The FMCG (fast-moving consumer goods) are products which are quickly sold and have a rather low cost. Since they are sold in large quantities, the total profits on this type of goods is quite substantial. In this article, our Cypriot company formation consultants outline a few important aspects related to opening a company in the FMCG industry in Cyprus.
The retail sales in the island rose by 6.8% year-on-year in August, 2017, after a previous month increase of 6.7%.
The sales increased more rapidly in food product and non-food product sector. At the same time, the sales of textiles, clothing and footwear, electrical goods, furniture and the automotive fuel slowed.
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Brief presentation of the FMCG sector in Cyprus
The most popular form of legal entity in Cyprus is the limited liability company (LTD). To open such a firm in the FMCG industry in Cyprus, it has to be registered with the Cypriot Registrar of Companies first, after which certain documents have to be prepared and submitted to apply for the company name.
Our company formation advisors in Cyprus can assist you with the registration procedure of such a company in the country.
Licenses for FMCG companies in Cyprus
To undertake certain FMCG activities in Cyprus, certain licenses or permits are required, which can be issued by various licensing authorities in the country, depending on the specific activity.
For example, the following licenses and permits are required:
•A sales permit, issued by the municipal authority of a certain area;
•An alcohol and tobacco permit
•An import or export license, which is overseen by the Department of Customs and Excise.
Foreign businesspeople interested in company registration in Cyprus must adhere to a specified process that entails steps like drafting and notarizing the new company’s incorporation documents, submitting the documentation to the national Companies Register and registering for taxation and VAT. Additionally, employment registration must also be considered.
Our company formation agents in Cyprus can provide more details on the type of licenses required for a FMCG company in the island.
If you need to know more about the FMCG industry in Cyprus, or if you want to open a company in Cyprus, please get in touch with our Cyprus company formation specialists.