Sergejs Kartasovs: Cyprus is best location for East European startups to move to
Cyprus is the most beneficial place in terms of relocating IT businesses from East Europe and other parts of the world. Sergejs Kartasovs (Sergey Kartashov), the CEO of Generation Partners Ltd, talked about why Cyprus is best among various other competitors. As a CEO of an IT asset management firm based in Cyprus, Kartashov knows the local conditions and jurisdiction very well.
The major competitors of Cyprus include the US, Germany, the Czech Republican, Estonia, Lithuania, the Netherlands, Poland, Portugal, and many more. Various factors are considered by the IT startups while choosing a country for relocation. These factors may include legislations, tax benefits, infrastructure, community, cost of living, environment, weather, and others. The comparative analysis of Cyprus with its competitors finds that Cyprus is the most suitable place for relocation of IT startups based in East Europe. Sergejs Kartasovs explained all of these factors in detail while claiming Cyprus as the best country for relocating an IT startup.
The analysis of legislation and taxation system is the first thing that comes in the mind of a company that wants to relocate. Cyprus has the most transparent and affordable tax system. The IT startups are required to pay the corporate tax of only 12.5% on their net income. Similarly, it is very easy to register a new company on the island. “One of the main advantages is affordable and transparent conditions for registering companies. Another quite important aspect is a simplified reporting system,” noted Sergejs Kartasovs. Cyprus has implemented IP-Box regime that requires the IT companies to pay tax only a part of their income.
Cyprus also offers a better cost of living and infrastructure facilities to the relocated companies. The residential and business infrastructures are developing rapidly on the island. At the moment, an A class office costs $40/m2 to a company each year. It is very low cost compared to other countries. Similarly, the rent costs of a two-room apartment in Cyprus are $1300-$1400 on the island.
Another key benefit offered by Cyprus is flight time. The flight time from Cyprus to any other East European country is less than three hours. So, the company officials can move from Cyprus to various other countries for business deals and personal reasons quite easily. “It allows the company’s management and its employees to quickly get home and also to other countries to resolve business issues,” expressed Sergejs Kartasovs (Sergey Kartashov).
Cyprus has a strong community of game developers and Russian-speaking IT specialists. It is the most suitable location for Russian speaking companies that are interested in developing games. Apart from it, Cyprus is a safe and secure country. It offers great schooling and health facilities at an affordable rate. The company officials can bring and raise their families under the best living standards on the island. Last but not least, the weather conditions and environment are also great in Cyprus.