Since 1975 Cyprus is promoting itself as a prominent and reputable international business center.

In that year, the Government began offering the first incentives to foreign businessmen. Since then, a lot of additional incentives were given and the Government set up the legal framework for the sector. Today, Cyprus is recognized as one of the most reputable international business centers and about a thousand new companies are registered every year. Additionally, a lot of these companies have physical presence in Cyprus and employ a lot of people.

The Central Bank of Cyprus (CBC) is the supervisory authority which was issuing the permits for the registration of international entities until 2004.  After the Cyprus' accession to the European Union during that year, the procedure is not followed any longer, as there is no need for such a permit. 

Nowadays, the legislation regarding the international business sector complies with the European directives and requirements. Additionally, Cyprus is cooperating with the rest of the international community with special emphasis given to the prevention of money laundering and the legislation regarding this is very strict. (Visit http://www.centralbank.gov.cy/nqcontent.cfm?a_id=35&lang=en -  Laundering Measures)