Cyprus

Ease of Doing Business in

Cyprus

This page summarizes Doing Business 2014 data for Cyprus. The first table lists the overall "Ease of Doing Business" rank (out of 189 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

Region Europe & Central Asia
Income Category High income
Population 1,128,994
GNI Per Capita (US$) 26,000
City covered Nicosia
Doing Business 2014 Rank Doing Business 2013 Rank*** Change in Rank
39 38 down -1

Doing Business 2014 DTF** (% points) Doing Business 2013 DTF** (% points) Change in DTF** (% points)
68.41 68.39 down 0.02
 

Starting a Business

Info

The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2014 Rank 44 DB 2013 Rank*** 35 Change in Rank down-9
DB 2014 DTF** (% points) 87.96 DB 2013 DTF** (% points) 87.95 Change in DTF** (% points) up0.01

Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.

Indicator Cyprus Europe & Central Asia OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

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Procedures (number)
6 5 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

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Time (days)
8.0 12.8 11.1

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

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Cost (% of income per capita)
12.3 6.7 3.6

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

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Paid-in Min. Capital (% of income per capita)
0.0 3.5 10.4
No. Procedure Time to Complete Associated Costs
1 Reserve the company name and get initial approval from the Registrar of Companies 1-2 days EUR 30
2 Prepare the Memorandum and Articles of association by a Lawyer 1-2 days EUR 1,000
3 Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver 2-3 days EUR 205 registration fees + 0.6% on the authorized capital + EUR 220 for the Certificates (optional)
4 Register at the Ministry of Commerce for tax 1 day no charge
5 Register at the Ministry of Finance for VAT 1 day no charge
* 6 Register for Social Contribution at the Ministry of Labor 1 day (simultaneous with previous procedure) no charge
* Takes place simultaneously with another procedure.

** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the topics including Getting Electricity across all economies included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...

***Last year's rankings are adjusted: they are based on 10 topics and reflect data corrections.

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