Оnline discussion of the European Business Association with the Cyprus Chamber of Commerce and Industry: “Exploring international business opportunities in Ukraine and Cyprus“
On September 22, 2020, an online-discussion of the European Business Association with the Cyprus Chamber of Commerce and Industry took place with the participation of diplomatic corps. Thus, special guests of our meeting were His Excellency Mr. Louis Telemachou, Ambassador of Cyprus in Ukraine, Ms. Natalia Sirenko, Chargé d’Affaires of the Embassy of Ukraine in Cyprus, and Mr. Marios Tsiakkis, Secretary General at Cyprus Chamber of Commerce and Industry.
Together with the speakers, Irina Voevodina, partner of the law firm Interlegal (Ukraine), Alina Kulikovska, business development manager of Sovereign Trust (Cyprus) Limited, Roman Koren, lawyer Baker McKenzie (Ukraine), Artemios G. Andreu, business development manager of NewCytech Business Solutions (Cyprus), we conducted a comprehensive study of opportunities and conditions for doing business in alternative jurisdictions of Ukraine and Cyprus on such criteria as: features of doing business, key sectors for investment, steps to start a business, business budget, tax forms, licensing procedures, key provisions of the tax regime for the IT industry etc.
Recently, a number of effective steps have been taken in Ukraine aimed at improving the conditions for doing business that comply with European principles of business regulation. In particular, today, we can see the improvement of the business climate through: currency liberalization, adoption of the new Law of Ukraine “On Controlling Foreign Companies (CIC)”, improvement of anti-corruption tools, implementation of international BEPS procedures, active development of digitalization, etc. The key industries for investment in Ukraine remain: agribusiness, energy, innovative technologies, manufacturing, and infrastructure. Moreover, the strategic position between Europe and Asia and the large number of qualified personnel make Ukraine even more attractive to investors.
In turn, Cyprus is attracting international attention and becoming an increasingly promising country for business, investment and life. The island’s success is due to progressive legislation, a regulatory regime and a strong network of financial and professional service providers. The Government and institutions of Cyprus are active in maintaining leadership in the development of the industry, providing access to fast-growing markets and supporting business in Cyprus. Among the biggest advantages of this jurisdiction: tax benefits, high standard of living, low crime rate. Moreover, the country has an investment program that grants Cypriot citizenship to successful applicants and their families for 6 months. Therefore, provided that 2.5 million euros are invested in the Cypriot economy and that certain criteria are met, those seeking for a second passport can obtain it here.
It should be noted that we in Ukraine are interested in further deepening bilateral relations with the Republic of Cyprus in order to continue adopt a positive business experience, and thus improve the investment attractiveness of our country in the international arena.