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24
Oct2018
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Setting up a Cyprus Travel & Tourist Agency

Setting up a Cyprus Travel & Tourist Agency is Simple and Fast

Setting up a Cyprus Travel & Tourist Agency: Are you seeking to operate a tourist and travel agency in a popular and successful tourist destination? Look no further. Cyprus, the island of Aphrodite, offers myriad activities and unforgettable experiences and hence, has been established as one of the most desired locations worldwide. Numbers do not lie. Official statistical figures show that Cyprus’ total of visitors during 2017 marked an increase of 14.6% compared to 2016. More specifically, last year’s increase of 3.6 million tourists points to another good year for Cyprus’ tourism. Authorities and tourism-sector experts forecast that Cyprus in 2018 is heading for another record year. A large percentage of the tourist-related business on the island are specifically travel and tourist agencies. The relevant legislation recognizes such agencies as permanently organized offices, able to provide the following services:

(a) the organization of any kind of travel, seminars and touring either locally or abroad;or

(b) the issue, or the arrangement on commission for the issue of travel tickets by any transportation means;or

(c) the securing of means of transport, guiding and accommodation of organized groups or persons;or

(d) any related work to facilitate the accommodation and transportation of tourists.

 

The Success of Your Agency is Almost Certain

Setting up a Cyprus Travel & Tourist Agency:  Tourism has traditionally been a major source of income and a driver of economic growth in Cyprus, with a significant contribution to the country’s GDP. The Government, in an attempt to expand the island’s tourism seasonality, aims to extend the tourism season by two months (total of 8 months annually!). Over the past two years, agreements were reached with new airline operators following an “Open Skies” policy. Consequently, your business’ earnings will derive all year round from both locals and foreign travelers.

Today’s technological advancements make the unavoidable and indispensable task of promotion as easy as ABC. Building a website that provides comprehensive information of how your firm operates and why it differs from the competition, is crucial.  Pursue your client that an exceptional trip, is an organised trip, either this is a business-one or a leisure outage.

Not to mention the power of popular social media platforms. With their proper management, one can easily reach clients located on the other side of the Earth with just a click of a button. Access and communication, nowadays, are no longer barriers.

 

 Setting up a Cyprus Travel & Tourist Agency: Eligibility Conditions

Setting up a Cyprus Travel and Tourist Agency is regulated by the Tourist and Travel Agencies and Tourist Guides Law of 1995-2013. According to its provisions, the interested party needs to obtain a number of licences and approvals, before the commencement of any operation by the business. The island’s tourist-sector supervisory authority is the Cyprus Tourism Organization (C.T.O.). This organisation bares the responsibility as to the approval and operation of such agencies and their ongoing compliance with the prescribed legislation. As a consequence, the majority of prerequisites are submitted under the review of CTO’s board of directors and their granting is vested only upon the board’s objective discretion. The purpose of the current article is to give you an illustration of what is required:

  • ‘Establishment and Operation Official Licence’ shall be granted only to natural persons residents in the Republic of Cyprus or in another EU member state or legal persons established in the Republic of Cyprus or another EU member state.
  • Particularly, individuals or legal entities of another EU member state may temporarily carry out the aforementioned activities without the need of having a permanent organized office, provided they declare this intention in writing.
  • No foreign legal entity (originating outside the EU) may operate in Cyprus unless under the representation by an already licensed local agency. The submission of ancillary documents proving the commencement and termination of such cooperation between the two, is necessary.
  • Travel Agency’s name shall also be proposed foremostly for CTO’s approval. Bear in mind that the CTO is not bound to accept any name, irrespective of whether it was already approved by the Registrar of Companies.
  • Every Tourist and Travel Agency must be managed by an approved manager. The proposed manager’s appropriateness will ultimately be assessed on the following criteria:
  • For physical person: academic background, qualifications, relevant work experience and clear criminal record; and
  • For legal entity: absence of any legal or judicial prohibition, of any conviction of offence and of any violation in relation to legislation for which the Organisation has competence.

For further information, feel free to visit the CTO’s website using the following link: http://www.businessincyprus.gov.cy/mcit/psc/psc.nsf/0/ae98e12e84083f93c225786a0035c7f3?OpenDocument

 

Ongoing Obligations:

When you are setting up a Cyprus Travel and Tourist Agency the following are the ongoing obligations:

  • Upon approval of the application, the entrepreneur must proceed to the deposit of a guarantee of fifteen thousand euro (€15.000) in cash or by a letter of guarantee from a Bank or any other Credit or Insurance Institution.
  • The licence’s validity period is for two years and the Government fee for its issuance amounts to four hundred euro (€ 400,00). Afterwards it can be renewed on a yearly basis. The renewal fee is three hundred euro (€ 300,00).
  • Every licensed agency shall have suitably furnished and independent premises and have a floor area of at least 20 sq.m. with a private toilet and wash basin.
  • The minimum number of personnel at all times shall be: two persons, including the Manager
  • Any publication and circulation of advertising leaflets, issue of programs or any other printed advertising material on display must include the name and the registered office of the respective Tourist and Travel Agency.

 

Contact us:

If you are Setting up a Cyprus Travel and Tourist Agency, do not hesitate to contact our qualified personnel. Having the necessary knowledge and proper expertise, we can assist you fulfill all the aforementioned prerequisites and establish a successful business in Cyprus.  All initial consultations are free!

 

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