Regardless of being a small island, Cyprus has rapidly achieved the recognition of an international business centre. The island hosts over 2,500 registered lawyers, 4,000 certified public accountants and registered auditors and service providers including central administration companies.

The legal system which is based on the English law is business friendly and fully complies with the EU law.

Furthermore a new fiduciary law was voted in December 2012 which will regulate the fiduciaries and administration businesses and company directors.

In May 2012, the Economist Intelligence Unit ranked Cyprus 33rd out of 82 countries based on the quality of its business environment.

Transparency International ranks Cyprus 29th out of 176 countries for perceived levels of corruption in the public sector.