TMF Group has been making a complex world simple and helping its clients do business seamlessly in Cyprus for about 15 years. The company plays a key part of its clients’ governance, with experts on the ground to make sure that all rules and regulations are adhered to, and operational compliance is maintained. “We provide multiple solutions to our clients including, accounting and tax, Global entity management, Payroll and HR, Capital markets services, Fund services, private wealth and family offices” said Andreas Constantinides, the Managing Director. “We undertake some of our clients most critical administration covering three main areas of legal, financial and employee through TMF Group’s teams in 120 offices, in jurisdictions covering more than 92% of world GDP and 95% of FDI inflow” he added.
TMF Cyprus serves corporates, financial institutions, asset managers, private equity and real estate investors, and family offices and its clients include more than 60% of the Fortune Global 500 and FTSE 100, and almost half the top 300 private equity firms.
The Republic of Cyprus and the United Kingdom of Great Britain and Northern Ireland share traditionally strong ties. The two countries have just celebrated 62 years of bilateral relations and share strong people-to-people links, with 300,000 Cypriots residing in the UK and approximately one million Brits visiting Cyprus every year. Brexit has been a challenging period given the fact that Cyprus is an EU member state. Nevertheless, a Memorandum of understanding between the governments of the UK and Cyprus was signed on the 15th of November 2022, which clearly highlights the appetite for both countries to strengthen and continue fruitful bilateral relations.
With a legal framework based on British Common Law and a prime geographic position, Cyprus is proving a safe harbour for businesses in a turbulent but dynamic region. Located in the heart of the busy trade routes linking Western Europe with the Middle East, Africa and the Far East, Cyprus is a multilingual, thriving business centre that has one of the most favourable tax systems in the European Union. Cyprus is aligned with EU laws and regulations, including EU Directives, which aim to enable cross-border investment and reduce withholding taxes. The country also holds double taxation agreements with many countries, including the UK. Corporate structures involving Cypriot legal entities are being widely used and provide clear advantages for both multinationals and private individuals. Cyprus is a UK-friendly Westernized European jurisdiction that already has a strong UK corporate and ex-pat presence including Constantinides himself.
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In general, there are many reasons to do business in Cyprus, including but not limited to European Union & Eurozone membership, an easy environment to do business (please refer to the GBCI 2023), pro-business legal framework based on the UK common law, attractive tax system (corporate tax rate of 12.5%, in most cases, non-resident companies can enjoy tax exemption relating to receipt and distribution of dividends) and an extensive double tax treaty network with 65+ countries worldwide.
“We already have a large portfolio of UK clients. We assist our clients with the full range of outsourced services including accounting and tax services, HR and payroll, company secretarial and global entity management, consultancy solutions, fund, capital markets and private wealth, family office and local compliance services including but not limited to FATCA, CRS, CbC and UBO reporting. All our colleagues are English speakers, the majority of which have been educated in the UK” highlighted Constantinides.
TMF Cyprus is a trusted partner in Cyprus to assist with the compliance of any foreign business. These are challenging times and as businesses look to rebuild and grow, many will have to do so in unchartered waters. The current economic and geo-political reality has already redefined some areas of business, from how and where goods are sourced, to where they are bought and sold, to new rules and regulations around how those need to be done, and that shifting landscape is likely to continue. “We know from the findings of our latest Global Business Complexity Index, that the international business landscape is more complex than ever. Having a dedicated team of in-house experts that can help businesses to navigate those complexities both globally and locally, and take advantage of opportunities swiftly and safely, anywhere in the world, is a powerful proposition” stated Constantinides. “We in the TMF Cyprus office are proud to be able to play an important part in that proposition” he concluded.
Find out more: www.tmf-group.com/en/locations/emea/cyprus/