The evolution of entrepreneurship nowadays, where the crisis can be traced to the economic and development sector, gives a fresh breath of evolution and optimism. Considering the huge unemployment rates, especially in the productive ages of the workers, we realize the huge importance of the concept of entrepreneurship and innovation in Cyprus. But are there any obstacles and difficulties in deciding to start a new business today? How will it ensure its viability and success over time? How will the appropriate resources be found for its establishment?
The first steps in starting your own business
Starting from the procedural steps, we must clarify that the process of creating a business varies depending on its type and legal form. Therefore, in collaboration with an experienced and well-trained accountant, the interested entrepreneur should come up with the standard format that suits the type and particularities of the subject with which he has decided to deal.
Analyzing each form’s advantages and disadvantages, they should jointly come up with the most advantageous and appropriate form of business. In short, the establishment of a sole proprietorship has been significantly simplified in recent years, especially in terms of visits to public sectors and services, without this meaning that the need to be present in them has been eliminated. However, this is not mandatory and depends on the type of business and the obligation or improper licensing.
Establishment of a company
As far as establishing a company (of any legal form) is concerned, it is now carried out exclusively through locally competent services. A necessary condition in both cases is that the appropriate place where the activity will take place has been selected. Moreover, it is essential only for any kind of company to find the most suitable and advantageous – both tax and insurance – structure. This is a critical decision that the entrepreneur must make at an early stage to launch the establishment’s next steps. The knowledge of the selected accountant-consultant plays a crucial role in making this decision.
Continuing and trying to answer the questions that were initially asked and disturb the majority of young entrepreneurs, we must analyze both the business idea itself and the audience to which the service/product is addressed. A basic rule in choosing the product/service that we will choose to either produce or provide is whether it serves the needs or brings a solution to an existing problem or situation. It is also essential to have identified the target audience and existing competitors. Listening to customer’s needs and desires, we tend to make better decisions in the long run, bringing us both success and duration over time.
Equally important is the issue of financial adequacy in support and implementation of the above. As good as the idea may be, if it does not have the proper funding, its performance will fail. Due to the deep crisis that continues to exist in the banking sector and consequently makes it difficult for business lending, resources must be sought outside the banking system. This kind of “help” has been provided to start-ups for several years through European co-financing programs. Such subsidy forms (a combination of state and European) are essential for entrepreneurs who lack initial capital funding.
Company guidance and monitoring
We must clarify that in order to be successful proper guidance and monitoring are required. An experienced and specialized legal advisor will provide you with everything you need to implement your business idea after discussing and identifying your own needs. Once you have reached the most advantageous solution regarding the company’s legal form, the legal advisor will take over all or part of the start-up process. Reliable lawyers for company formation in Cyprus will provide you with their knowledge and advice so that you can meet both the legal and licensing of companies in Cyprus. Finally, your cooperation with a legal advisor ensures the business’s legal operation both today and in the future.
