2020 Cyprus Country Report

Cyprus has been an important
base of operations for 3CX
to enter the European and
Middle Eastern markets.
The country’s emphasis on
creating a business-friendly
climate has meant that we
have been able to quickly
grow our operations in Cyprus
to a team of over 100. Our
team benefit from the great
climate, friendly people
and the safety and security
that Cyprus provides.
Nick Galea
CEO - 3CX
For Whipper, Cyprus has aggressively set
itself up to be a strong, next-level, start-up
destination. There really was no comparison
to where we would headquarter Whipper.
The favourable Cypriot tax legislation
benefitting innovative businesses made it
highly rewarding as an R&D, investment and
taxation environment. Look out California
and London! What are the most important
metrics? 326 to 284 to 224 – that's the number
of sunny days Limassol vs. Santa Monica vs.
London, and the average commute – 6 min in
Limassol, to 25.5 min in Santa Monica to 74.2
min in London. By basing our HQ in Cyprus,
Whipper gets to apply more of every euro it
makes into scaling into a global behemoth
and enjoy the sun whilst doing it. Ask a
Java Script engineer if they'd like to work in
London or Limassol, Cyprus near the beach?
For a company with a vibrant culture and an
innovative product, they'll choose Cyprus every
time. The Cypriot Government has proactively
given the tech industry every reason to
storm the gates and take up residence.
Clark Westerman
CEO - Whipper.live
Bernhard Schulte Shipmanagement (BSM)
was the first shipmanagement company
incorporated on the island as Hanseatic Shipping
Co in 1972. Cyprus was chosen due to its ideal
geographical location as a ‘gateway’ to Europe
and the Middle East. Foreign investors benefit
tremendously from the availability of very
educated local personnel as well as the high
quality of life for expatriates. In addition, foreign
companies benefit from the ease of doing
business which is enhanced by the island’s well
developed infrastructure. Another key factor is
the strong support provided to investors by the
government and local industrial associations
such as the Cyprus Shipping Chamber.
Cyprus is one of the key ship management
clusters in the world and a global company
like BSM benefits a lot by being part of this
advanced and dynamic business community.
HQ Insights
Ian Beveridge
CEO - Bernhard Schulte Shipmanagement (BSM)
Kardex export HQ for MEA area has been based
in Cyprus since 1980 and is the Kardex Group
company responsible for the sales, marketing,
technical and software support services to our
distributors in the Middle East, Gulf, Africa, Balkans
and Central Asia. After over 35 years in Cyprus, we
will definitely stay on the island, as time has proved
that we made the right decision to have Cyprus as
our base. We still maintain the same advantages
of operating in an efficient business environment
with experienced professionals, an attractive tax
framework and overseas market proximity to
Africa, the Middle East, Gulf, Europe and Asia.
Demetris Kouloundis
Regional Sales Director MEA - Kardex Systems Ltd
When we came to
Cyprus back in 1988, we
were first attracted by
Cyprus’ location and
proximity to the
Middle East, which
was our main target
market at the time.
We remained in
Cyprus because it has
matured into a solid
international business
centre offering many
benefits, such as its
advantageous and
EU-compliant tax and
regulatory framework,
good access to various
markets and an
excellent quality of life
Johny Abuaitah
CEO - Windsor Brokers
Country Report CYPRUS 2020 41