Franchises in Cyprus register some of the highest sales volumes per capita and margins in Europe and the Middle East. Entrepreneurs in the country have become increasingly more interested in the numerous commercial and financial advantages which derive from franchising. In this article, our company formation agents in Cyprus explain how to set up a franchise business in Cyprus.
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Forms of franchising in Cyprus
Cyprus abides by common law practices and EU directives, since it is a member of the EU. The legal system in this country represents a solid ground for a sound economy and it is considered as one of the most effective industries in services.
There is, however, only one industry in franchising which has not yet adopted the EU legislation: the real estate.
In Cyprus, there are no restrictions for the entry of any franchisor from abroad, except for the property industry.
All types offranchising can be opened in Cyprus, be it direct or master franchising, area development, joint venture or establishing affiliates.
Registering a business entity and forming bank relationships is easy and rapidly done and it can take only one week. There several types of companies you can choose, from Cyprus LTDs to partnerships.
Our Cypriot company formation consultants provide assistance to open a company in Cyprus, no matter what type of legal entity you have decided to set up.
Franchise types in Cyprus
Some of the most popular types of franchises in Cyprus can be:
•Restaurants: this type of franchises can be often met in the country;
•Personal services: these can be maids or handyman services. Differently from other franchises which sell an item or experience, this kind of franchise largely depends on its employees, therefore on its hiring methods;
•Fitness outlets: such as gyms and different studios for a certain type of activity like Pilates;
•Other types of franchises: our company registration advisors in Cyprus can offer more details on that these other types of franchises are.
Details on the franchise contracts in Cyprus
A franchise agreement in Cyprusshould contain aspects such as:
– the nature and name of the activity which is being franchised
– the territory in which the franchise will be operating;
– the agreement duration;
– the franchise fee;
– other aspects. Our Cyprus company formation experts can provide all the information on what these other aspects consist of.
If you need to know more about franchises in Cyprus, or for assistance in opening a company in the country, please speak to our company formation representatives in Cyprus.