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Amazon FBA In Cyprus
Things To Consider During Accounting For Amazon FBA In Cyprus

Over the years, the shopping habits of consumers have rapidly evolved. They are now looking for new ways of enhancing their shopping experience with the help of technology. The pandemic has further added fuel to this changing trend, and millions of people now regularly visit e-commerce platforms. Amazon has become a household name because of the convenience it offers in online shopping. However, it has not only attracted consumers but also sellers from all over the world. After all, Amazon has more than 200 million customers that visit the platform every month. 

You may be aware that Amazon has recently redomiciled its EU headquarters to Cyprus. The small island country close to Europe, Asia, and Africa has gradually become a hub for e-commerce companies. Thanks to the fewer regulatory interventions, excellent infrastructure, and tax benefits, several companies have already made this smart move. Hence, if you have products that you want to sell by joining the Amazon FBA (Fulfillment By Amazon) program, you must remember a couple of things during accounting for Amazon FBA in Cyprus. Have a look. 

Update Your Charts of Accounts

You may already know that it is essential to update all the accounts you will use in your financial reporting. For example, some of the standard categories of charts of accounts are assets, liabilities, equity, revenue, and expenses. If you don’t update it, you may end up relying on inaccurate data and make poor financial decisions as an Amazon FBA seller. 

Go for Accrual Accounting

While it is true that most small business owners start with cash-based accounting, opting for accrual accounting is the best thing that you can do to grow your business with the Amazon FBA program. Instead of consistent demand, there may be sudden sales spikes or inventory fluctuations in your e-commerce business. So, this type of accounting proves beneficial to avoid unpleasant surprises. It will also help you to get a clear picture of your actual financial position. 

Run a Reconciliation Report

When you run a reconciliation report, you can spot inconsistencies (if any) between the bank and your credit card statements. It also helps in protecting your business from possible frauds. It will also give you actionable transaction insights that you can leverage to make informed decisions leading to higher sales achievement. 

Moreover, do not forget to put your efforts to generate additional revenue streams as complete dependence on a single sales channel may not be enough to thrive your business during unforeseen circumstances. Now, doing all these things may take a significant amount of time that you can otherwise use in growing your business. So, it is wise to hire a professional from Online Solutions to do the entire legwork of accounting for Amazon in Cyprus.

At Online Solutions, we offer comprehensive eCommerce solutions, including real-time inventory management to order tracking and accounting to social media marketing. We make it easy for you from every aspect and help you to reach your consumers quickly. Only you need to send your products, and our professionals will take care of the rest.

by Athena Stylli
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5 Essential Steps To Open A Free Shopify Store Now In Cyprus
5 Essential Steps To Opening A Free Shopify Store Now In Cyprus

Are you thinking about venturing into an e-commerce business? Are you an entrepreneur with a brick and mortar store in Cyprus? If any of these answers are in affirmation, it is time to open an online store with one of the leading e-commerce platforms! Shopify is currently powering more than 500,000 online stores across the world with its useful features. Moreover, it is easier to open a Shopify store than one using Magento or WooCommerce.

The popular e-commerce platform also has a unique partner program that enables Shopify store solution providers to set up a free eshop Cyprus within no time. However, remember that the free eshop means a Shopify store with a free trial for 14 days so that you can fully discover its potential for your business. There is even no need to enter any credit card details!

Let’s discuss the 5 easy steps to open a free Shopify store now.  

Step 1:

Go to the official website of Shopify, enter your email address, and click on the start free trial button. You will be directed to a page to enter your password and online store name. Enter a store name and a strong password and click on create your store button.

Step 2:

Enter the details in the form, such as where you are an existent seller, your current revenue, and all. You can skip the page to move to the next in which you need to enter your personal details such as first name, last name, address, city, postal code, and contact number so that you can get your payment. Once you have filled this form, you will be then directed to a dashboard.

Step 3:

Add your products, customize the theme, accept payments and set the shipping rates. You can always explore the free themes to make your Shopify store as you have envisioned. Remember, this will take longer as you need to fill several forms.

Step 4:

Now, you can add pages in your online store that you get under the online store on the left side of your store dashboard. For the same, you need to click on the add page button.

Step 5:

On the left, you will also find settings and can see plenty of things that you can do to set a fully-functional and responsive Shopify Store.

It is easy to open a free eshop in Cyprus, but it consumes much of your valuable time. As an entrepreneur, you may want to give your full attention to grow your business. So, the best course of action is to hire a developer at Online Solutions. With us, you can get your dream Shopify store quickly at an affordable cost.

We also provide valuable services, including translation of your store into local languages, the configuration of delivery, and general settings. Moreover, our digital marketing experts can connect your store with various marketing tools and promote your online store without any delay!

by Athena Stylli
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Shopify Store
Why A Shopify Store Is The Best Store For E-commerce In Cyprus

With over 500K active stores in more than 170 countries across the world, Shopify is now a leading e-commerce platform. It is helping countless people in starting online stores within no time. Opening a Shopify store is extremely easy in comparison to other e-commerce platforms. So, if you have a brick and mortar store in Cyprus with some products that you want to sell to a large customer base, open a free Shopify store now! However, you must know the reasons due to which a Shopify store is the best store for e-commerce in Cyprus.

So, let’s have a look below.

Enables Product Selling on Several Channels

Here, you can utilize social media platforms such as Facebook, Instagram, and Pinterest as a sales channel to boost your overall sales. It also enables you to sell your products on Amazon or through a custom mobile app. Moreover, you can unify your products with the help of Shopify’s built-in POS system. Therefore, with Shopify, you can sell your products anytime and anywhere!

Offers Multiple Payment Gateways

When you open an e-commerce store, your store must support trusted payment methods, or else you have to exclude a large proportion of your target customers. The same does not happen when you choose Shopify in Cyprus, as the platform supports multiple payment gateways to offer a smooth shopping experience to your customers.

Fast Loading Speed and Excellent Performance 

Nobody loves to wait for more than a few seconds during online shopping. So, if your online

store loads slowly, most of the store visitors may never return. You may lose a big chunk of your potential sales. So, loading speed matters a lot, and the Shopify store guarantees excellent performance. Your customers will never have to wait, even at checkouts.

Facilitates Selling of Digital Products

While many e-commerce platforms only enable the merchants to sell their physical tangible products, Shopify allows you to sell your digital products such as digital arts, e-books, music, etc. It enables you to classify your products into different categories so that if you have digital products, their delivery can be through email or online storage.

Easy Integration with Shopify POS

If you are not eager to abandon your brick-and-mortar store completely after starting an online store, you can do this easily by integrating it with the Point-of-Sale system of Shopify. With Shopify POS, you can have shared data between your online store and your physical store to manage your inventory, sales, and everything else in a hassle-free manner.

However, if you are worried about the process that goes to open a free Shopify store in Cyprus, don’t worry! Online Solutions offer Shopify e-commerce solutions, everything starting from designing and converting your online store into local languages to SEO optimization at a reasonable cost. Remember, selling online was never this easier and faster. However, many merchants fail to get the expected return.

Our professionals build secure, reliable, and flawless eCommerce websites to get your maximum ROI.

Contact us Today and we will send you a Free development Shopify Store with Unlimited Trial Days

by Athena Stylli
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TAX BENEFIT IN CYPRUS
Why Cyprus Offers One of the Most Attractive Tax Regimes in Europe for your Online Business?

Online business is the normal around the world today. Cyprus has become one of the top EU countries with attractive tax slabs and rates. They have special benefits for the citizens with other country’s citizenship and those with Cypriot citizenship. This said, many investors are looking at a positive arc of growth the country is sporting right now. The geographical location and its closeness to other European and Asian countries have given it a boost. This is why today Cyprus is the best place for digital business today. What are the different tax benefits you can look for while doing your online store or e-commerce business?

Amazing Tax Structures

One of the crucial areas every entrepreneur thinks of while starting a business is the tax he has to pay. In Cyprus, if you are a tax paying citizen, you just have to pay a corporate tax of 12.5%. This is perhaps the lowest it can get. There are 0% withholding taxes on dividend payments. Thus, there is no tax on the dividends to pay as a Cypriot-based online business entrepreneur to your shareholders abroad. This is in case your business is a trading firm. However, there are also benefits if yours is a Holding company based in Cyprus. You get complete tax exemption on the disposal of subsidiaries and shares.

More Benefits for All Cyprus-based Investors

The best reason for any person to go for the online business is its small scale set up. At Cyprus, you will get highly skilled professional staff in your payroll. You will not have to worry about office property. You can get a residential property for VAT as low as 5%. In fact, the tax saving benefits is the reason for investors to settle down in Cyprus today. Many companies are looking for setting up their head office here because of its low tax rates and even for making a loss on taxes.

Best of EU Agreements

Cyprus has really struck a solid deal with other EU countries for favoring its business milieu. Today, we talk of tax benefits in Cyprus, but we also have to remember the country has over 64 double tax treaties and more than 40 EU trade agreements. This is helpful for the entrepreneurs to rake in millions in earning from their digital business in Cyprus. This is perhaps the golden era of doing e-commerce business in Cyprus.

Contact us Today

by onlinesolutions
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What Happens If You Dont Pay Taxes A Peak Behind the Curtain 1170x780 1
Get Better Income Taxes Working From Cyprus For Your eShop

Get Better Income Taxes Working From Cyprus For Your eShop

When you become a tax-paying citizen of Cyprus, you will need to pay taxes to the Cyprus government. To become a Cypriot resident, you need to have spent more than 183 days a year in the country. There is also an option of the 60-day rule to become a citizen. Whether you draw income from within Cyprus or from jobs in other countries, you need to pay taxes here. However, there are specific rules on what to pay and how to pay if you are running your E-Commerce business. Cyprus as such has one of the lowest tax rates in the entire EU. Cyprus-based businesses have to pay taxes on their worldwide income at a rate of 12.5%.
Let us check out the tax details for you to know and pay in time.

• Taxes as a Resident and as a Non-resident

If you are a resident of Cyprus, you need to pay taxes on any income from any of the sources mentioned here. You will have to pay taxes on rents, profits, dividends, and income. As a non-resident too, you need to pay taxes on rents, pensions, income from any companies in Cyprus or even profits from businesses in Cyprus. In short, you are required paying taxes only on income earned in the island country of Cyprus.

• More about Other Specific Tax Slabs

If you are disposing an immovable property, and earn capital gains, you have to pay a tax of 20%. The typical VAT rate in Cyprus is 19%.

• Save on Taxes

You will be able to save your income tax in Cyprus if you are drawing a lump sum payment on the retirement or commutation of pension or even the gratuity. If you are taking a scholarship for higher studies, you will not have tax exemptions of 100%. Likewise, even as you incur capital sums from life insurance policies, PF, and approved medical schemes, you get 100% exemption.
Many people invest in running their e-commerce business from Cyprus. Its coastal location fuels up its excellent logistics. It is also a budding real estate market for those willing to become a citizen here and start a business right away. Make use of the tax laws and get the best while living in Cyprus. Whether for tax saving on their income from their eshop or simply for getting a better quality of life, one can always benefit while in Cyprus.

by onlinesolutions
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Invest 2 Million And Get A Passport In Cyprus To Reduce Your Business Taxes

If you are an investor and like keeping a note of each country’s growth and development, you will know of the booming economy of Cyprus. The Republic of Cyprus is now a big draw among the investors, entrepreneurs, and real estate developers alike. If you are eager to become a citizen and look for the ways on how to get a passport in Cyprus, here are the steps to follow.

• Check out the Golden Visa Plans
You can get a permanent residency permit. To gain citizenship however in Cyprus, you will have the option of investing 2 million in the real estate. The country will be offering citizenship in just as many as 6 months after making this investment.

• Perks of This Investment
On making this investment, you get a citizenship of an EU country and permit to work and travel or study anywhere in the EU countries, including the UK, France, and Germany.

• Save Taxes on Investment
Entrepreneurs often wonder about how to save business taxes in Cyprus after investing in real estate. Citizenship is very beneficial to your plans. It does have its additional tax saving donation plan to help you further. Additionally, you get PR permit too of living in Cyprus. As per the non-domicile entrepreneurs, you have zero taxation options of worldwide dividends and interest based income. This is for a total of 17 years.

What Makes The Citizenship and PR Status So Essential in Cyprus?

As a growing country, it makes a lot of sense to invest in the real estate property in Cyprus. Get that beach facing villa in a booming coastal area of Cyprus. The property rates are competitive now, and to get yourself property and even settle down, you will need to follow a few strict rules.
Investing in real estate now is better since the rates for the property will go high soon by the rate of growth. You now do not have to worry about how to get a passport in Cyprus now thanks to these unique investment plans.

Just contact us today and we will help you out

by onlinesolutions
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