10 Most Important Business Regulations in CyprusUpdated on Wednesday 07th October 2015
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Cyprus is one of the most appealing EU countries to foreign investors. Besides the advantageous taxation system and investment programs, Cyprus is also sought as a relocation destination by foreign citizens. For those setting up companies in Cyprus getting acquainted with the business culture and etiquette could prove very useful. Here are some facts about the Cypriot business etiquette and culture.
The Cypriot people appreciate face-to-face communication. Even if telephones and e-mails are the most employed means of communication, Cypriot businessmen will always prefer direct communication.
Even if Greek is the official language in Cyprus and Turkish is the official language in Northern Cyprus, English is considered a “business language”. Foreign investors will have no difficulties in understanding their Cypriot partners.
3. Business relations
Cypriot managers appreciate respect, sincerity and personal trust which is why they will also be very hospitable with their foreign counterparts. Unlike other nations, Cypriots consider building personal relations with their business partners very important.
4. Arranging a meeting
Arranging a first business meeting in Cyprus should be done be telephone or e-mail in order to establish the time and place.
5. Business cards
Cypriot company representatives are keen on exchanging business cards with foreign partners. However, as a sign of appreciation your business card should be written in both English and Greek.
6. Addressing a Cypriot partner
When addressing a Cypriot partner you should use the tile Mr. or Mrs. followed by their last name. Once the business relation becomes more personal you Cypriot partner will invite you to use personal names.
7. Business dress code
Cypriots dress like most Europeans. Cypriot company managers will wear a formal suit when going into business meetings.
8. Business meeting protocols
Business meetings should be arranged in advance and followed by a confirmation call or e-mail few days before. Punctuality is of key importance when doing business in Cyprus which why you should make sure you arrive on time.
9. Business meeting meals
Business meetings in Cyprus usually imply a meal after it is finished. Refusing such meal would very impolite.
10. Business meeting tips
Professionalism is at the core of every business meeting. However, you should know that pointing a finger in a business meeting with a Cypriot partner could be considered offensive.
If you are considering opening a company or need legal assistance for immigration purposes you can contact our law firm in Cyprus.