RITA, Latvia, January 3, 2019
RITA, Latvia, January 3, 2019 /PRNewswire/ --
Cyprus has been awarded the 52nd position in the list of the countries with the best environment for commencing business activities, according to the latest report of the World Bank.
Cyprus has positive indicators in the aspects related to the regulation of business related taxes and cross-border trade costs. For example, the profit tax in Cyprus is 8.1%, the labor force tax is 13%, but other types of taxes constitute 1.1% out of the profit.
Rolands Petersons (Pētersons), the Member of the Board of Norman Logistics, finds that, "Cyprus is a very attractive country, because there are the main preconditions for the development of business - the lowest enterprise income tax in the European Union, highly developed infrastructure, educated labour force. In its turn, the stabilization of financial sector after the economic crisis is one of the governmental priorities."
The time and funds spent regarding any goods logistics process (from the warehouse to the port/border): the import of goods, on average, takes 17 hours and USD 385, the export of goods - 20 hours and USD 350.
The construction of a warehouse that includes not only receiving of Construction permit, but also preparation of many other documents related to the quality and safety of construction, in Cyprus is a serious process that might take 507 days. In comparison, in Europe and Central Asia the same process, on average, takes 170.1 days.
If any trade or cooperation contract or disputes among the parties involved should be settled at a court, then this process in Cyprus is rather time-consuming. According to the calculation of the World Bank - the hearing of one case at the court takes 1,100 days, which is a twice as long period of time in comparison to an average hearing in Europe and Central Asia (496.4 days).
But, in comparison to other countries, Cyprus is able to deal quickly with the issues related to the business insolvency process. For example, the debt recovery period is, on average, 1.5 years, while in other European and Central Asian countries it takes 2.3 years, but in Turkey even 5 years.
Norman Logistics is among the fastest growing forwarding agents in Global Market with substantial presence in maritime logistics and combined transport services. They provide complete "one-stop shop" international transport services for import and export requirements by Sea or Combined Freight Worldwide.