Many jurisdictions allow foreign companies to change their jurisdiction of incorporation. The legislation usually permits the transfer of a company's "seat of incorporation" into or out of the jurisdiction ‐ a process known as “re‐domiciliation”.
The program was launched to create jobs, promote innovation, research, develop the business ecosystem and support the economic development of the country. But how Cyprus Startup Visa helps and attracts foreign entrepreneurs?
Every physical person who settles in the republic has to obtain a Cyprus Tax Identification Number. The acquisition of Cyprus Tax Identification Number is a simple process and usually takes 1-2 days to completion.
Cyprus Holding companies ensure the reduction of risk for owners and can provide simultaneously the ability of ownership and control on other companies. Cyprus is one of the most favorable destinations for the forming of Holding in Europe for many reasons.
The local tax legislation along with the simplified procedures make the Cyprus company a very attractive base to operate. Cyprus is a home for some international colossal companies as well as for new startup due to the incentives announced in 2017.