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Read Amcham Cyprus' President Interview Here coveR AMCHAM CYPRUS SToRY Representing several US companies based in Cyprus, in cooperation with the Cyprus Chamber of Commerce & Industry and the US Embassy, AmCham Cyprus (the American Chamber of Commerce in Cyprus) promotes business, economic, trade and cultural relations between the two countries. AmCham Cyprus President Haris Kakoullis explains how the organisation helps safeguard the interests of its members and shares his views on the current state of entrepreneurship in Cyprus. PromotingCyprus-US Ties By Artemis Constantinidou 44 | GOLD | The Business Magazine of Cyprus for laws and regulations and from the US Government to be approved by the Board of the promotion of corporate bring our members together Directors. Interested parties social responsibility. with the right professionals can obtain an application and learn from the most ap- form from our website (www. GOLD: What are the main propriate and relevant sources. amchamcyprus.com.cy). objectives of AmCham? We hold business dinners with Members have the opportu- H.K.: Our objectives are (1) prominent speakers to discuss nity to raise any challenges W to promote, expand and en- regional and other business they face related to the busi- hat exactly is AmCham Cy- courage economic and trade developments, related to eco- ness environment of Cyprus. prus and what is its mission? relations between Cyprus and nomic, legal, tax, environmen- Our Board of Directors meets Haris Kakoullis: AmCham the United States of America; tal and regulatory matters. at least once a month and is an organisation with a (2) to propose to the govern- Historically, we have periodi- discusses all matters raised by presence across the globe, ments of the two countries, cally organised business del- its members. We also meet which speaks for and sup- ways and means by which egations to the United States, regularly with the US Em- ports American companies. In trade and economic relations accompanied by several of our bassy, government officials, Cyprus, AmCham operates can be further improved; (3) members and other business ministers and other leaders under the auspices of the Cy- to hold meetings with of- people with the dual aim of of business forums in Cyprus prus Chamber of Commerce ficials of the two countries promoting Cyprus and iden- with the intention of discuss- & Industry (CCCI) from its with a view to safeguarding tifying business opportunities ing our members’ issues and offices in Nicosia. AmCham the smooth operation and for our members. Our next pushing for appropriate solu- Cyprus, which has been active flow of trade between the US business delegation will go to tions. Members participate in for 20 years, relies heavily on and Cyprus; (4) to create and the USA next year. our events and are also eligible the volunteering support of its maintain regular communi- Earlier this year, we organised to become members of our 70 or so members, together cation between the business for the first time a regional working committees, which with that of the CCCI and communities and politicians meeting with the leaders enables them to successfully the US Embassy in Cyprus. of the two countries; (5) to of AmCham Greece and network with others within We also operate through our develop ways of enhancing co- AmCham Israel and signed the Cyprus business com- working committees, where operation between American a Memorandum of Under- munity. participants seek through and Cypriot businessmen; and standing, with the intention regular meetings to develop (6) to present to the American of following in the steps of GOLD: What does your topics of interest and create market the dynamic aspects of the three governments and collaboration with the CCCI relevant and valuable events the Cyprus economy, with an promoting regional business and the US Embassy entail? for our members. AmCham emphasis on the opportunities H.K.: As already mentioned, cooperation. We are confident Cyprus is itself a member of for international and US com- AmCham Cyprus operates of the success of this ambitious the US Chamber of Com- panies to trade not only with under the auspices of the idea and we aspire to soon merce, whose headquarters are Cyprus but also, via Cyprus, CCCI. We do not employ in Washington D.C, and a with the Middle East, North have an opportunity to co- any staff and so, besides rely- member of AmCham EU and Africa, Eastern Europe and the organise events that promote ing heavily on the voluntary AmChams in Europe. European Union. the interests of our members work carried out by our Board Our mission is to create and our countries. Members, we also depend on value for our members by GOLD: What events and the assistance of the CCCI, advocating for a supportive other actions does AmCham GOLD: What are the re- which currently provides staff, policy environment, providing Cyprus organise in order quirements for a company financial and other support. business insights, promoting to support its members and to become a member of Am- We also have a close col- professional development and promote business in Cyprus? Cham Cyprus? In what ways laboration with Invest Cyprus, connecting people and busi- H.K.: We organise various does the organisation assist which offers its expertise in nesses. We further aspire to local social events with the its members? promoting our country in the be among the best and most objective of bringing our H.K.: Members of AmCham US and trying to attract new prominent international busi- members and others together Cyprus can be individuals, investors, as we did recently ness associations in Cyprus, to meet and network, to and/or other legal entities of with the film industry. The through our core values of discuss their experiences and Cypriot or other origin that US Embassy is actively in- support for private enterprise, learn from one another. We have made a notable and volved in AmCham Cyprus, free trade and open markets, organise business breakfasts distinguished contribution to through the participation of proper corporate governance, and lunches with government the Cyprus and/or American ex-officio members on the ethical and transparent busi- officials, ministers, US Embas- business community. Applica- Board. The US Ambassador Cyprus-US Ties ness and operations, respect sy officials and other officials tions for membership must and other embassy officials www.goldnews.com.cy | GOLD | 45 coveR AMCHAM CYPRUS SToRY meet with us regularly and corporate tax rate of 12,5%, entirely in Cyprus, starring that Cyprus, as a fund jurisdic- discuss matters affecting one of the lowest in the Eu- award-winning actor Nicolas tion, could be a serious option American business in Cyprus ropean Union, tax breaks for Cage. for American fund managers, and ways in which the US expat executives and a very who might be interested in us- Government can support it. strong network of double tax GOLD: Are there specific ing Cyprus as their entry point Occasionally, events might be treaties. In addition to the sectors in which US compa- to European capital markets as co-organised and partly spon- tremendous economic and nies are particularly attract- well as a platform for their in- sored by the US Embassy. tax advantages offered to in- ed to invest in Cyprus? ternational activities, in terms vestors, Cyprus also offers an H.K.: All of the factors men- of investors and investments. GOLD: What are the bene- attractive lifestyle. It is a safe tioned earlier are already entic- fits of a US company setting place to live, with a relatively ing multinational and other GOLD: In what ways can up in Cyprus, rather than in very low crime rate; the edu- companies to set up regional the Government help im- another country, and what is cation system offers primary, headquarters or other offices prove the business environ- it that attracts US investors secondary and university level in Cyprus. Considering the ment and further enhance to do business here? entrepreneurship between H.K.: Cyprus stands at the teaching in English; we have technological advancements a high standard of living and and integration of information Cyprus and the US? crossroads of three continents, H.K.: Since the crisis in 2013, close to countries with popula- healthcare, excellent food technology systems, moving a and fabulous weather. Add to company’s head office is much Cyprus has made tremen- tions totalling hundreds of dous progress in improving millions. It is a member of the this our culture, thousands of easier than before. Many years of history, archaeologi- technology multinationals, its finances and restarting its EU and the eurozone, with economy and its efforts have cal sites, stunning coastlines, including IBM, Microsoft, a competitive, modern and been rewarded by regaining exclusive golf resorts and high NCR, Oracle and TSYS, and transparent legal, financial its investment-grade status. quality hotels and it’s easy to others in the energy sector, and regulatory framework. We have also made significant Cyprus is further character- see why Cyprus is an attrac- such as ExxonMobil, Noble progress towards combat- ized by its low set-up costs, tive destination for all visitors. Energy and Halliburton, have ing money laundering and excellent telecommunications These factors, together with been successfully operating in improving transparency. systems and a highly skilled, recent new incentives offered Cyprus for many years now, Unfortunately, negative media educated and multilingual by the Government, have and we envisage more such coverage relating to allegations workforce. The country has a played an important role in companies following their of past money laundering competitive tax system with a the production of the first example. Additionally, Cyprus incidents have created adverse Hollywood film to be shot is an emerging fund and fund publicity for the country but management jurisdic- we must not give up; the fight tion, offering fund against money laundering is We strongly managers and promot- a continuous one, in which ers cost-effective and all business and professional believe that agile solutions to meet groups and the Government a wide range of busi- need to do everything possible Cyprus, as a fund ness requirements.
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