In Cyprus, a Commercial Agent has to register with the Council of Commercial Agents and receive a license with a registration number. Franchising U.S. franchises, particularly in the food business, have been extremely successful in Cyprus in recent years. Blimpie's, Domino's Pizza, McDonald's, Pizza Inn, Pizza Hut, Dairy Queen, Kentucky Fried Chicken, Kenny Rogers Roasters, Henry J. Beans, TGI Friday's, and Subway sandwiches. Nonfood U.S. franchises, such as Athlete's Foot and Gold's Gym, are also to be found in Cyprus. Most American franchises in Cyprus have proven extremely successful in their fields.
Present trends suggest that the franchising sector has great prospects for growth in Cyprus.
A recent delegation of U.S. franchise companies to Athens, Greece was successful in attracting interest from Cypriot businessmen as well. This information includes share capital for the proposed investment, economic activities, financial requirements, confidential references, and a four-page questionnaire, which can be obtained from the Central Bank. All applications for direct investment by nonresidents require the prior approval of the Central Bank, which considers them in consultation with appropriate government departments. Registration, reorganization and liquidation of businesses must be undertaken through attorneys or accountants practicing on the island. Businesses with nonresident participation must prepare and submit to the Central Bank of Cyprus and to the Department of Inland Revenue annual financial statements audited by accountants practicing in Cyprus.