Open a Jewelry Business in Cyprus
Open a Jewelry Business in CyprusUpdated on Saturday 08th December 2018
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Cyprus is one of the European countries in which both small and large companies can thrive. With a legal system and incentives which provide for the welfare of all types of companies, Cyprus is an ideal destination for those want to operate in various industries, including the jewelry sector.
Foreign citizens who want to open companies in the jewelry industry in Cyprus have various options, as both local and foreign citizens living here are attracted to buying all types of jewels made of precious or non-precious metals.
The regulations imposed on companies selling jewelry in Cyprus are not that stringent compared to other European countries, therefore it is quite easy to set. Our lawyers in Cyprus can offer full information on the requirements related starting a jewelry business in this country.
Steps for registering a business for selling jewelry in Cyprus
Before starting to sell any type of jewelry, a businessman must first register a company with the Cyprus Companies Register. For this purpose, he or she must select one of the available types of structures under the Company Law and register it. Our law firm in Cyprus has the necessary experience in helping foreign investors who want to open businesses for selling any types of jewels here.
Here are a few tips on how to open a jewelry business in Cyprus:
- - the company can be set up as a sole proprietorship or limited liability company;
- - these companies can also sell their products online by setting up a website;
- - the promotion of such company is essential given the competition;
- - in case of traditional businesses, finding a suitable and easy-accessible location is very important;
- - making sure to have all the necessary licenses to sell jewelry is critical;
- - jewelry businesses can sell all types of products, including hand-made pieces of jewelry.
Our law firm in Cyprus can guide foreign investors who want to open jewelry businesses in this country. We can assist during the registration and licensing procedures of the business.
Licenses for selling jewelry in Cyprus
The licenses to be obtained when selling jewelry in Cyprus depend on the type of business established and the products sold.
It is possible for selling jewels as a street vendor in the top tourist destinations in Cyprus by obtaining a street trading license with the town council in the city the operator will sell his or her products. Most of the times street vendors are established as sole traders and sell hand-made and/or non-precious metal-made jewels, therefore the requirements, in this case, are less stringent.
In the case of larger companies selling precious-metal jewels, these are created as limited liability companies and sell their products in various establishments, such as shopping centers and malls. These are subject to more stringent requisites and must know that the goods they sell must bear certain markings which are agreed by the Cyprus Jewelers Association.
These markings are:
- - the assay office mark which indicates that the product complies with the standard imposed by the Cyprus Jewelers Association based on a testing system;
- - the standard mark which indicates the metal the jewel was made of, the composition and the quality of the metal;
- - the maker’s mark which shows the identification symbol of the manufacturer;
- - the date – this is a mandatory requirement which indicates the manufacturing date of the product.
As mentioned above, jewelry companies can also sell their goods online provided that they have domain names and websites which are registered in accordance with the information technology regulations. The same licenses as in the case of traditional companies must be obtained when selling jewelry online.
Our Cypriot lawyers can offer detailed information on the requirements related to selling goods online. We can also help those who want to open online shops and e-commerce companies.
Why open a jewelry business in Cyprus?
Cyprus is one of the most ancient historical sites in Europe and it is known for discovering many antiques and precious metals. Some metals, such as gold and silver, can still be extracted from the Cypriot soil and turned into lovely pieces of jewelry. There is also the possibility of importing precious metals or ready-made jewels and sell them on the local market, therefore the options for those interested in starting a jewelry company in Cyprus are quite a lot.
Foreign companies can also set up branches here and sell their products on the local market.
If you are interested in opening a business for selling jewelry, we invite you to contact our lawyers in Cyprus for assistance in registering the chosen type of entity.