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PUBLISHERCyprus Chamber of Commerce and Industry38, Grivas Digenis Ave. & 3, Deligiorgis Str.P.O.BOX 21455, 1509 Nicosia Tel. 22889800, Fax.22669048E-mail: chamber@ccci.org.cy, Website: http://www.ccci.org.cy

EDITING - LAYOUT & DESIGNF.M.W. FINANCIAL MEDIA WAY23B Armenias, Office101, 2003, Strovolos, Nicosia, CyprusTel.: 22342005 Fax: 22342006, E-mail: finmedway@cytanet.com.cy

PRINTING: THEKONA

CONTENTSCyprus: A Modern Centre of Business Services 4Legal and Accounting Services 7Banking, Finance and Insurance 8Travel and Tourism 9Shipping, Ship Management and Transhipment (or Transit Trade) 11Telecommunications 12Information Technology 13Education 13Consultancy 14Healthcare 15Real Estate 16Advertising, Printing, and Publishing 17Construction, Civil Engeneering and Architectural Services 17Filming 18Conference and Exibition Services/Facilities 19Other Professional Services 19Cyprus Chamber of Commerce and Industry 21Ministry of Commerce, Industry and Tourism 21Information 23Cyprus Trade Centres 24

CYPRUS: A MODERN CENTRE OF BUSINESS SERVICES

and a pleasant climate and topography.

Cyprus has effectively developed into abridge linking three continents and aimsto constitute the main axis in the triangleEuropean Union, Eastern European

countries and the Middle East. Itprovides a perfect base for businessactivities and at the same time agateway for expansion in other regionsand countries.

The development of the businessinfrastructure in Cyprus is mainlyattributed to the rapidly expanding roleof the services sector in the economy.This reflects the island’s success inmoving away from economic activitiesdependent on agriculture and traditionalmanufacturing onto a high-growth pathbased on the provision of services.

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Cyprus has always played the role of asignificant trading and business centrein the world, thanks to its strategiclocation at the crossroads of threecontinents, namely Europe, Africa andAsia. Having joined the European Unionin 2004, Cyprus is today the south-eastern outpost of the Union, boasting ahealthy economy, a moderninfrastructure, a conducive businessenvironment (that includes among otherthings the lowest corporate tax rate inthe E.U, of only 10%), a liberalinvestment regime, a highly qualified,well educated and bilingual labour force

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and tourism services through totelecommunications, computing andinformation technology, businessconsulting, education, shipping,healthcare, real estate, advertising,printing and publishing, construction,civil engeneering and architecturalservices, filming and conference andexhibition services/facilities.

Legal and AccountingServices Cyprus inherited a legal system basedon Common Law. The legal profession

is long established and consists ofmany independent law practices. Highlyqualified and well trained professionalscan provide expert and reliable adviceon all aspects of business andcommercial law, both local andinternational.

Most accountants are British trained andmembers of either the Institute ofChartered Accountants or the CharteredAssociation of Certified Accountants.Many international firms are representedon the island providing full accounting,auditing and consulting services.

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Acknowledging that information,knowledge and professionalism wouldbe the drivers of sustainable growth inthe global economy of the future,Cyprus has undertaken a major role infacilitating the provision of services andsupport to businesspeople andprofessionals worldwide. In fact almost80% of the country’s economy is basedon the provision of services.

The sector supports every aspect ofmodern business from accounting, legalservices, banking, finance, insurance,international business services, travel

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international operating in Cyprus, candeal with all aspects of riskmanagement.

Furthermore, Cyprus possesses amodern Stock Exchange givingmomentum to the stock market that isstimulated further by the island’s soundeconomy. Overseas investors mayinvest without any restrictions (in thesame manner as Cypriot investors can)except for specific sectors, such as thebanking sector, provided that theinvestment is in line with the CyprusStock Exchange’s laws and procedures.

Travel and TourismThe island is of course aninternationally renowned tourist centreas well, offering some of the best hotelfacilities in the world. Services of thehighest international standard areprovided by travel agents who offerinclusive packages to incoming andoutgoing tourists. All related servicessuch as restaurants, car-rentals, sight-seeing tours, leisure and entertainmentfacilities are present on the island andare offered to the highest possiblestandard. Sports tourism, primarily

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Banking, Financeand InsuranceThe banking sector is well developedand caters for a wide variety of financialneeds of both businesses andindividuals. The commercial banks andspecialised financial institutions offer fulland varied local, national andinternational services on personal andcorporate level.

Insurance cover on the island is bothmodern and comprehensive. The manyinsurance companies, both local and

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island is served by two internationalairports, one in Larnaca and one inPaphos that provide the full range ofservices and facilities.

Shipping, ShipManagement andTranshipment(or Transit Trade)Recent years have witnessed thedevelopment of Cyprus into aninternational shipping centre for theconduct of sea-borne activities and the

rendering of shipping services. Theisland ranks among the leadingmaritime nations without being a flagof convenience. Moreover, Cyprus isconsidered to be one of the world’slargest shipping management centresand serves also as a major freightforwarding hub in the region. A largenumber of bonded warehousesfacilitate the conduct of internationaland particularly transit trade. Thisdevelopment is attributed to the keyposition of the island, the efficientcustoms formalities and the reliablehandling and delivery system.

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supported by an infrastructure offootball pitches and golf courses,cultural tourism, agrotourism andmedical tourism are continuouslygaining ground.

Cyprus is also rapidly becoming a majorinternational transit station forpassenger and commercial airtransportation with excellentconnections within the entire region. Awide network of air routes connectsCyprus with all the major destinations inEurope, the Middle East, Affrica, theGulf, the Far East and Australia. The

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services are widely available, whilespecial emphasis is placed on theprovision of value added services suchas various Internet – based multimediaservices which promise to be adominant business activity in the yearsto come. As a result, the island mayclaim, in this respect, to be among themost developed countries in the world.

Information Technology Information Technology is a vitalelement of any modern business centreand Cyprus has embraced high-tech on

a major scale. Many of the world’sleading IT-based companies havechosen Cyprus as their base forexpansion in the region, while anefficient software sector has also beenestablished.

EducationParticularly high priority has beenattached to the further advancement ofthe education sector. The University ofCyprus and the private educationalinstitutions offer a wide range of coursesand degree programmes, contributing

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TelecommunicationsThis is one of the most modern sectorsof the economy of Cyprus utilising state-of-the-art technology. More specifically,the Cyprus telecommunications sectorprovides a variety of advancedtelecommunication services coveringthe whole spectrum of customer needsfor voice and data communications,both fixed and mobile. In addition, thereis an extensive fibre optic cable networkcomplemented by an equally impressivesatellite telecommunications network.Internet, WAP and mobile telephony

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financial consultants gained experienceworking in multinational enterprisesbefore setting up in Cyprus. They offeradvice on the entire spectrum ofmodern business and investment.

HealthcareOn account of the high level of medicalfacilities and the excellent wellness andrecuperation environment, Cyprusaspires to become a regional as well asan international healthcare centre.Medical institutions in both the privateand public sectors are backed up by

advanced and internationallyrecognized research centres.

The medical system is extremely wellequipped and technologicallysophisticated to ensure the most up-to-date treatment, while highly qualifiedspecialist doctors, nurses and technicalstaff offer services and care of thehighest quality. English is widely spokenon the island and communication andlanguage will never be a barrier. Patientwelfare is paramount at all times, withthe medical sector strictly monitored bythe Cyprus Ministry of Health. All these,

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to the ranking of Cyprus amongst thecountries with the highest proportion ofgraduates. The local educationalestablishments attract also foreignstudents from all over the world,rendering the island a major educationalcentre in the region.

ConsultancyEvery modern business requires allround expertise and Cyprus offers awealth of qualified professionals whocan provide advice and implementrecommendations. Many business and

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purchaser of property in Cyprus isprotected by serious legal provisionsthat safeguard his/her legal rights is amajor factor that has contributed to thedevelopment of the real estate sector.

Advertising, Printing,and PublishingThese services are offered to the highestpossible standard in Cyprus and at thesame time at extremely competitiveprices. Most of the internationaladvertising firms are represented inCyprus through their Cypriot affiliates

while the publishing and printing firmsuse state of the art technologies thatallow them to offer a fast, reliable andhigh-quality service.

Construction, CivilEngeneering andArchitectural ServicesThese services are offered for manyyears now, beyond the strictgeographical boundaries of Cyprus.Cypriot firms operating in the sectorhave undertaken a considerable number

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coupled with the renowned Cypriothospitality make Cyprus an ideal placefor medical treatment and recuperation.

Real EstateThe real estate sector has beenparticularly strengthened as a result ofthe accession of Cyprus to theEuropean Union. The excellent climaticconditions prevailing on the island andthe high standard of the related servicesare already attracting a lot of interest foracquiring property as well as forresidence in Cyprus. The fact that every

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and diversity of landscape. Althoughthe sector is mainly focused on theadvertising and commercial market, it isgeared to provide support for the filmindustry too.

Conference andExhibition Services / Facilities The island possesses excellentconference and exhibition facilities andprovides high quality relevant services,using state of the art technologies andequipment. Conference activity is

complemented by vacation and leisureactivities, thus providing a relaxingbreak for Conference participants.

Other ProfessionalServices Other professional services includetransport services, market research, PRcommunication, personnel recruitment,engineering and electrical consulting,surveying and town planning. This list isby no means exhaustive. These servicesare offered to the highest quality that isset by international standards and norms.

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of large scale projects all over the worldwith great success. An abundance ofexpertise is thus available on the islandwhile the high level of professionalismthat characterises the scientific andtechnical manpower of the sectorguarantees the quality of the servicesoffered.

FilmingA relatively new but rapidly developingsector is filming. Cyprus can beconsidered as an "all year round" filminglocation due to its favourable climate

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Cyprus Chamberof Commerce andIndustryThe Cyprus Chamber of Commerce andIndustry is the island’s leading businessrepresentative organisation. The CCCI,through its specialised departments at itsNicosia offices and the district chambers inall the main towns, provides a full range ofservices to entrepreneurs, from answeringroutine daily inquiries to promotinginternational business contacts and co-operation. The CCCI’s membership

exceeds 8000 enterprises representing thetotality of business activity in the country,while more than 135 ProfessionalAssociations from all the sectors of theeconomy are associated with it, operatingunder its auspices and providing to theirmembers a wide range of specialisedservices.

Ministry of Commerce,Industry and TourismThe Ministry of Commerce, Industry andTourism is responsible for the formulationand implementation of Government

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Situated at the crossroads of threecontinents, Cyprus is the obviouschoice for competitive businessservices in the region. From its uniqueadvantageous location betweenEurope, North Africa and Asia, theCypriot services sector combines aglobal perspective with a diversespectrum of high-demand services.The comprehensive range of servicesand the professional attitude of Cypriotservice providers account for thetransformation of the island into ahighly reputable international businesscentre.

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For more informationcontact:

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY

P.O.BOX 21455, 1509 Nicosia, CyprusTel: 22-889800, Fax: 22669048E-mail: chamber@ccci.org.cy, Website: www.ccci.org.cy

NICOSIA CHAMBER OF COMMERCE AND INDUSTRY

P.O.BOX 21455, 1509 Nicosia Tel: 22889600, Fax: 22667433E-mail: ncci@ccci.org.cy,Website: www.ncci.org.cy

LIMASSOL CHAMBER OF COMMERCE AND INDUSTRY

P.O.BOX 55699, 3781 Limassol Tel: 25662556, Fax: 25661655E-mail: chamberl@cytanet.com.cy

FAMAGUSTA CHAMBER OF COMMERCE AND INDUSTRY

P.O.BOX 53124, 3300 Limassol Tel: 25370165, Fax: 25370291E-mail: chamberf@cytanet.com.cyWebsite: www.fcci.org.cy

LARNACA CHAMBER OF COMMERCE AND INDUSTRY

P.O.BOX 40287, 6302 Larnaca Tel: 24823855, Fax: 24628281E-mail: lcci@spidernet.com.cy

PAPHOS CHAMBER OF COMMERCE AND INDUSTRY

P.O.BOX 60082, 8100 Paphos Tel: 26818173, Fax: 26944602E-mail: evepafos@cytanet.com.cyWebsite: www.pcci.org.cy

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policies in the areas of trade and industry,company law, energy and technology,consumer protection and tourism. TheMinistry is also responsible for exportpromotion including the promotion of theisland as a Centre of Business Services.In order to enhance its role andcontribution in this area, the Ministryoperates a number of Trade Centres incarefully selected overseas markets. Atpresent, the Ministry maintains suchTrade Centres in eleven countries(Austria, France, Germany, UnitedKingdom, Greece, Poland, Russia, USA,UAE, Egypt and Lebanon).

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Cyprus Trade Centres

Dubai

Al Ghurair Centre, Office Tower, 6th floor, Office 635. P.O.Box 11294,DubaiTel.: 00 971 4 22 82411

00 971 4 2283762Fax: 00 971 42 275700E-mail: cycentre@emirates.net.aeWebsite: www.ctcdubai.org

New York

13 East 40th Street New York,N.Y.10016Tel.: 00 1 212 2139100Fax: 00 1 212 2132918 E-mail: ctcny@cyprustradeny.orgWebsite: www.cyprustradeny.org

Athens

36 Voukourestiou Str. 10673 AthensTel.: 00 30 210 3646320

00 30 210 364610800 30 210 3613534

Fax: 00 30 210 3646420E-mail: ctcath1@otenet.grWebsite: www.cyprustradecenter.gr

Paris

42, Rue de la Bienfaisance 75008 ParisTel.: 00 331 42896086Fax: 00 331 42896077E-mail: chypre@wanadoo.frWebsite: www.commerce-chypre.fr

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London

1st floor 31St. George Street London W1S 2 FJTel.: 00 44 207 6296288Fax: 00 474 207 6295244E-mail: info@cyprustrade.co.ukWebsite: www.cyprustrade.co.uk

Berlin

Wallstrasse 27 D- 10179 Berlin Tel.: 00 49 30 2844596 Fax: 00 49 30 23457541E-mail: info@zypern.comWebsite: www.zypern.com

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MINISTRY OF COMMERCE, INDUSTRY AND TOURISM

6, Andrea Araouzou Str., 1421, Nicosia, CyprusTel: 22867100Fax: 22375120E-mail: perm.sec@mcit.gov.cyWebsite: www.mcit.gov.cy

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MoscowPovarskaya No. 9, 121069 MoscowTel.: 00 7 495 7442948

00 7 495 7442949Fax: 00 7 495 7442941E-mail: ctcmoscow@mcit.gov.cy

ViennaParking 20 A-1010 ViennaTel.: 00 43 1 5130634 Fax: 00 43 1 5130635E-mail: office@cyprustrade.atWebsite: www.cyprustrade.at

Cairo17, Omar Tosson St. from Ahmed OrabiMohandessin – CairoTel.: 00 202 3455499Fax: 00 202 3455499

Warsaw02-629 Warszawa Poland, 4 Pilicka Str.Tel.: 00 4822 8540177Fax: 00 4822 8540180 E-mail: ctcwaw@neostrada.pl

Beirut M.N.C Bldg, Debbaw Str., Rmeil,Achrafieh, Beirut, LebanonTel.: 00 9611 320 806Fax: 00 9611 320823E-mail: ctcbeirut@terra.net.lb

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