With the Mediterranean jurisdiction of Cyprus increasing in popularity as a result of its advantageous location at the crossroads of Europe, Asia and Africa, and its favourable tax regime, among other factors, Tax-News.com has launched a new Cyprus review, presenting a detailed picture of Cyprus' international business, legal and investment climate.

In addition to providing a 2010-11 'snapshot' of the tax, legal and corporate situation in the jurisdiction, the new review examines topics ranging from banking in the Cyprus, the burgeoning shipping sector, tax planning, and services for companies in the jurisdiction, including company formation.

As discussed in the Personal Business Tax Guide Cyprus Profile, the advantages of the jurisdiction for a small business are several, and include the relatively low personal income tax rates (with income below EUR 19,500 exempt, income from EUR19,501 to EUR28,000 facing 20%; from EUR28,001 to EUR36,300, the rate is 25%; and above that it is 30%), the even lower corporate income tax rates (10%, and there are a number of exemptions, including profits from the sale of securities, income from dividends and interest received from activities not associated with the main activities of the company), and the absence of inheritance tax (it was abolished in 2000). Also, and unusually for a lower tax jurisdiction, Cyprus has a great many double tax treaties in place, a very positive state of affairs for the foreign business man or woman looking to establish an operation there.

Non-tax benefits of establishing in Cyprus include the relatively straightforward set-up process for most small businesses (including sole proprietors, partnerships and incorporated entities), the government support schemes in place for certain types of of small business and entrepreneur, and the fact that there are well established service providers in areas as diverse as accounting and auditing, asset and wealth protection, tax optimisation, company formation and corporate services, insurance and captive insurance, legal and expatriate services, trust management, fiduciary and investment services, and maritime services.

In fact, you name it, Cyprus has it! And if that's whetted your appetite, why not pop over and have a look...