Top Tips on…how to set up your own business #4

#4 Be a Legal Eagle, know your options

There are countless success stories of businesses that have been started up in a garage, at a kitchen table or in a spare room; often as a hobby, or a sideline to begin with.

While you business idea may still be in its early stages, it is now that you should lay the foundations for a long, sustainable future ahead.

Do your homework and find out all you can about what kind of different business models and company structures are available to you in Cyprus. Do you want to be self-employed? Do you want to set up a private limited company and employ yourself? Do you want to set up a partnership with someone?

To be able to make an informed decision on these options, you must also consider the local corporate legislation. What are the regulations on taxation? Do you need to register for VAT? Must you hold a license for the type of business you are setting up? What about insurance? Do you have to file annual reports?

You would not want to be on the wrong side of the law before you even start trading. Worse even, if you’re in business already and haven’t got these vital details sorted, you could be fined with penalties and back taxes.

Information is power. Use it right.

 

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