If you are an entrepreneur, you probably asked yourself the question: in which countries is it best to do business? Of course, you can go the "easy way" and start your business in your country of residence and then also move to other regions.
But… it can be quite a difficult choice. For example, if you live in a country with sufficiently high taxes, a low level of judicial protection of property and high corruption, then this can quickly put your business project at a disadvantage in relation to your foreign competitors.
Registration of a foreign (offshore) company can give you big advantages for you. Especially if your business is independent of your location, your employees can work online, and there is a steady demand for your products and services in other countries. In this case, you can choose a strategically more advantageous country for the development of your business project.
The international consulting company PwC has compiled a rating of the best countries for doing business in 2021.
Cyprus entered the category of "developing jurisdictions", taking 12th place among 34 states in Europe, the Middle East and Africa.
It is worth noting that the rating was compiled based on an analysis of 37 criteria, including a favorable business environment, public health, education, skills and talents, technology, infrastructure, and so on.
According to the PwC report, Cyprus scored 54.5 out of 100 possible points.
PwC experts noted that Aphrodite Island stands out for its macroeconomic environment, ranking fifth among the "leading jurisdictions" and the lowest inflation rate among all countries (0.2%).
The island also leads in the "tax and regulatory environment", ranking fourth, which is facilitated by its 12.5% corporate tax and indirect taxation regime (19%).
At the same time, experts note that Cyprus still has a lot to do to integrate environmental, social and management goals. The country also ranked 26th in the Global Gender Pay Gap Index and 14th in the Global Corruption Index.
The top five leaders of the overall rating included: Switzerland, Norway, Great Britain, Germany, Sweden.
These countries were recognized as the best destinations for the development of private business and entrepreneurship in 2021.
As you may know, due to its convenient location and tax regime, Cyprus has long been a favorite place for many international companies to serve business. Stable corporate legislation, low tax rates and lots of investors - all this leads to the fact that the number of foreign companies operating in Cyprus is growing every year.
In 2009, Cyprus was officially included by the Organization for Economic Cooperation and Development (OECD) in the "white" list of countries that comply with accepted international standards in the field of taxation and business. The inclusion of Cyprus in this list (currently about 40 countries are registered in it) was regarded as a positive event and strengthened Cyprus' position in the international market. Since that time, Cyprus has been one of the important centers of international trade, attracting dozens of multinational corporations every year who prefer to do business in efficient tax jurisdictions.
The economy of Cyprus, which passed a difficult test in the crisis of 2013, is actively recovering, as evidenced by the constant growth of interest in the country from foreign investors.
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