Wed, Feb

Cyprus a gateway to emerging Europe IT ecosystem

Tech News

In 1957, the European Union (EU) consisted of only 6 countries. In 2004, there were 25 member countries, including Cyprus. Consisting of 28 countries today, the EU is the 3rd largest economy in the world with a GDP of more than €14 trln.

The EU has an open IT market that is easy to operate in, but if you are outside of the EU, you’re facing lots of limitations: cultural differences, lack of trust in the economic and political situation, products licensing, shipping volume limitations, etc.

Ukraine, Moldova, Belarus and other bordering countries have their markets oriented to the western side of the continent.

Cyprus offers a very reliable legal and physical infrastructure to CIS businesses willing to step into the European market.

In 2012, there were $152B of Russian capital (source: republic.ru) and $51B of Ukrainian capital (source: dan-ua.com) held in Cyprus companies. And this is only about legal entities. Within last 5 years, the situation has changed, and entrepreneurs started to move their offices to Cyprus. Many of them are IT companies.

“Ukraine has a community of 100k IT guys. It is more than 20k offices. Many of them are planning to relocate or open representative offices in the EU. I have friends in at least 3 Ukrainian companies who operate in Cyprus. For Gera-IT it is also easier to knock at the European door through your country as you guys understand the market and already have useful business connections”, - says Sergey Mykhailenko, CMO at Gera-IT – the software development company from Kiev, Ukraine.

Having a soft climate, low taxes, a reliable cost of living, and an entrepreneurial spirit, Cyprus becomes a really great opportunity for Ukrainians. It’s only 2.5 hour direct flight from 4 cities departing every day.

Gera-IT work hard to keep the European door open for the Global IT Community and invite you to join them.

Chief Blogger @ DisruptCyprus.com

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