Cyprus at a Glance_EN

Foreign Business and Shipping The strategic location of Cyprus, its favourable tax environment, educated work force, excellent telecommunications and modern banking and legal infrastructure, make the country an ideal business bridge for the European Union and the Middle East. Cyprus’ friendly entrepreneurial environment and supporting facilities compare favourably with those of the best established centres in the world. It is considered to be a primary international business centre among approximately 50 countries offering similar facilities. Foreign investors can register a company directly with the Registrar of Companies and obtain a licence, if needed, from the appropriate authority. Cyprus is also an important shipping centre and has in its registry one of the largest merchant fleets in the world with 1.663 (2016) registered vessels. Moreover, it is a major ship-management centre, with some 60 ship-management companies operating in its territory. Several of these companies rank among the largest of their kind in the world. Services The tertiary or services sector in 2016 accounted for 86,6% of GVA (Gross Value Added). The Services Sector offers to business people a comprehensive range of services from accounting and banking to legal services, information technology, business consulting, design, engineering, shipping and marketing, health care and education. These, in conjunction with the competitive fees charged, and the professional attitude of Cypriot service providers, account for the transformation of the island into a highly reputable and reliable business centre. The tourism sector has a contribution of vital importance to the economy. In 2016 3,2 million tourists visited Cyprus, mainly from the UK (36,3%), Russia (24,5%), Scandinavian countries (6,6%), Greece (5,0%) and Israel (4,7%), generating a revenue of €2,4 billion. The remarkable resilience of both tourism and the professional services sector, displayed in the aftermath of the economic crisis, has been commended by credit rating agencies and has led to a less pronounced recession than originally expected, greatly aiding the process of quick economic recovery. 26