Sergejs Kartasovs (Sergey Kartashov), the CEO of Generation Partners, talked about the features of Cyprus as a country for relocating IT businesses. Generation Partners LTD is a Cyprus-based IT asset management company. The CEO of the company shared his views on why Cyprus is a good country for IT businesses to relocate to.
Some key factors
There are various factors that determine the strength of a country as an ideal place to relocate to. Tax benefits, legislations, cost of living, infrastructure, and a community of same interests are the key factors that make a country attractive to the IT companies for moving in their business there. Based on these factors, the countries are divided into several categories of suitable to less suitable. The most comfortable category includes countries like Germany, the US, Cyprus, Lithuania, and the Netherlands. In these countries, a convergence of most of these factors exists. Poland, Portugal, the Czech Republic and various other countries are included in the second category. Most of the companies prefer them for relocating their business on the basis of comparative analysis of them with other countries. Among all of these countries, Cyprus is the most favorable location for companies from Eastern Europe. In recent years, Cyprus welcomed a huge number of startups from Eastern Europe and other parts of the world, according to Sergey Kartashov (Sergejs Kartasovs).
Cyprus offers huge benefits to IT startups
Cyprus is one of the most favorable locations in the world in terms of legislation and tax benefits. The company registration system offered by Cyprus is very transparent and affordable. “The most famous benefit of Cyprus in the world is the flexible taxation system and the implemented IP-Box regime,” said Sergey Kartashov. The country offers the lowest corporate tax rate of 12.5% on net income. The IP Regime makes the island a tax haven for IT startups.
The location of Cyprus is ideal for Eastern European countries. The flight time from most of these countries to Cyprus is less than three hours. The company officials can get back to their homes and other countries for business purposes easily from there. Cyprus also offers affordable office and living facilities. “There is quite a high level of security, affordable prices for English schools and kindergartens for those who move with their families, and good quality of healthcare,” noted Sergejs Kartasovs.
Another key benefit offered by Cyprus is the presence of a huge community of Russian speaking game developers. Sergey Kartashov said, “It allows us to hold specialized events and create specialized clubs where specialists can relax and solve work issues at the same time.” IT companies prefer working in an environment where they have people of the same interests and traits around them. In this regard, Cyprus is an ideal location for the Eastern European startups to relocate to.
The CEO of Generation Partners also noted the weather conditions and atmosphere while talking about the benefits offered by Cyprus to the IT startups for relocation.