Professional Services

Cyprus is recognized as an international centre of excellence for the provision of professional services. The accession of Cyprus to the European Union and the euro zone, in conjunction with the developed, free market economy, strategic geographical location, advanced and attractive tax environment, extensive double taxation treaty network, and robust and transparent regulatory environment, provides FDI opportunities, including Business Process Outsourcing and Knowledge Process Outsourcing, leveraging the professional services sector.

• There are approximately 2,700 active, English-speaking, registered accountants in Cyprus
• Cyprus offers a wide range of professional accounting, auditing, management consultancy, taxation, financial advisory and other administrative service to both the private and public sectors
• In 2009, there were approximately 120 limited accounting firms and 40 partnerships operating in Cyprus
• Top international accounting firms are established in Cyprus providing services to international investors
• Cyprus follows the International Financial Reporting Standarts (IFRS)

• The Institute of Certified Public Accountants of Cyprus (ICPAC), registered in 1961, is the authorized body that regulates and supervises the accountancy profession in Cyprus
• The right to join ICPAC is conferred to members who meet U.K. professional standards or equivalent
• The Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants have chosen Cyprus as the first country in the world to train U.K. Chartered and CIMA accountants outside the U.K. as well as the training of U.K. Certified Accountants on the island

• There are over 2100 registered advocates and 160 limited liability law firms providing a wide range of legal services in Cyprus
• Over half of lawyers hold U.K. legal qualifications
• High quality legal services are offered in specialist areas such as international law, corporate administration, and management services
• Cyprus-based Law Offices cooperate extensively with international Law Firms

• The Cyprus Bar Association, established under the Advocates Law Cap.2 in 1960, is the professional legal body
• Under the Advocates Law, the Cyprus Bar Association, the Disciplinary Board and the Legal Council are the bodies regulating the legal profession in Cyprus
• Legal professionals are expected to adhere to the highest professional and ethical standards

• Many opportunities exist for the establishment of new offices or branches in Cyprus, taking advantage of its geographical position, its membership of the European Union, as well as its good relations with Middle Eastern, Central European and Eastern European countries

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