Headquartering in Cyprus
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1. Name / Surname *
2. Enterprise / Organization *
3. Current Position *
4. Please choose the relevant status *
5. Which of the below country-wide level advantages of Cyprus are of most importance for your enterprise? [Please rate using a scale (1 - being the least significant, 5 – being the most significant) the following advantages] *
1
2
3
4
5
N/A
Not considered as an advantage
Geographical position
Well established legal framework
Stable political system
Tax framework
Social environment/Quality of life
Technologically driven
Well established regulatory framework
6. If selected “Other” in 5 above, please describe
7. Which of the below country-wide level disadvantages of Cyprus most impact your enterprise? [Please rate using a scale (1 - being the least significant, 5 – being the most significant) the following disadvantages] *
1
2
3
4
5
N/A
Not considered as a disadvantage
Stagnated policies/procedures over government bodies
Lack of frequent global air connectivity
Scarcity of finance availability options
Cyprus being regarded as a tax haven
8. If selected “Other” in 7 above, please describe
9. Which other countries did you consider/are you considering as part of the/a relocation process? *
10. Please list the advantages of this country over Cyprus: *
11. In your opinion, how is Cyprus dealing over the below common specific difficulties/barriers over employment-related issues? [Please rate using a scale (1 – Dealt the worst, 5 – Dealt the best) the following common specific difficulties/barriers] *
1
2
3
4
5
N/A
Time consuming process for obtaining work permit
Strict criteria over granting approval for work permit
Continent wide regulations that do not facilitate work permit
Lack of established HR services for finding suitable workforce
Lack of variety in terms of specialization of employees
Incompatibility of benefits (i.e. salary) in original country against Country of relocation
Social/cultural differences
Insufficient tax incentives for new foreign employees
12. If selected “Other” in 11 above, please describe
13. In your opinion, how is Cyprus dealing over the below common specific difficulties/barriers over administration/setting-up issues? [Please rate using a scale (1 – Dealt the worst, 5 – Dealt the best) the following common specific difficulties/barriers] *
1
2
3
4
5
N/A
Relatively high setting up costs
Relatively high administration costs
Availability and quality of service providers
Requirement for annual submission of statutory accounts
Extensive AML procedures
Options over and availability of a citizenship program
14. If selected “Other” in 13 above, please describe
15. In your opinion, how is Cyprus dealing over the below common specific difficulties/barriers over bank-related issues? [Please rate using a scale (1 – Dealt the worst, 5 – Dealt the best) the following common specific difficulties/barriers] *
1
2
3
4
5
N/A
Extensive AML procedures
Extensive/increased controls over bank transfers
Relatively high business financing interest rates
Banks in country of relocation dealing with financial/liquidity issues
16. If selected “Other” in 15 above, please describe
17. In your opinion, how is Cyprus dealing over the below common specific difficulties/barriers over communication / language issues? [Please rate using a scale (1 – Dealt the worst, 5 – Dealt the best) the following common specific difficulties/barriers] *
1
2
3
4
5
N/A
Official documents of the Government/State generated only in local language
Levels of adoption of modern communication means
Level of English language verbal skills
Level of English language writing skills
18. If selected “Other” in 17 above, please describe
19. In your opinion, how is Cyprus dealing over the below common specific difficulties/barriers over Transportation issues – internal and external (e.g. local connectivity, international connectivity, local transportation)? [Please rate using a scale (1 – Dealt the worst, 5 – Dealt the best) the following common specific difficulties/barriers] *
1
2
3
4
5
N/A
No frequent air global connectivity
Relatively high costs of global air connectivity
Low availability of internal public transport
Relatively expensive internal public transportation
20. If selected “Other” in 19 above, please describe
21. In your opinion, how is Cyprus dealing over the below common specific difficulties/barriers over quality of life / social / environmental issues? *[Please rate using a scale (1 – Dealt the worst, 5 – Dealt the best) the following common specific difficulties/barriers] *
1
2
3
4
5
N/A
Not enhanced friendly environmental culture
Lack of cultural awareness and variety of cultural education
Relatively close ended local culture
Variety of educational paths
Relatively high living costs vs benefit levels
22. If selected “Other” in 21 above, please describe
23. Please rank - considering the specific difficulties/barriers as listed in the previous questions - the below issues in terms of significance to your enterprise: *
1
2
3
4
5
6
Employment-related issues
Administration/ Setting up issues
Bank related issues
Communication / Language issues
Transportation issues – internal and external (e.g. local connectivity, international connectivity, local transportation)
Quality of life / Social / Environmental issues
24. Please list two corrective actions to deal with your top three (3) issues ranked in question 23:                                                                                                                                                                                                                                                                                                                             - Issue ranked 1st
Corrective action:
- Issue ranked 2nd
Corrective action:
- Issue ranked 3rd
Corrective action:
25. In your opinion, which of the below improvements/changes are needed for the legal framework in Cyprus and at what level? [Please rate using a scale (1 – needed the least, 5 – needed the most) the following improvements/changes] *
1
2
3
4
5
Not needed
N/A
Quick implementation of amendments (procedural wise)
E-justice - electronic court and filing applications
Reform of the procedures and policies of the registrar of company’s Electronic filings without delays
Redefine tax residency/ substance status and consider adding a rules-based approach rather than a principle-based approach
Faster implementation of OECD guidelines
26. If selected “Other” in 25 above, please describe:
27. In your opinion, which of the below improvements/changes are needed for the tax department/framework in Cyprus and at what level? [Please rate using a scale (1 – needed the least, 5 – needed the moest) the following improvements/changes] *
1
2
3
4
5
Not needed
N/A
Tax incentives to be given that will boost business activity and healthy competition
Need for specific structured tax plan for enterprises looking to establish HQs in Cyprus
Faster implementation of alignment with OECD guidelines
Faster tax assessment process/Tax department to be up to date timely
28. If selected “Other” in 27 above, please describe:
29. In your opinion, which of the below improvements/changes are needed for the digital transformation in Cyprus and at what level? [Please rate using a scale (1 – needed the least, 5 – needed the most) the following improvements/changes] *
1
2
3
4
5
Not needed
N/A
Tax incentives that will encourage digitalization in business activity
Increased percentage of government budget towards research and development programs
Government grants as to enhanced use of digital means over conducting business activity
30. If selected “Other” in 29 above, please describe:
31. Which of the below types of tax incentives would be more beneficial/attractive to your enterprise? [Please rate using a scale (1 – least beneficial/attractive, 5 – most beneficial/attractive) the following tax incentives] *
1
2
3
4
5
N/A
Increased deductibility of expenses (in the form of increased tax deductibility of qualifying expenses for the first years of relocation)
Increased deductibility of notional interest on introduction of new capital to the business
Lower corporation tax rates (ie lower corporation tax rate for the first years of relocation)
Lower employment tax rates the first years of relocation
32. If selected “Other” in 31 above, please describe:
33. How would you rate Cypriot governmental bodies as to the below aspects? [Please rate using a scale (1 – worst, 5 – best) the following tax incentives] *
1
2
3
4
5
Cannot determine as no interaction took place
Overall structure of government bodies
Communication channels
Governmental processes/ Controls
Levels of bureaucracy
Responsiveness
Digital transformation
Integration among government departments/Exchange of information
34. Are you considering relocating your headquarters in Cyprus? *
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