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LAVECO life

LAVECO Ltd. - 15 years in Cyprus


10/12/2014

Működésének 15. évfordulóját ünnepelte a LAVECO Ltd Cipruson.

15 years is a long time in the life of a small start up company. In 1999, when LAVECO Ltd. began in Cyprus as a one-man show, we were true pioneers. It was at the time when the legislation allowing foreigners to legally own more than 50% of Cypriot companies came into force. Until then, similarly to the Arab model, foreigners could hold a maximum of 49% of the shares in local companies.

LAVECO Ltd. was one of the first foreign businesses in Cyprus to be established in the offshore industry without Cypriot owners. It wasn’t easy at the beginning, and the period leading up to EU accession was particularly difficult for us. EU accession in 2004 opened new doors for Cyprus, as it became part of the European economic bloodstream and its companies were able to trade freely within the EU, taking advantage, as they still do today in numerous cases, of VAT-free transactions. The tax climate in the island is still very favourable today. 2 years ago, when one of the leading international consultancy firms asked 400 European specialists which member state had the most favourable tax climate, Cyprus was the easy winner. It is not just the relatively low corporate tax (12.5%) which helps them achieve this, but the tax system as a whole. A start up service company, actually physically providing services, will find the most favourable conditions in Europe here. The salaries of employees are free from personal income tax up to an annual amount of 19 500 EUR, which means that a monthly salary of 1600 EUR can be paid tax free, while social security contributions are also a relatively low 17.4%.

So, despite the banking crisis of last March, Cyprus can still offer companies involved in services, trade and investment such tax benefits as will make them more competitive in the international arena than their competitors.

The staff of LAVECO Ltd., Cyprus, commemorated the company’s 15th anniversary in a good-natured celebration and committed themselves to the next 15 years as well.

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