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. Non-food 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. Non-residents wishing to participate in a Cypriot business enterprise are required to obtain the services of a lawyer or accountant practicing in the Republic who must submit, on their behalf, an application to the Central Bank with the requisite information. 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 non-residents require the prior approval of the Central Bank, which considers them in consultation with appropriate government departments. Registration, re-organization and liquidation of businesses must be undertaken through attorneys or accountants practicing on the island.