About Cyprus
Cyprus is a historic island, the third largest in
the Mediterranean, where modern travelers retrace
the footsteps of figures as diverse as St. Paul,
Alexander the Great and Leonardo da Vinci. Cyprus
was Anthony's gift to Cleopatra and where, according
to mythology, the goddess Aphrodite first emerged
from the sea.
Cyprus is the meeting point of Europe, Africa
and Asia and close to the busy shipping and air
routes linking Europe with the Arab world and the
Far East. It has an area of 9251 sq. Km and is about
4 hours flying time from London, 3 hours from
Moscow, 1 hour from Cairo, 3 hours from Abu Dhabi
and about 12 hours from New York.
The population of Cyprus is about 850,000 people
(80% Greek Cypriots, 18% Turkish Cypriots, 2% Other
Minorities).
Political environment
The constitution of Cyprus provides for a
presidential system of government. The term of
office is set for a five year period.
The president appoints the Council of Ministers
which is the main executive instrument of the
Republic and they are responsible for the initiation
of legislation and the administration of all matters
that fall within the domain of their ministries.
The House of Representatives is elected by separate
elections every four years and has the legislative
powers.
Business Infrastructure
Legal System
The judicial power is exercised by the judiciary and
its members are independent of the government. The
legal system is structured on the English legal
system and all statutes relating to the regulation
of business matters and procedures are based on
English law.
Banking System
The banking system in Cyprus is modeled on the
British counterpart. Monetary policy and the policy
relating to credit and balance of payments is under
the responsibility of the Central Bank of Cyprus.
The commercial banks provide innovative and
competitive services and even though the needs of
the business community in Cyprus have been
increasing at an accelerated rate during the last 20
years, the banks were able not only to cope but to
be one step ahead. Today they provide all electronic
and other modern facilities.
Accounting System
All accountants and auditors who are providing
services to the public must be approved by the
Minister of Finance. Such an approval (license) is
given only to qualified people, members of
recognised accounting bodies. The main accounting
body in Cyprus is the Institute of Certified Public
Accountants whose members are qualified accountants
from the U.K. and other countries. The accounting
profession is obliged to follow the international
accounting and auditing standards.
Chamber of Commerce and Industry
The Cyprus Chamber of Commerce and Industry is a
member of the International Chamber of Commerce, the
Association of the Mediterranean Chamber of Commerce
and Industry, and the permanent conference of the
European Union Chamber of Commerce and Industry.
The Chamber provides the following services:
- Information on trade industry and services.
- Information on legislation and government policy
on commercial issues.
- Information on other commercial matters.
- Organising trade delegations.
Stock Exchange
The Stock Exchange started operations in 1996. The
legal and regulatory framework incorporates all
relevant E.U. directives as well as the common
practice in more developed Stock Exchanges. It is
hoped that the Cyprus stock exchange will become a
well developed and advanced regional stock exchange.
Airports
The strategic position of Cyprus makes the two
international Airports, in Larnaca and Paphos, very
busy. Especially during the summer the two airports
handle a very large number of daily flights.
Telecommunications
Telecommunications in Cyprus are amongst the best in
the world. The island is connected with 98% of the
telephones in the world. The aim of the Cyprus
Telecommunications Authority (CY.T.A.) is to
establish Cyprus as the telecommunications centre in
the region. They employ the latest technologies and
equipment available. Internet facilities are
available with a number of internet providers
having direct access to the worldwide web.
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