Cyprus

Ease of Doing Business in

Cyprus

This page summarizes Doing Business 2015 data for Cyprus. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.

Economy Overview

 
Region Europe & Central Asia
Income Category High income
Population 1,141,166
GNI Per Capita (US$) 25,190
City covered Nicosia
Doing Business 2015 Rank Doing Business 2014 Rank*** Change in Rank
64 62 down -2

Doing Business 2015 DTF** (% points) Doing Business 2014 DTF** (% points) Change in DTF** (% points)
66.55 65.88 down 0.67
Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

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 2015 Rank 64 DB 2014 Rank*** 56 Change in Rank down-8
DB 2015 DTF** (% points) 89.18 DB 2014 DTF** (% points) 89.23 Change in DTF** (% points) down-0.05

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).

View methodology
Procedures (number)
6.0 5.0 4.8

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)
8.0 12.1 9.2

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)
12.6 5.3 3.4

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 5.8 8.8
No. Procedure Time to Complete Associated Costs
1 Reserve the company name and get initial approval from the Registrar of Companies 2 days on average EUR 30
2 Prepare the Memorandum and Articles of association by a Lawyer 1 day on average EUR 1,000
3 Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver 2 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 score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

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

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