The advantages for investing and establishing business in Cyprus were presented by Marios A. Klitou, the Board of Directors of Cyprus Promotion Investment Agency. Cyprus stimulate direct foreign investment in priority sectors such as banking and financial services, education, information and communication technology, medical services, wellness tourism, professional services (including legal and accounting), research and development, renewable energies and green technologies.
"As a member of the European Union, Cyprus use euro currency and it is an economically stable country," said Marios A. Klitou in its presentation. "The country has low inflation (4.4 percent), average GDP growth of 4.4% (2007) and unchanged credit rating for 2008 according to World Bank report, and it is ranked 40 th among countries in which it is easiest to do business. "
According to tax consultants from PriceWaterhouseCoopers financial success of the country is due to low tax rates and simplified tax regime - the lowest corporate tax in Europe and an extensive system of double taxation, strategic location, infrastructure, professional and friendly investment environment.
Law Offices of T. Papadopoulos & Co. explained that now it is possible for private companies to use financial assistance for the purchasing of own shares. The conditions for this are that the company is not a subsidiary of state-owned company, 90% of shareholders have given their consent, and purchased preferred shares to be placed under conditions that allow them both by buying the company, and by the shareholder.
The official guests of the event were His Excellency Mr. Stavros Amvrosiou, Ambassador of Republic of Cyprus and Mr. Stoyan Stalev, Executive Officer of Bulgarian Investment Agency and more than 40 Bulgarian companies.