and the tourism industries was evident, as was the issue of establishing casinos on the island. Cooperation within the medical field was also indicated.
Growth in the number of Cyprus company registrations will be substantial, with businesses being established island wide to accommodate the varied commerce surrounding gas exploration.
Saveriadou continued: “It is our privilege that clients from all over the world have chosen Meridian Trust to support their overseas corporate operations for over a decade now. Acting as trustees and fiduciary service providers to Cyprus companies is our forte, and the delivery of expert qualified counsel and services is our tradition. We are really looking forward to this new and productive phase with our neighbours”.
The good trading communications between Cyprus and Israel will prove easy to maintain and enhance especially now that mutual work surrounding gas exploration are imminent. Apart of the realm of business however, are our ties on a more human level: we live barely 250 miles apart making travel extremely handy, and we share similarities in music, cuisine, climate and family values.
A Cyprus company registration begins with choosing and receiving approval of a company name from the Registrar of Companies. A qualified legal representative must submit documents to the relevant authorities, the company is then registered with our local tax authority, and if required the company will be registered with the VAT office.