Cyprus

Ease of Doing Business in

Cyprus

This page summarizes Doing Business 2013 data for Cyprus. The first table lists the overall "Ease of Doing Business" rank (out of 185 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

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Economy Summary
Starting a Business
Dealing with Construction Permits
Getting Electricity
Registering Property
Getting Credit
Protecting Investors
Paying Taxes
Trading Across Borders
Enforcing Contracts
Resolving Insolvency
Region Eastern Europe & Central Asia
Income Category High income
Population 1,116,564
GNI Per Capita (US$) 30,571
Doing Business 2013 Rank Doing Business 2012 Rank Change in Rank
36 37 down 1

Doing Business 2013 DTF** (% points) Doing Business 2012 DTF** (% points) Improvement in DTF** (% points)
70.2 70.0 down 0.2
Topic Rankings DB 2013 Rank DB 2012 Rank Change in Rank
Starting a Business 37 32 up -5
Dealing with Construction Permits 80 84 up 4
Getting Electricity 98 96 up -2
Registering Property 99 124 up 25
Getting Credit 53 52 up -1
Protecting Investors 32 29 up -3
Paying Taxes 31 32 up 1
Trading Across Borders 18 18 No change
Enforcing Contracts 108 105 up -3
Resolving Insolvency 25 25 No change

Economy Profile

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Additional Topic

Additional Data

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Starting a Business

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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 2013 Rank 37 DB 2012 Rank 32 Change in Rank down-5
DB 2013 DTF** (% points) 88.1 DB 2012 DTF** (% points) 88.1 Improvement in DTF** (% points) 0.0
YearNew business densityNumber of new limited liability companies
2011 24.7319,538
Indicator Cyprus Eastern 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).

View methodology Procedures (number)
6 6 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.

View methodology Time (days)
8 14 12

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.

View methodology Cost (% of income per capita)
12.4 6.8 4.5

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.

View methodology Paid-in Min. Capital (% of income per capita)
0.0 5.0 13.3
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 26
2 Prepare the Memorandum and Articles of association by a Lawyer 1-2 days EUR 1000
3 Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver 2-3 days EUR 188 registration fees + 0.6% on the authorized capital + EUR 187.98 for the Certificates
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 indicators across all economies included in Doing Business since each indicator was 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...

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