Commerce is by far the most important international business activity. Enterprises engaged in trade, marketing and distribution may be classified into those trading either as general commission agents or as specialised dealers in machinery and equipment, or commodities and consumer goods.
Transit trade via the island's seaports is carried out by IBCs on a large scale. They may store, maintain, break bulk or repackage their own transit goods in rented general or private bonded warehouses, provided the handling does not result in any change in the goods' customs tariff classification.
IBCs are allowed to:
- organise training seminars or demonstration courses in Cyprus for their foreign agents or clients
- establish permanent showrooms in Cyprus for exhibiting foreign products they represent provided all deals are on a wholesale basis and for delivery outside the island.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances from a local lawyer or accountant.
