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25° Nicosia,
21 July, 2019
 

Co-working spaces and Entrepreneurship

Doing business in Cyprus

Newsroom

By K. Treppides & Co. Limited

“Co-working spaces will change the momentum of how people do business in Cyprus by giving the opportunity to entrepreneurs to share revolutionary ideas”.

In a fast-evolving work environment and taking into consideration the revolution in information technology and the means of communication, this type of “community” is very promising and will change the way people do business.

Flexible global workforce:

Millennials and the new generations are trying to change the traditional working environment starting from the traditional working hours and offices to a new more flexible environment with flexible working hours and different work spaces. The nature of work is changing and in a 24/7 business environment, this type of sites assist their users to perform their duties at any time by increasing productivity, problem-solving and satisfaction.

Networking and socialization:

Networking is another benefit that this type of sites offer to their users as this is the best place to find professionals from different industries who can later assist them to build their businesses or exchange ideas. Building relationships through these sites will contribute to business development and collaboration between the Entrepreneurs. New innovative ideas may arise from this type of communities and this will also attract new ventures and businesses in Cyprus.

In addition, this type of sites can also be used by existing businesses and corporations in Cyprus by using team-work projects to encourage bonding, networking and socialization.

Cost efficiency:

Coworking spaces support entrepreneurs, startups and freelancers to use the facilities in a more cost-effective method while they are running their business. A recent research showed that the main users of the coworking spaces are in the fields of new media and marketing, tech industry, software developers, art, design and architecture industry. However, this is an a 21st century change and will also affect other industries especially in the professional services sector.

This type of sites are not new in Cyprus however in order to attract new members they need to meet the standards of the other countries by providing to the members a 24/7 access to the facilities and also other facilities such as training rooms, restaurants, areas for team-building etc.

Cyprus Tax Regimes and Tax incentives:

Cyprus as an international business center can attract new ideas, patents and new technology through these communities taking into account the attracting tax system and the tax incentives available to the Companies and individuals (e.g. IP box regime etc.).

The increasing number of coworking spaces opening worldwide seems to be evidence of the growth of entrepreneurship. Sharing ideas and experiences through socialization and communication will increase the effectiveness of these sites and will achieve new businesses and new ventures. By doing this, coworking spaces will contribute to the society as a whole by attracting new employment positions, new start-ups from different industries and contribute to local communities socially and financially.

Concluding, there is a need of changing the current regulatory environment and how the regulators, banks and other stakeholders treat this type of businesses in order to be able to attract new users from all over the globe and keep Cyprus as an attractive jurisdiction by promoting entrepreneurship culture. This is a new era for entrepreneurs and coworking spaces can be used as a platform for innovation, business alliances and sharing of ideas and knowledge.

We, K. Treppides & Co. Limited through our innovative thinking, expertise and dedication to provide professional services and solutions to our clients by adapting to new changes in global markets and trends, we welcome this type of community and entrepreneurship culture and we look forward to the positive impact that coworking spaces will have to the business environment in Cyprus.

 

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