As from January 1st 2019, Social Insurance Contribution Tax is increased from 7,8% to 8.3% for employers and employees and the new rate will be applicable for the next five years.
For self employeed individuals Social Insurance Contribution Tax is also increased from 14,6% to 15,6% and there are minimum and maximum limits depending on the profession or trade of the self-employed individual. These limits are set on an annual basis.
Located in the Eastern Mediterranean, at the crossroads of three continents, namely Europe, Asia and Africa, and having one of the lowest tax rates in Europe, Cyprus is nowadays one of the most popular countries for registering companies. The number of new companies set up with the Cyprus Registrar of Companies is increasing every year, turning the island into a significant international financial centre.
Nowadays, more than ever before, intellectual property (“IP”) rights are much more essential for the survival of a business than entrepreneurs may think. Due to the cut-throat competition amongst the businesses and the unprecedented use of the Internet and e-commerce, a company can very easily have its ideas, products or services stolen.