Start an E-Commerce Company in Cyprus
Start an E-Commerce Company in CyprusUpdated on Thursday 26th October 2017
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In Cyprus, e-commerce is utilized for retail which includes shoes, clothes, handmade jewelry, crafts, accessories and so on. E-commerce presents many benefits, having extremely low start-up costs, flexibility and speed which allow businesses to expand more rapidly into new markets. As follows, our Cypriot lawyers describe a few points related to starting an e-commerce company in Cyprus.
Status of e-commerce in Cyprus
The Ministry of Commerce in this country is developing e-commerce as a modern method of doing business in Cyprus.
The internet access in Cypriot households in 2015 was 71%, under the European Union average of 83%, however much bigger than the world average which is 46%.
The web-based trade still is quite small, however, it is quickly growing. The majority of businesses in Cyprus have a website. Our lawyers in Cyprus can offer assistance if you want to open an e-commerce business in Cyprus.
To open an online store in Cyprus, you will need:
- to build a website;
- to offer online payment facilities for the goods you are offering;
- to advertise your online store;
- other aspects: we can offer you all the necessary information related to what these other aspects may consist of.
Taxation for e-commerce businesses in Cyprus
The taxation related to all businesses in Cyprus is set at 10%, which also applies to e-commerce companies with a permanent establishment in the country.
In order for an e-commerce business to take advantage of this tax regime, it has to be permanently established in the country or keep its management and control in Cyprus. Our attorneys in Cyprus can offer more details on this matter.
By permanent establishment, the Cypriot legislation provides that it is a fixed place of business through which the activities of a legal entity is entirely or partially carried out.
In case you wish to find out more about e-commerce in Cyprus, or for assistance related to opening a business on the island, please feel free to get in touch with our law firm in Cyprus.