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The impact of the foreign investor on the Limassol companies

The impact of the foreign investor on the Limassol companies

Entrepreneurship is synonymous with risk and uncertainty. No matter how much many people try to deny it or transform it, change and entrepreneurship do not go together with “confidence”. The business man is the one who seeks change and invests in his country and abroad. It exploits and invests in new products, new services, new production methods and processes, new distribution methods and new markets.

Limassol Entrepreneurship

A decade marked by the development of the local economy and entrepreneurship in Limassol is characterized by the decade we are going through, as the city of Limassol has experienced an unprecedented growth in recent years. Limassol has all the quality features to become the business star of the eastern Mediterranean, a city that attracts foreign investment and with slow and steady steps is established as the headquarters of global multinational companies.

FDI is a key driver of economic growth and fortunately, Limassol has managed to attract significant investment in recent years. Of particular interest are world technology giants who choose the Cypriot city to install large data centers and international innovation centers, in which after a few years will work many young Cypriots with high qualifications. The leading role that foreign companies will play in the coming years in the development of the economy will dramatically increase demand with a positive impact on the country.

Trends, challenges, opportunities

After all, why do investors choose Limassol for large-scale projects? How can the city be made even more attractive? Answers will be given by four key people who will participate in a roundtable discussion at the 2nd Limassol Business and Investment Summit presented by Prospectacy Ltd and will be held on June 3, 2022. The panel will include Max Portelli, CFO of BrainRocket and a member of Techisland, Petr Valov, CEO of Exness and member of Techisland, Kevin Sweet, Vice President of Finance / Property CFO of Melco Cyprus and Oren Plotkin, Managing Partner of Emerland Real Estate by Gilad Shabtai.

The conference will also attempt to map the future of retail in Limassol. The main trends, challenges and opportunities faced by retailers will be in focus. Significant impetus is also recorded in the shipping sector where the potential for growth is huge.

Education, industry and medical care will be under the microscope in an effort to find solutions to the problems encountered in these industries.

A discussion will also be held regarding real estate. After all, a big challenge is to balance between attracting high-standard international buyers and offering affordable housing to locals. The speakers of the Conference will present in general the positive effects of the presence of foreign investors in the city and the ways in which the top investment destination is called to adapt to the requirements of the international market.

Who cares

The Conference to be held at the Parklane Resort & Spa, in Limassol, is considered one of the most important of this year and is expected to attract the business elite of the city. It is addressed to owners, CEOs and other senior executives from companies operating in Limassol, as well as to government officials, diplomats, politicians, the local administration and the media.

Take part and be informed by the people in the decision-making centers about the main strategic goals, the future development and the prospects of Limassol. The Conference will allow participants to understand how any expansion of their work in the city will positively affect the course of their business. Like last year, this year the top business event will be an excellent opportunity to network and discuss with other delegates.

Admission is free, with the registration required.

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Τον Μάιο η ανάδειξη των «Cyprus’ Best Workplaces™ 2022»

Τον προσεχή Μάιο αναμένεται η ανάδειξη των Cyprus’ Best Workplaces™ 2022, σύμφωνα με ανακοίνωση που εξέδωσε το Great Place to Work®, επεξηγώντας με ποιο τρόπο θα γίνει η διαδικασία επιλογής των εταιρειών που θα αναγνωριστούν και θα διακριθούν για το εξαιρετικό εργασιακό περιβάλλον που προσφέρουν.

Ειδικότερα, υποψήφιες για να περιληφθούν στη λίστα θα είναι όσες εταιρείες είχαν εξασφαλίσει με επιτυχία την πιστοποίηση τους εντός του 2021 και μέχρι τις 31/01/22. Αξίζει να σημειωθεί ότι η κατάταξη στη λίστα θα γίνει σε δύο κατηγορίες, ανάλογα με τον αριθμό του προσωπικού των εταιρειών. Συγκεκριμένα, θα επιλεγούν 10 εταιρείες με αριθμό προσωπικού μέχρι 100 άτομα, με αποκλειστικό κριτήριο τη βαθμολογία που έχουν πάρει στη έρευνα προσωπικού, Trust Index©. Στη κατηγορία των μεγαλύτερων οργανισμών, το προσωπικό των οποίων υπερβαίνει τα 100 άτομα, θα επιλεγούν 5 εταιρείες, με την προϋπόθεση ότι έχουν συμπληρώσει κατά τρόπο ικανοποιητικό, το Culture Audit© και με βάση τη βαθμολογία τους στο Trust Index©.

Η πιστοποίηση που παρέχει το Great Place to Work® είναι ιδανική για οργανισμούς που θέλουν να ξεχωρίσουν ως εργοδότες επιλογής σε μια ανταγωνιστική αγορά αναζήτησης ταλέντων.

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CYPRUS as a principal headquartering destination

The list of large companies that have relocated their headquarters or part of their international operations to Cyprus is not only long but also impressive.

Wargaming, Amdocs, Sykes, Thomson Reuters, Nielsen, 3CX, eToro, NCR, VTTI are amongst some of the major foreign companies that have established their headquarters in Cyprus in recent years.

These companies are essentially operating in different sectors of the economy, and their presence in Cyprus has undoubtedly helped the Cypriot economy on a large scale.

Despite the difficulties faced by Cyprus over the past few years, it is significant to note that it has managed to maintain its comparative advantage as a financial centre, whilst at the same time move forward with the development of new sectors, recognizing the great importance of attracting foreign investment for the advancing of the economy.

Cyprus has several features that make it a competitive business hub.
Primarily the country has an extensive network of constantly expanding double tax avoidance agreements, as well as an appealing tax system.
At the same time, Cyprus offers high-quality and low-cost support services, with an additional advantage of its geographical location and the fact that it offers access to developed markets in the Middle East and Europe.
Simultaneously, Cyprus offers high quality of life, security, pleasant weather conditions, appealing tax incentives for fund managers and suitably qualified human resources.

Given these facts, it is no coincidence that leading overseas companies looking for an alternative destination with a friendly business environment have chosen Cyprus to establish their headquarters.
The shipping industry, the investment industry, the funding industry, the higher education industry and the high-tech sectors are the main areas attracting foreign companies.

Particularly for companies operating in the field of technology and IT, Cyprus offers additional incentives, such as, the country’s current intellectual property system. All these factors answer reason why large international companies have chosen and continue to choose Cyprus for establishing a corporate base. Nonetheless, in order to be able to meet the challenges of tomorrow and to effectively be competitive, it is crucial
to continue working to generate additional conditions that will further contribute to making Cyprus a distinct competitive business centre.
In this regard, both the private sector and the government need to work together to endorse more promotional activities such as organising large conferences in Cyprus and abroad in order to highlight the incentives and the comparative advantages offered by Cyprus. The participation of Cyprus in international financial forums as well as the formation of targeted contact with foreign companies should be the aim of promoting Cyprus as the ideal choice for founding a base for their business.

In order to continue the upward trend in this international competitive environment, the confrontation of the bureaucracy that continues to afflict businesses and citizens must be addressed. Additionally, the strengthening
of economic diplomatic ties in line with the expanding network of mbassies and consulates of Cyprus abroad is crucial. In addition, the digital transformation of the government, the addressing of the long delay in administration of justice and the passing of the investment law, are just some of the stages needed to propel development in a favourable complimentary direction.

While providing an end-to-end back office support system including a variety of corporate,
legal and financial services Prospectacy can assist on moving your headquarters in Cyprus,
ensuring that all the processes and procedures are compliant with the laws and regulations of

Written by Sergey Babayan

Business Relocation Services to Cyprus

The importance of location in business should never be overlooked. While the right location can present your business in a positive light, an inconvenient or unfavourable location could negatively impact your potential income, increase your expenses and compromise your business’ prospects for growth. Benefits of Relocating to Cyprus

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The Role of Technology in Wealth Management

Technology has long had a role in the business of wealth management; however, historically its role was to
support the internal needs of wealth managers in areas such as portfolio management and accounting.
Since 2010, we have witnessed a significant revolution in the application, flexibility and deployment of technology
in the wealth management sector. Today, there are more solutions than ever before, all of which are powered by
big data analytics.
From Artificial Intelligence to robo advisors, there are many changes taking place which are affecting different
areas of the wealth management industry, including regulation, privacy and transparency. And while robo
advisors are in no way going to take over the industry, they are changing the way we interact with it.
Here are four ways in which technology is influencing the wealth management industry:

  1. Improved Customer Interactions
    A study by the Shullman Research Centre found that 23% of the world’s millionaires are millennials, while over
    50% of all wealth will be held by generation X and millennials by 2020. These groups, who are renowned for
    moving their wealth around a great deal, will also be on the receiving end of the $30 trillion transfer of wealth
    from the baby boomers.
    Technology has enabled wealth managers to interact with new generations and manage their expectations like
    never before. From around-the-clock availability to effortless interactions, wealth managers are using AI
    chatbots to simulate customer interactions and improve communication with their customers.
  2. Predicting the Future
    One of the greatest benefits of AI is its ability to sift through big volumes of data. What would typically take a
    wealth manager weeks or even months to do can now be achieved in a matter of days – or even hours.
    Wealth managers are using robo advisors and AI to view and constantly assess their clients’ portfolios in more
    dynamic and accurate ways. These advanced systems can quickly predict financial outcomes by looking at past
    and current trends in wealth, as well as outside factors such as the news, social media and product reception.
  3. Create Unique Offerings
    Modern clients expect wealth management services to be tailor-made to their lives. Using the data gathered,
    along with information on the client, AI systems can determine where customers’ money can be spread, or which
    products they should invest in. This expedites the wealth manager’s role, enabling them to refine the information
    and create customized product offerings on a client-by-client basis.
  4. Facilitated Operations
    Sifting through large volumes of data is always subject to human error. With AI, wealth managers can look at
    specific data and monitor every aspect of their workflow. These systems provide information to managers and
    assist them in rectifying errors and facilitating operations.
    The Evolution of Wealth Management
    Technology is freeing wealth managers from repetitive and complex tasks, while enabling them to provide
    specific insights based on the individual needs of the customer. To stay competitive, wealth managers must
    embrace this new era of modern technology in order to become more proactive, stay ahead of the curve and
    offer solutions that meet clients’ precise goals.

Prospectacy Limited offers both personal and corporate wealth management services.
With absolute dedication to our clients’ objectives, we embrace the technological
advancements in the sector, being able to deliver the best possible solutions.