Business Development in Cyprus Nicosia

Business Development in Cyprus Nicosia

Business development in Cyprus Nicosia is a key factor for the economy's growth and prosperity. It encourages investment, creates new job opportunities and helps to diversify the country's sources of income. (It) can also help attract foreign capital which is necessary for its economic development.

Moreover, business develpment in Cyprus Nicosia has the potential to increase competition in the market, improve services and product quality as well as reduce prices. This will result in an overall improvement of citizens' living standards and quality of life! Furthermore, it can contribute to improved economic efficiency through increased productivity and innovation.

Additionally, business development in Cyprus Nicosia could also lead to improved public-private partnerships that would benefit both sectors. For instance, by creating more efficient ways to share resources such as infrastructure or knowledge sharing between them this could create additional value for all parties involved.

Finally, business development in Cyprus Nicosia can be beneficial not only from an economic standpoint but also from a social one. By creating new job opportunities and improving incomes it has a positive effect on people's lives by allowing them better access to health care services, education etc. In addition, it can empower individuals by enabling them to take part actively in their local communities and thus enriching the society as a whole.

In conclusion, business development in Cyprus Nicosia is an essential step towards achieving sustainable growth for the nation and its inhabitants! It allows investments that generate revenue which would otherwise not exist; facilitates better public-private partnership opportunities; increases competitiveness; leads to improvements on living standards; empowers individuals socially; stimulates productivity & innovation; and ultimately contributes positively to society at large.

Citations and other links

Nicosia
Λευκωσία (Greek)
Lefkoşa (Turkish)
Capital city
From upper left: Nicosia city skyline, Ledra Street at night, courtyard of Nicosian houses, Venetian walls of Nicosia, a Nicosian door in the old town, the Buyuk Han, a quiet neighbourhood in the old town, Venetian houses, Nicosia Christmas fair, Makariou Avenue at night
From upper left: Nicosia city skyline, Ledra Street at night, courtyard of Nicosian houses, Venetian walls of Nicosia, a Nicosian door in the old town, the Buyuk Han, a quiet neighbourhood in the old town, Venetian houses, Nicosia Christmas fair, Makariou Avenue at night
Nicosia
Location of Nicosia in Cyprus
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Nicosia
Nicosia (European Union)
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Nicosia
Nicosia (Eastern Mediterranean)
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Nicosia
Nicosia (Asia)
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Coordinates: 35°10′21″N 33°21′54″E / 35.17250°N 33.36500°E / 35.17250; 33.36500
Claimed by
  • Republic of Cyprus (internationally recognised)
  • Northern Cyprus (the northern part, recognised only by Turkey)
Administered by 
•South
•North
  • Republic of Cyprus
  • Northern Cyprus (recognised only by Turkey)
Cypriot DistrictNicosia
Government
 • Mayor of Nicosia MunicipalityConstantinos Yiorkadjis (Ind.)
 • Mayor of Nicosia Turkish MunicipalityMehmet Harmancı (TDP)
Area
 • Land51.06 km2 (19.71 sq mi)
Elevation
220 m (720 ft)
Population
 (2016)[1][2]
 • Capital city
  • South: 55,014
  • North: 61,378
 • Urban
  • South: 244,200
  • North: 82,539
 The south's urban includes the municipalities of Nicosia (south), Agios Dometios, Egkomi, Strovolos, Aglantzia, Lakatameia, Anthoupolis, Latsia and Yeri. The north's includes North Nicosia, Gönyeli, Gerolakkos and Kanli.
DemonymNicosian
Time zoneUTC+2 (EET)
 • Summer (DST)UTC+3 (EEST)
Post code
1010–1107
Area code+357 22
ISO 3166 codeCY-01
Website
  • (Republic of Cyprus website-south) www.nicosia.org.cy
  • (Northern Cypriot website-north) www.lefkosabelediyesi.org

Apart from its legislative and administrative functions, Nicosia has established itself as the island's financial capital and its main international business centre.[5] In 2018, Nicosia was the 32nd richest city in the world in relative purchasing power.[6] Nicosia is the southeasternmost of all EU member states' capitals. It has been continuously inhabited for over 4,500 years and has been the capital of Cyprus since the 10th century. The Greek Cypriot and Turkish Cypriot communities of Nicosia segregated into the south and north of the city respectively in early 1964, following the fighting of the Cyprus crisis of 1963–64 that broke out in the city. This separation became a militarised border between the Republic of Cyprus and Northern Cyprus after Turkey invaded the island of Cyprus in 1974. Nicosia (/ˌnɪkəˈsə/ NIK-ə-SEE; Greek: Λευκωσία, romanized: Lefkosía [lefkoˈsi.a]; Turkish: Lefkoşa [lefˈkoʃa]; Armenian: Նիկոսիա, romanized: Nikosia; Cypriot Arabic: Nikusiya[3][4]) is the divided capital city of the Republic of Cyprus and the de facto Turkish Republic of Northern Cyprus. It is regarded as the last divided capital in the world. It is located near the centre of the Mesaoria plain, on the banks of the River Pedieos.


About Nicosia


Nicosia has been in continuous habitation since the beginning of the Bronze Age 2500 years BC, when the first inhabitants settled in the fertile plain of Mesaoria. Nicosia later became a city-state known as Ledra or Ledrae, one of the twelve kingdoms of ancient Cyprus built by Achaeans after the end of the Trojan War.[citation needed] Remains of old Ledra today can be found in the Ayia Paraskevi hill in the south east of the city. Only one king of Ledra is known: Onasagoras. The kingdom of Ledra was destroyed early. Under Assyrian rule of Cyprus, Onasagoras was recorded as paying tribute to Esarhaddon of Assyria in 672 BC. By 330 BC, Ledra was recorded to be a small unimportant town. It is thought that the settlement was economically and politically dependent on the nearby town of Chytri. The main activity of the town inhabitants was farming. During this era, Ledra did not have the huge growth that the other Cypriot coastal towns had, which was primarily based on trade. In Byzantine times, the town was also referred to as Λευκωσία (Lefkosia) or as Καλληνίκησις (Kallenikesis). In the 4th century AD, the town became the seat of bishopric, with bishop Saint Tryphillius (Trifillios), a student of Saint Spyridon. Archaeological evidence indicates that the town regained much of its earlier significance in the early Christian period, and the presence of two or three basilicas with opus sectile decorations, along with marbles decorated with high relief indicate the presence of a relatively prosperous and sophisticated Christian society. After the destruction of Salamis, the existing capital of Cyprus, by Arab raids in 647, along with extensive damage to other coastal settlements, the economy of the island became much more inward-looking and inland towns gained relative significance. Nicosia benefited from this and functioned as an outlet of the agricultural products from its hinterland, the Mesaoria plain. It further was at an advantageous position due to its ample water supply. As such, the town developed enough for the Byzantine Empire to choose Nicosia as the capital of the island around 965, when Cyprus rejoined the Byzantine Empire. The Byzantines moved the island's administration seat to Nicosia primarily for security reasons as coastal towns were often suffering from raids. From that point on it has remained as the capital of Cyprus. Nicosia was the seat of the Byzantine governor of Cyprus; the last Byzantine governor was Isaac Komnenos, who declared himself emperor of the island and ruled the island from 1183 to 1191. Testimony as late as 1211 indicates that Nicosia was not a walled city at that point and thus that the Byzantines did not build a city wall, thinking that the city's inland location would be sufficient for defense purposes. The Byzantines did, however, build a relatively weak fort within the city. The economy under Byzantine rule consisted mostly of the trading of agricultural goods, but the town also produced luxury items and metalware due to the presence of the imperial administration. On his way to the Holy Land during the Third Crusade in 1187, Richard I of England's fleet was plagued by storms. He himself stopped first at Crete and then at Rhodes. Three ships continued on, one of which was carrying Joan of England, Queen of Sicily and Berengaria of Navarre, Richard's bride-to-be. Two of the ships were wrecked off Cyprus, but the ship bearing Joan and Berengaria made it safely to Limassol. Joan refused to come ashore, fearing she would be captured and held hostage by Isaac Komnenos of Cyprus, who hated all Franks. Her ship sat at anchor for a full week before Richard finally arrived on 8 May. Outraged at the treatment of his sister and his future bride, Richard invaded.[citation needed] Richard laid siege to Nicosia, finally met and defeated Isaac Komnenos at Tremetousia and became ruler of the island, but sold it to the Knights Templar. The Frankish rule of Cyprus started from 1192 and lasted until 1489. During this time, Nicosia was the capital of the medieval Kingdom of Cyprus, the seat of Lusignan kings, the Latin Church and the Frankish administration of the island. During the Frankish rule, the walls of the city were built along with many other palaces and buildings, including the gothic St. Sophia Cathedral. The tombs of the Lusignan kings can be found there. The exonym Nicosia appeared with the arrival of the Lusignans. The French-speaking Crusaders either could not, or did not care to, pronounce the name Lefkosia, and tended to say "Nicosie" translated into Italian and then internationally known as "Nicosia". In 1373/4, Nicosia was occupied and ravaged by the Republic of Genoa and in 1426 from the Mamluk Sultanate. In 1489, when Cyprus came under the rule of the Republic of Venice, Nicosia became their administrative centre and the seat of the Republic. The Venetian Governors saw it as a necessity for all the cities of Cyprus to be fortified due to the Ottoman threat. In 1567 Venetians built the new fortifications of Nicosia, which are well-preserved still to this day, demolishing the old walls built by the Franks as well as other important buildings of the Frankish era including the King's Palace, other private palaces and churches and monasteries of both Orthodox and Latin Christians. The new walls took the shape of a star with eleven bastions. The design of the bastion is more suitable for artillery and a better control for the defenders. The walls have three gates, to the North Kyrenia Gate, to the west Paphos Gate and to the east Famagusta Gate. The river Pedieos used to flow through the Venetian walled city. In 1567 it was later diverted outside onto the newly built moat for strategic reasons, due to the expected Ottoman attack. On 1 July 1570, the city came under the rule of the Ottomans. On 22 July, Piyale Pasha having captured Paphos, Limassol and Larnaca marched his army towards Nicosia and laid siege to the city. The city managed to last 40 days under siege until its fall on 9 September 1570. The story of the Cypriot martyr Arnaude de Rocas dates from the fall of Nicosia. Some 20,000 residents died during the siege and every church, public building, and palace was looted. Nicosia had an estimated population of 21,000 before the Ottoman conquest, and based on the Ottoman census data of 1572, the population had been reduced to 1,100–1,200. The devastation of the city was so extensive that for the few years after the conquest, a number of villages in the island had a larger population than Nicosia. The main Latin churches were converted into mosques, such as the conversion of the Saint Sophia Cathedral. Nicosia was the seat of the Pasha, the Greek Archbishop, the Dragoman and the Qadi. The Palazzo del Governo of Venetian times became the seat of the Pasha, the governor of Cyprus, and the building was renamed as the Konak or Seraglio (Saray). The square outside was known as Seraglio Square or Sarayonu (literally front of the Saray), as it is known to the present day. The saray was demolished in 1904 and the present block of Government Offices built on the site. When the newly settled Turkish population arrived they generally lived in the north of the old riverbed. Greek Cypriots remained concentrated in the south, where the Archbishopric of the Orthodox Church was built. Other ethnic minority groups such as the Armenians and Latins came to be settled near the western entry into the city at Paphos Gate. The names of the 12 quarters into which Nicosia was originally divided at the time of the Ottoman Conquest are said to be derived from the 12 generals in command of divisions of the Ottoman army at the time. Each general being posted to a quarter, that quarter (with two exceptions) was known by his name as follows: The names of the generals in command of the last two-quarters have been lost: Later the number of neighbourhoods was increased to 24. Each neighbourhood was organised around a mosque or a church, where mainly the respective Muslim and Christian communities lived. Nicosia came under the rule of the United Kingdom on 5 July 1878 in consequence of the Cyprus Convention[why?]. The old Ottoman administrative headquarters (the Saray) was replaced in 1904 by a new building containing Law Courts, the Land Registry, and the Forestry, Customs, and Nicosia Commissioner's Offices. Adjacent was the Nicosia Police headquarters, while opposite were the General Post Office and the Telegraph Office. A Venetian Column, previously in a fenced courtyard near the Saray, was restored on a new site in the summer of 1915 in the middle of Saray Square. The Nicosia column was presumably erected in compliment to the reigning Doge Francesco Donati about the year 1550. Just after the British Occupation a Municipal Council was constituted in Nicosia in 1882 for the general administration of public affairs within the city and for a certain area without the walls, under the presidency of a Mayor. The first municipal offices were in Municipality Square (now the central municipal market), but in 1944 the offices were transferred temporarily to the d'Avila bastion and in 1952 this was made permanent with a decision to renovate the building. In 1923 the municipal limits were extended further (see map) and this new area was divided among several of the existing intramural Neighbourhoods. In 1938 the boundary was extended to the present limits in the west and to the boundaries of Ayii Omoloyites, Palouriotissa, Kaimakli and Omorfita. In 1944 the village authority of Ayii Omoloyites was absorbed, then, shortly after independence, Palouriotissa, Kaimakli and Omorfita were annexed to the city in 1968. In 1955 an armed struggle against British rule began aiming to unite the island with Greece, Enosis. The struggle was led by EOKA, a Greek Cypriot nationalist military resistance organisation, and supported by the vast majority of Greek Cypriots. The unification with Greece failed and instead the independence of Cyprus was declared in 1960. During the period of the struggle, Nicosia was the scene of violent protests against British rule. In 1960, Nicosia became the capital of the Republic of Cyprus, a state established by the Greek and Turkish Cypriots. In 1963, the Greek Cypriot side proposed amendments to the constitution, which were rejected by the Turkish Cypriot community. During the aftermath of this crisis, on 21 December 1963, intercommunal violence broke out between Greek and Turkish Cypriots. Nicosia was divided into Greek and Turkish Cypriot quarters with the Green Line, named after the colour of the pen used by the United Nations officer to draw the line on a map of the city. This resulted in Turkish Cypriots withdrawing from the government, and following more intercommunal violence in 1964, a number of Turkish Cypriots moved to the Turkish quarter of Nicosia, causing serious overcrowding. On 15 July 1974, there was an attempted coup d'état led by the Greek military junta to unite the island with Greece. The coup ousted president Makarios III and replaced him with pro-enosis nationalist Nikos Sampson. On 20 July 1974, the coup d'état precipitated the invasion of the island by the Turkish army. The operation included two phases. The second phase of the Turkish invasion was performed on 14 August 1974, where the Turkish army advanced their positions, eventually capturing a total of 37% of Cypriot territory including the northern part of Nicosia. The fighting left the island with a massive refugee problem on both sides. On 13 February 1975, the Turkish Cypriot community declared the Turkish Federated State of Cyprus in the area occupied by Turkish forces. On 15 November 1983, Turkish Cypriots proclaimed their independence as the "Turkish Republic of Northern Cyprus", that is recognised only by Turkey and seen by the international community as a part of the Republic of Cyprus but not under its effective control. On 23 April 2003, the Ledra Palace crossing was opened through the Green Line, the first time that crossing was allowed since 1974. This was followed by the opening of Ayios Dometios/Metehan crossing point on 9 May 2003. On 3 April 2008, the Ledra Street crossing was also reopened. From 30 October 2016 and onwards, Nicosia became the only capital city in the world that had two time zones, after the parliament of the de facto "Turkish Republic of Northern Cyprus" abolished standard time and decided that Northern Cyprus remains at UTC+03:00 year-round, following Turkey's example. The following year, due to criticism from the Turkish Cypriot public in the north, the Turkish Cypriot government decided to go back to standard time, following the rest of Europe.

Frequently Asked Questions

The economic climate in Nicosia, Cyprus is relatively positive and stable. The country has a well-developed banking sector and financial services industry, which makes it attractive to foreign investors. Additionally, there are several government incentives available to businesses located in the city that help promote business growth and development.
Yes, the Cyprus Investment Promotion Agency (CIPA) provides many incentives and support for entrepreneurs who want to open or expand their businesses in Nicosia. CIPA also offers loans and grants for start-up projects as well as assistance with obtaining permits and licenses necessary for conducting business activities.
There is a wide range of resources available to businesses operating in Nicosia. Access to capital is particularly strong due to the presence of several banks offering competitive financing options for entrepreneurs. Additionally, there are plenty of talented professionals who can provide skilled labor services at competitive rates making it easy to hire qualified staff members when needed. Technological infrastructure is also reliable with high speed internet access widely available across the city making it easier for businesses to stay connected with clients and partners around the world.
A business consultancy can provide valuable insight into how best structure your operations from an operational standpoint such as selecting suppliers, marketing strategies, pricing models etc., while also helping you create realistic financial projections based on current market conditions that will enable you to secure financing if necessary . They can also provide guidance on choosing suitable legal structures given local regulations while ensuring compliance with applicable laws throughout your operations in order to protect your assets and limit liabilities where possible .
In addition to providing advice related to formulating a successful business plan , most Business Consultancies offer additional services such as market analysis , competitor research , customer segmentation studies , product/service launches , advertising campaigns , social media management , accounting/financial planning solutions , HR support , IT system integration & maintenance etc., depending on their specific areas of expertise .