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.
Meridian Trust
The
official order for Cyprus’ removal from the list was published in the
Russian gazette and marks the end of tough negotiations between the two
nations that began in 2008, the year the island was added to the list.
Nations like Luxembourg and Switzerland worked firmly for removal from
the list, but the situation with Cyprus proved more complicated, with
the island’s tax information exchange being challenged...