combination magazine, fall edition 2013

50
Published by the Cyprus Chamber, Edition Fall 2013 Combi Nation The magazine for Cyprus related business and leisure Move your head office to Cyprus ! The value of Crisis Management The do’s and don’ts in Cyprus business life

Upload: cyprus-chamber

Post on 30-Mar-2016

218 views

Category:

Documents


2 download

DESCRIPTION

The Magazine for Cyprus related Business and Leisure

TRANSCRIPT

Page 1: Combination Magazine, Fall Edition 2013

Publ

ishe

d by

the

Cyp

rus

Cha

mbe

r, Ed

ition

Fal

l 20

13

Combi Nation The magazine for Cyprus

related business and leisure

Move  your  head  office  to  Cyprus  !  

The  value  of  Crisis  Management  

The  do’s              and  don’ts                      in  Cyprus  business  life  

Page 2: Combination Magazine, Fall Edition 2013

9  Vassili  Michaelides,  3026  Limassol,  Cyprus  Telephone:  00357-­‐25  206  803  Mobile:  00357-­‐99064193  

 Website:  www.paritax.eu  E-­‐mail:  [email protected]  

Skype:  Paritax  

Paritax is specialized in saving taxes and protecting assets for entrepreneurs and wealthy

individuals

BE SMART AND YOU CAN AFFORD THE OTHER HALF

Page 3: Combination Magazine, Fall Edition 2013

   For  sugges)ons,  new  ideas,  to  promote  your  company  and  nice  stories,  you  can  always    reach  me  by  e-­‐mail    at  magazine@combi-­‐na)on.eu.    Best  regards,        Robert  Hek    Chairman  of  the  Cyprus  Chamber  

Welcome to the Cyprus Business & Leisure CombiNation

3 CombiNation

Dear  readers,    Because  of   the  enduring  financial   crisis,  many  governments  are  looking  for  opportuniWes  to  increase  taxes.  Next  to  that,  a  wide  spread  movement  is  coming  up  protesWng  against  tax  avoidance.  European   ciWzens   are   lucky   to   have   their   freedom   of   choice  where  to  situate  their  business  and  private  habitat  in  Europe.  In  this   ediWon,   we   will   show   you   why   Cyprus   should   be   on   you  priority  list  to  situate  your  head  office  for  your  business.    

In   case   you   decide   to   move   to  Cyprus,   we   will   give   you   some  extra  advice  about  the  do’s  and  don’ts   in   Cyprus   business   life.  Reading  and  understanding  this  might  make  your  life  even  more  pleasant  and  efficient  in  Cyprus.  

We  will   take   you   to  paradise   and  tell   you   about   Anassa,   meaning  ‘queen’   in   ancient   Greek.   The  ultra-­‐luxurious   Anassa   is   set  within   some   of   the  most   pris)ne  countryside  in  the  Mediterranean.    

We  present  you  with  Yolenis,  a  new  company  specialized  in  Mediterranean  Food  and  Taste,  which  you  can  order  on  line,  and  we  give  you  some  useful  )ps  in  Crisis  Management.  

Page 4: Combination Magazine, Fall Edition 2013

   3  Word  by  the  Chairman    

   5  Colofon      

     

             12  Welcome  to  Paradise        

17  The  do’s                and  dont’s                                  in  Cyprus  business  life          

24    

 

4 CombiNation

Contents

 6    Move  your  head  office  to  Cyprus

Page 5: Combination Magazine, Fall Edition 2013

5 CombiNation

   

30  Crisis  Management  

     41  Func)onal  and  Crea)ve      

42  Up  coming  events  in  Cyprus      

44  Up  coming  events  in  Europe      

45  Book  Recommenda)on      

 46  Movie  Recommenda)on  

 48  Bon  Ape)t    49  Next  Edi)on  

Combination contains information about

Cyprus related business and leisure.

Editorial Staff: Robert Hek

Edith Joseph Virginija Mutulaite

Andrie Penta Louis Papageorgiou

Advertisements and advertorials

For information about advertisements and advertorials, please go to

www.combi-nation.eu

Design & realisation Cyprus Web Art

www.cypruswebart.com

Addresses, telephone and e-mail

9 Vassili Michaelides 3026 Limassol - Cyprus

P.O. Box 57048 Limassol-Cyprus

Telephone + 357 25 25 10 88

[email protected]

www.combi-nation.eu

Subscription CombiNation is freely

digitally distributed amongst everyone with an interest in

Cyprus

To subscribe please go to www.combi-nation.eu and

complete the subscription form

Page 6: Combination Magazine, Fall Edition 2013

MOVE  YOUR  HEAD    

6 CombiNation

Page 7: Combination Magazine, Fall Edition 2013

OFFICE  TO  CYPRUS  Entrepreneurs   can   o[en   choose   where   they   situate  their  holding  company.  By  “holding  company”  I  mean  the   company   which   owns   its   subsidiaries.   The  subsidiaries   are   the   companies  which   actually  make  the  money  in  the  group  of  companies.      For  example  the  corporate  structure  below:  

Holding  Company  Cyprus  

Subsidiary  Company  Germany  

Subsidiary  Company  

Netherlands  

By  Robert  Hek  

Besides  owning  the  shares  of  subsidiaries,  a  holding  Company  can  also:      •  Provide  management  to  its  subsidiaries  •  Take  care  of  pension  plans  for  the  group  of  companies  •  Provide  administra)on  and  payroll  services  for  the  group  of  companies  •  Rent  real  estate  or  other  assets  to  its  subsidiaries,    •  Hold  licenses,  patents  and  receives  for  the  use  of  it  a  royalty.  

By  dividing  different  ac)vi)es  over  the  group  of  companies,  the  risk  of  losing  everything  in  case  of  bankruptcy  can  be  minimized.  At  the  same  )me,  by  choosing  a  low  tax  des)na)on  for  your  holding  Company,  you  can  save  taxes  and,  therefore,  increase  the  return  of  investment  on  the  shares  of  the  holding  company.  

Entrepreneurs  can  oYen  choose  where  to  situate  their  holding  company

7 CombiNation

Page 8: Combination Magazine, Fall Edition 2013

8 CombiNation

Instead   of   the   big   ci)es   in   Europe,   like     Rome,   London,   Amsterdam,   Paris   or   Berlin,   think   of  Limassol   or   Nicosia   as   your   prime   loca)on   for   your   holding   company.   Both   ci)es   are   the   two  financial  centres  in  Cyprus  and  very  well  equipped  to  serve  you.      In  this  ar)cle,  I  will  give  you  some  reasons  to  move  to  the  island  of  ‘more  sun  and  less  taxes.’  

Enough  is  enough  ..  

Cyprus  has  a  favorable  income  tax  regime  for  managers      Suppose  you  are  a  director  of    a  Dutch  holding  Company  of  a  successful  group  of  companies,  which  is  situated  in  Amsterdam  and  you  earn  a  gross  salary,  inclusive  bonus,  of  €  400.000  per  year.        Being   taxed   in   the   Netherlands,   you   would   pay   income   tax   in   the   amount   of   approximately   €  200.000  and  your  net  income  would  be  €  200.000.  If  the  holding  company  would  be  situated  and  taxed  in  Cyprus  and  you  would  do  your  work  from  there,  you  would  pay  approximately  €  75.000,  leaving  you  with  a  net  income  which  is  €  125.000  higher  than  in  the  Netherlands  !!!      Why?  Because  Cyprus  has  a  very  favorable  tax  regime.  For  the  first  five  years,  your  income  above  €  100.000  is  only  half  taxed  and  for  the  first  three  years,  the  first  €  28.500  of  income  is  tax  free.  Do  this  for  five  years  and  you  will  save  yourself  more  than  €  600.000  in  income  taxes  !  

Page 9: Combination Magazine, Fall Edition 2013

9 CombiNation

Cyprus  has  a  very  low  corporate  tax  rate      The  corporate  tax  rate   in  Cyprus   is  12,5%,  which   is  one  of   the   lowest   tax  rates   in   the  European  Union.   The   low   tax   rate  makes   it   ahrac)ve   to   see   if   profit   can  be   shiYed   from   the   subsidiaries  outside   Cyprus   to   the   holding   company   in   Cyprus.   Depending   on   the   country   where   the  subsidiaries  are  situated,  10%  to  more  than  20%  corporate  tax  can  be  saved.      Profits  can  be  shiYed  from  the  subsidiaries  to  the  holding  companies  as  follows:      •  The  holding  company  can  invoice  management  fees  to  its  subsidiaries  to  cover  its  expenses.  As  

long  as  the  amount  of  the  fees  are  acceptable  according  to  transfer  pricing  rules,   it  can  even  make  a  profit.  The  management  fees  are  deductable  in  the  subsidiary  and  taxed  in  the  holding  company.    

   •  To   avoid   risks,   the   holding   company   can   also   invest   in   assets,   used   by   its   subsidiaries.   The  

holding   company   receives   rent   from   its   subsidiaries,  which   results   in   a  profit   for   the  holding  company  and,  if  it  is  within  the  lines  of  the  transfer  pricing  rules,  deductable  in  the  subsidiaries.  

   •  The  holding  company  can  provide  administra)on  and  payroll   services   for   the  whole  group  of  

companies   and   invoice   the   subsidiaries   for   these   services,   which   results   in   a   profit   in   the  holding  company  and  deductable  expenses  in  the  subsidiaries.  

Page 10: Combination Magazine, Fall Edition 2013

10 CombiNation

Cyprus  has  a  very  favourable  tax  regime  for  royalWes      Cyprus  is  an  ideal  loca)on  as  an  intermediate  jurisdic)on  because  it  has  no  withholding  taxes,  is  part  of  the  EU,  allows  a  thin  spread  on  royalty  income,  and  advance  tax  rulings  can  be  obtained.  On   top   of   that,   since   1   January   2012,   a   very   favourable   royalty   tax   regime  was   put   in   place,  which  lowers  the  effec)ve  tax  burden  on  IP  income  to  2,5%.    The  Cyprus  tax  regime  provides  this  favourable  tax  treatment  in  rela)on  to  income    generated  from  any  type  of   intellectual  property  rights,  patents  and  trademarks  as  well    as  providing  for  generous  capital  allowances   for  acquisi)on  and  development  of   such   rights.  For   simplicity  we  will  refer  to  them  below  with  the  general  term  of  “IP  Rights”.      The   Cyprus   Tax   Law   allows   the   deduc)on   from   the   resul)ng   royalty   income   of   all   expenses  incurred  wholly  and  exclusively  for  the  produc)on  of  royalty  income  and  also  covers  the  profit  from  any  future  sale  of  the  IP  Right.  This  will  allow  the  owners  of  the  IP  Rights  not  only  to  enjoy  tax  benefits  on   the   income  generated   from     the  use  of   such   right  but  also  provides   for  a   tax  efficient  exit  route  in  the  future.      A  Holding  Company   is  able   to  write  off   the   IP  Rights  off   the  capital  expenditure  made  on   the  acquisi)on  or  development  of  such  rights  in  the    first  five  years  of  use.  The  company  will  be  able  to  receive  capital  allowances  of  20%    straight  line  star)ng  from  the  first  year  of  the  use  of  the  asset  as  well  as  the  subsequent     four  years  of  usage.  These  capital  allowances  are  considered  tax   deduc)ble,     which   makes   the   tax   benefits   of   the   first   five   years   for   the   Cyprus   Royalty  Company  even    more  ahrac)ve.  

Since  1  January  2012,  a  very  favourable  royalty  tax  regime  was  put  in  place,  which  lowers  the  effecWve  tax  burden  on  

IP  income  to  2,5%  

Page 11: Combination Magazine, Fall Edition 2013

Cyprus  Tax  treaWes  and  zero  withholding  tax  Cyprus  has  signed  tax  trea)es  with  46  countries  to  avoid  double  taxa)on.  Cyprus  withholds  no  taxes  on  outgoing   dividends,   interest   and   royal)es   and,   since   it   is   a  member   of   the   European  Union,   Cyprus  benefits  also  the  EU  regula)ons  to  avoid  double  taxa)on.  That  makes  Cyprus  very  ahrac)ve  too  as  a  central  place  to  situate  your  holding  company.          High  educated  staff  for  a  very  competaWve  price  Because  of  the  financial  crisis,  the  unemployment  rate  in  Cyprus  has  increased.  This  has  resulted  in  the  availability   of  well   educated   staff  at   a   very   reasonable  price.   The  minimum  gross   salary   in  Cyprus   is  approximately  €  800  per  month  and  the  social  insurance  expenses  are  below  15%,  which  makes  Cyprus  very  compete)ve  compared  to  countries  such  as  France,  Belgium,  the  Netherlands,  Norway,  Sweden  and  Denmark.  By  changing  the  loca)on  of  your  holding  company  to  Cyprus,  you  can  benefit  not  only  from  the  tax  advantages  but  also  from  lower  personnel  expenses.                                        How  to  move  your  Holding  Company  If   you   are   interested   in  moving   your  holding   company   to  Cyprus,   bear   in  mind   that   some  European  countries  may  have  some  barriers   in  their   law,  which  could  work  against  you  making  such  a  move.  If  your  holding  company   is   situated   in   the  European  Union,  you  can   freely  change   the  address  of  your  office  to  Cyprus  and  increase  the  return  on  investment  for  your  shareholders.        If  you  don’t  want  or  can’t  move  your  holding  company  to  Cyprus,  then  it  is  possible  to  set  up  a  special  company  within   the  group,   that  would   take  care  of  management,  administra)on,   ren)ng  assets  and  license  the  group’s  intellectual  property  for  all  the  holding’s  subsidiaries.      In  short,  moving  your  holding  company  to  Cyprus  is  something  that  should  be  on  the  agenda  of  your  tax  planning,  especially  if  you  are  situated  in  the  European  Union.        

11 CombiNation

The  minimum  gross  salary  in  Cyprus  is  approximately  €  800  per  month  and  the  social  insurance  expenses  

are  below  15%

Page 12: Combination Magazine, Fall Edition 2013

12 CombiNation

Welcome  to  paradise  

By  Leo  Leonidou    It   is   easy   to   see   why   the   Anassa   is   held   in   such   high   regard,   both   locally   and  interna)onally.    Meaning  ‘queen’  in  ancient  Greek,  the  ultra-­‐luxurious  Anassa  is  set  within  some  of  the  most  pris)ne  countryside  in  the  Mediterranean.  Situated  between  Polis  and  the  fishing  village  of  Latchi,  the  hotel  sits  above  the  shore  of  Asprokremnos  beach,  overlooking  the  beau)ful  Chrysochou  Bay  with  the  mountainous  Akamas  Peninsula  as  a  backdrop.  

Part  of  Thanos  Hotels,  a  family-­‐run  company  which  also   includes   the   five-­‐star   Almyra   and   Annabelle  hotels   in   Paphos,   the   Anassa   has   been   open   since  1998.    The   resort   itself   exudes   the   charm   of   an   ancient  Byzan)ne   village   and   features   classical   low-­‐rise  buildings,   white-­‐washed   wall,   clay   roof   )les,   local  stone   and   wooden   doors   and   shuhers.   A   central  square  and  tradi)onal  church  complete  the  feel  of  a  Cypriot  village.  

Page 13: Combination Magazine, Fall Edition 2013

13 CombiNation

A  member  of  the  presWgious  Leading  Hotels  of  the   World,   the   Anassa   is   referred   to   as   the  ‘grand  dame’  of  Cyprus.  Known  as  a  celebrity-­‐magnet,  the  hotel   is  popular  with  the  rich  and  famous,   with   guests   having   included   the  Beckhams,  Gordon  Ramsey  and  Prince  Rainier  of  Monaco.  Top  Shop  supremo  Sir  Philip  Green  famously   took   over   the   hotel   as   part   of   his  50th   birthday   celebraWons,   splashing   out   £5  million.  

Page 14: Combination Magazine, Fall Edition 2013

14 CombiNation

The   Anassa   is   also   renowned   for   its   newly-­‐designed   Thalassa   Spa,   a   Roman-­‐style   health  retreat  that  covers  the  full  spectrum  of  wellbeing.  The  spa  includes  a  sky-­‐lit  columned  indoor  pool,  18  treatment  rooms,  saunas,  steam  baths,  a  seawater  exercise  pool,  fitness  room  and  hair  salon.    All   that   pampering   will   make   you   hungry   and  when  it  comes  to  dining  there  is  something  for  all  tastes   in   the   hotel’s   four   restaurants;   from   the  signature   gourmet   Basiliko,   romanWcally   set   in   a  stone   cavern,   to   the   speciality   fish   and  Mediterranean  restaurants.  

Page 15: Combination Magazine, Fall Edition 2013

15 CombiNation

The  Anassa’s  interior  design  reflects  Cyprus’  rich  cultural   heritage   and   features   Roman  mosaics,  Greek  mo)fs  and  Vene)an  frescoes.  The  resort  comprises   176   rooms   and   suites,   all   of   which  offer   spacious,   luxurious   accommoda)on   with  balconies   with   sea   views,   some   with   private  plunge   pools   and   whirlpools   on   sea-­‐facing  terraces.    We   checked   into   a   one-­‐bedroom   suite   which  had  plenty  of   the   ‘wow   factor’.   Expect  parquet  or  marble   floors,   cream   )mbered   ceilings   with  fans,   louvered   shuhers   and   opulence  everywhere.    Our  suite  featured  a  huge  living  area,  complete  with   dining   table,   armchairs   and   sofas,   which  led  onto  my  favourite  place  –  the  large  outdoor  terrace.  This  featured  a  private  plunge  pool,  sun  loungers  and  tables,  with  a  sea  view  and  set   in  beau)ful  gardens.  As   I   walked   around   the   grounds,   the   gardens  were  a   sight   to  behold.  Vivid  bougainvillea  and  silvery   olive   trees   are   everywhere   along   with  numerous  flowers,  plants  and  trees.    No   trip   to   the   Anassa   is   complete   without   a  cocktail  at  sunset  and  upon  arrival  at  the  hotel’s  designated  Sunset  Terrace,  I  was  greeted  by  the  barman  with   the  words   ‘welcome   to  paradise’.  How   right   he   was.  Watching   the   sun   go   down  was   a   highlight   of   a   truly   memorable   stay,   in  which  it  was  all  too  easy  to  lose  yourself  in  this  rarefied  world.  

Anassa  40,  Regenas  Road,  8852  Neo  Chorio.    

Tel:  26  888000,    www.anassa.com.cy    

Page 16: Combination Magazine, Fall Edition 2013

Your gateway to Cyprus

Business & Leisure

00357 – 25 25 10 88

www.cypruschamber.eu

Page 17: Combination Magazine, Fall Edition 2013

17 CombiNation

The do’s and don’ts in Cyprus business life

Before  commencement  of  business  in  any  foreign  country  one  should  always  learn  about  the  people  and  the  culture  of  the  said  country  before  they  begin.    For  obvious  reasons   one   needs   to   learn   the   laws   of   the   foreign   country   in   order   to   establish  whether  or  not  star=ng  up  a  business  there   is   feasible,  all   round.    Having  spoken  with   a   number   of   Cypriots   to   get   their   views  on  business   life   in   Cyprus  we   share  with  you  some  =ps  they  have  given.  

By  Edith  Joseph  

BEFORE  MEETINGS    Usually  ini)al  contact  is  made  by  way  of  introduc)on  via  a  mutual  business  contact.    The  poten)al  business  man   or   woman   will   then   make   contact   usually  through   email   whereby   they   introduce   themselves  and   give   a   brief   account   of   what   business   they   are  interested  in  and  what  assistance  or  advice  is  needed  from  the  Cypriot  counterpart.    In  due  course,  a  face  to  face   mee)ng   will   then   be   set   up   in   order   to  strengthen  business  collabora)on.  

It  is  important  to  note  when  sepng  up  a  mee)ng   for   business   that   there   are  certain   periods   within   the   year   when  doing  so  is  not  really  suitable.    Business  in  Cyprus  usually  slows  down  during  the  Easter  and  Christmas  holidays  as  well  as  during  the  month  of  August  as  these  are  the  peak  vaca)on  periods.  

in  Cyprus  business  life  

Page 18: Combination Magazine, Fall Edition 2013

18 CombiNation

Within   the   past   decade,   however,  companies   engaged   in   the   services   sector  i.e.   financial,   accoun)ng,   banking   and   legal  services   have   seen   an   increase   in   business,  unlike   in   the   past,   but   despite   this   the  aforemen)oned   holiday   periods   may   not  always   be   ideal   for   sepng   up   a   business  appointment   with   the   Cyprus   counterpart.    However,   having   said   that,   it   does   not  necessarily   mean   that   business   cannot  con)nue,  because  it  always  does.          Regarding  the  first  mee)ng  it  is  important  to  note   the  business  apre   in  Cyprus.    Despite  the   warm   weather   in   Cyprus   businessmen  a lways   mainta in   a   smart   bus iness  environment   especially   when   mee)ng   with  clients.    Men  usually  wear  a  suit  and  )e  and  women   are   usually   dressed   in   smart   suit-­‐type   apre   or   in   appropriate   professional  clothing.     Some   companies   even   follow   a  strict  dress  code.      The   one   area   that   Cypriots   are   supposedly  not   very   diligent   in   is   in   the   punctuality  department.    When  sepng  up  appointments  its  quite  common  to  be  kept  wai)ng  for  a  bit  of  )me  or  some)mes  they  can  even  be  late.    Nevertheless,   first   impressions   are   always  very   important  so   it   is  best   that  you  always  arrive  for  your  mee)ng  on  )me.  

Men  usually  wear  a  suit  and  )e  and  women  are  usually  dressed  in  smart  suit-­‐type  apre  or  in  appropriate  professional  clothing

Page 19: Combination Magazine, Fall Edition 2013

19 CombiNation

THE  MEETING      The   business   mee)ng   will   no   doubt   be   a   combina)on   of   business   and   social   discussions.    Cypriot  people  always   take  an   interest   in   the  people   they  deal  with  so  never   feel  offended   if  they   include   some   social   discussions.     However,   the   social   discussions   will   definitely   be  influenced  by  the  level  of  your  acquaintance  with  the  introducer  and,  needless  to  say,  personal  characteris)cs.      Cypriot  people  are  extremely  hospitable  and  generous  so  don’t  be  surprised  to  be  invited  to  an  all-­‐expense  paid  lunch  or  dinner  aYer  a  business  mee)ng.  Should  you  offer  to  also  pay  the  bill  your  offer  will  politely  be  refused.    At  any  follow  up  lunches  or  dinners  you  can  then  offer  to  pay   because,   despite   their   generosity   and   hospitability,   s)nginess   in   Cyprus   is   socially  unacceptable.  

Cypriot  people  are  extremely  hospitable  and  generous  so  don’t  be  surprised  to  be  

invited  to  an  all-­‐expense  paid  lunch  or  dinner  

a[er  a  business  meeWng

Page 20: Combination Magazine, Fall Edition 2013

20 CombiNation

CYPRIOT  BUSINESS  MENTALITY      Understanding   the   mentality   of   the   business   world   in   any  foreign  country  is  crucial  as  this  will  give  you  a  beher  insight  into  what   to   expect   and   how   business   between   you  will   be  managed.   The   mentality   in   the   public   and   private   sectors  differ  the  world  over  and  age  and  rank  also  plays  a  major  role  in   how   these   two   sectors   are   run.         You  need   to   establish  whether   or   not   the   delivery   of   the   business   services   you  require  will  be  met  as  efficiently  as  is  needed  in  order  for  your  business  collabora)on  to  work.      The   public   sector   is   known,   at   )mes,   to   be   quite   frustra)ng  due  to  delays  with  processing  requests  and  the  biggest   issue  is   the   working   hours   which   usually   run   from   7.30am   to  2.30pm  when  the  offices  close  for  the  day.    However,  moves  are   currently   being  made   to   change   this   and   provide   longer  working  hours  in  order  to  alleviate  all  and  any  delays  with  the  services  they  provide.      Some   of   the   underlying   issues   in   the   public   sector   are   that  they  are  more  conserva)ve  and  “sehled”  with  respect  to  their  employment  aspira)ons.    Due  to  the  set  number  of  hours  that  they   work   and   the   fact   that   promo)ons   usually   depend   on  their   years   of   service,   qualifica)ons   and   who   they   know,  performance   is   not   high   on   their   list   of   aspira)ons.   In   their  field   they   have   complete   job   security   and   grounds   for  dismissal  are  usually  convic)on  of  a  crime.  

The  public  sector  is  known,  at  Wmes,  to  be  

quite  frustraWng  due  to  delays  with  processing  

requests  

Page 21: Combination Magazine, Fall Edition 2013

Globalserve Consultants Ltd is a Cyprus based advisory and fiduciary firm

Specialized in Cyprus, EU and Non Eu and Offshore Companies

Presence and clientele in more than 25 countries

Globalserve Consultants Ltd 9 Vassili Michaelides Globalserve Business Centre 3026, Limassol-Cyprus P.O.Box 57019 3311 Limassol-Cyprus Main Line: (00357) 25 817181 Fax: (00357) 25 824055 Email: [email protected] Website: www.globalserve.com.cy

Based in Cyprus since 1994 and active in the Cyprus and East European markets

Audit Tax planning Tax advisory

Business and financial consulting

Accounting and VAT services Payroll and recruitment

We are a member of the Association of the Chartered Certified Public Accountants

Dinos Antoniou & Co Ltd Certified Public Accountant 9 Vassili Michaelides Globalserve Business Centre CY-3026 Limassol – Cyprus View map P.O.BOX 57048, CY-3311 Limassol - Cyprus Tel.: 00357-25-824545 Fax: 00357-25-824060 E-mail: [email protected] Website: www.dinoscpa.com

Page 22: Combination Magazine, Fall Edition 2013

22 CombiNation

In  the  private  sector,  business  is  run  rather  differently  because  those  who  work  in  the  private  sector  are  usually  very  hard  working  and  shrewd  as  their  focus  is  on  efficiency,  quality,  producWvity  and  prompt  delivery  of  services.        Many   even   put   in   a   lot   of   hours   overWme   at   the   office   to   ensure   that   the   client’s  requests   are   met.     They   are,   however,   sWll   seen   to   be   more   laid   back   than   their  Western   European   counterparts   but   this   does   not   by   any   means   reflect   inefficient  workmanship   on   their   part   because   they   generally   take   a   more   progressive   and  innovaWve  approach  to  business  as  a  whole.      Working  in  the  public  sector  definitely  contrasts  vastly  to  the  private  sector  because  in  the  laoer  compeWWon  is  fierce  which  creates  a  level  of  sound  professionalism  in  their  services.      In  Cyprus,   the   influence  of  an   individual’s  age  depends  on  the   industry  and  sector   in  which  a  company  is  operaWng.    On  the  one  hand,  older  people  are  well  respected,  but  on   the   other,   younger   individuals   are   given   opportuniWes   to   prove   themselves   and  grow  within  organisaWons.  Although  rank   is  an   influence,   it   is  more   important  for  an  individual   to   have   both   the   actual   authority   to   represent   a   company   and   in   depth  knowledge  of  its  services,  structure  and  management  composiWon.      Therefore,  what  is  important  when  sending  someone  in  Cyprus  for  a  business  mee)ng  is  not   so   much   age   or   rank,   but   whether   he   or   she   has   the   relevant   knowledge   and  authority.  

Those  who  work  in  the  private  sector  are  usually  very  hard  

working  and  shrewd  as  their  focus  is  on  efficiency,  quality,  producWvity  and  prompt  delivery  of  

services

Page 23: Combination Magazine, Fall Edition 2013

23 CombiNation

BUSINESS  DEALS      Cultural  differences  can  some)mes  lead  to  major  problems  in  nego)a)ng  any  business  deal  so  before   concluding   a   deal   it   is   impera)ve   that   both   par)es   have   a   clear   and   sound  understanding  of  all  and  any  agreements  made  as  a  result  of  their  nego)a)ons.      Generally   speaking,   if   Cypriots   are   truly   interested   in  working  with   a   par)cular   individual   or  company,  they  will  do  everything  in  their  power  to  ensure  that  the  deal  goes  ahead,  star)ng  with  the  early  exchange  of  some  sort  of  communica)on.   If   they  are  not   interested,   they  will  simply   not   pursue   the  maher,   even   though   they  might   have   shown   some   interest   during   a  mee)ng  you  held  with  them.        Concluding   a   business   agreement   depends   on   its   nature.   If   it   is   something   basic,   e.g.   the  forma)on   of   a   Cypriot   company,   instruc)ons   can   be   executed   through   any   form   of  communica)on  such  as  an  e-­‐mail,  fax,  or  leher.  If  the  deal  involves  a  sizeable  contract,  sepng  up   a   personal   mee)ng   is   recommended.   Regarding   further   agreements,   it   is   important   to  develop  a  sense  of  trust  and  mutual  understanding  between  all  par)es.  Although  Cypriots  will  meet   their   obliga)ons,   addi)onal   effort   is   some)mes  needed   to  make   sure   that   the   agreed  )me-­‐scale  is  adhered  to.  As  in  any  business  deal,  it  is  also  important  to  always  request  wrihen  confirma)on  of  any  verbal  agreements  made.  

A  final  piece  of  advice:  both  businesses  connec=ons  and  social  networks  are  of  paramount  importance  in  Cyprus.  Since  the  business  community  is  rela=vely  small,  reputa=on,  whether  posi=ve  or  nega=ve  is  quickly  disseminated  by  

word  of  mouth!  “Cypriot  business  people:  hard  working,  focusing  on  efficiency,  high  

produc=vity  and  prompt  delivery  of  service”  

If  Cypriots  are  truly  interested  in  working  with  a  par)cular  individual  or  company,  they  will  do  everything  in  their  power  to  ensure  that  the  

deal  goes  ahead

Page 24: Combination Magazine, Fall Edition 2013

24 CombiNation

By  Giannis  Georgiadis  Digital  Marke=ng  -­‐  e  adver=sing  at  YOLENIS.COM  Ltd  

Yoleni’s  is  not  just  a  provider  of  Greek  products  but  offers  a  unique  experience  that  unfolds  via  the  history  of  each  product’s  place  

of  origin  and  the  personal  story  of  their  producers.  At  Yoleni’s  we  want  the  visitors  to  become  adventurers,  exploring  the  recipes/tastes,  the  dietary  values  and  all  the  treasures  

presented  by  Mediterranean  nature.  

Yoleni’s  family  mission  is  to  both  challenge  and  sa)sfy  the  consumer’s  dietary  choices,  by  presen)ng  a  unique  

experience  via  its  every  form  of  communica)on.  Respec)ng  the  

customer  is  the  core  of  our  philosophy.  That  is  why  we  believe  in  building  a  

strong  client-­‐brand  rela)onship  based  on  trust.  

Welcome  to  Yoleni’s  family  

Page 25: Combination Magazine, Fall Edition 2013

25 CombiNation

Yoleni's  family  has  the  clear  mission  to  sa)sfy  the  consumer's  requirements  in  taste,  while  ensuring  a   dynamic   and   customizable   communica)on  framework.   Our   top   priority   is   building   a  rela)onship  of  mutual  trust,  always  with  respect  to  the  needs  of  the  visitor-­‐consumer.    Yoleni's   aim   is   to   offer   visitors   the   chance   to  explore   and   get   to   know   the   Mediterranean  "treasures"   growing   on   Greek   soil,   along   with  their  high  nutri)onal  and  cultural  value.    From   the   very   beginning   of   your   tour   of   our  website,   and   through   this   taste   explora)on,  different  emo)ons,  a   legacy,  a  tradi)on,  healthy  ea)ng,  knowledge  and  the  Greek  sun,  all  become  ONE,   and   give   life   to   the   myth   of   the   Greek  Mediterranean  Diet.    Yoleni's   does   not   just   offer   Greek   products;   it  also   offers   every   visitor   a   unique   experience,  through   the   presenta)on   of   the   Greek   regions  where   the   products   originate   from,   the   Greek  producers   and,   naturally,   the   Greek   products  themselves.  

Did  you  know  that  spinach  is  at  the    top    of  the  list  for  nutrient  richness?    

 It  is  full  of  vitamins  while  offering  a  powerful  an)oxidant  protec)on.    

 Most  importantly  though,  spinach  helps  us  maintain  our  bone  health  since  it  is  extremely  rich  in  Vitamin  

K.    

 One  cup  of  fresh  spinach  leaves  offers  almost  200%  of  the  daily  

value.    

 Discover  its  nutri)ous  elements  by  adding  spinach  to  your  lunch  salad  

Page 26: Combination Magazine, Fall Edition 2013

26 CombiNation

The  vision  of  Yoleni's  family  is  to  have  the  world  get  to  know  the  beneficial  properWes  aoributed  to  the  Mediterranean  Diet  and  the  Greek  soil,  and  also  to  be  the  world's  leading  company  in  the  online  food  

market.    

This  will  be  achieved  through  complete  taste-­‐communicaWon  and  an  almost  theatrical  experience,  which  is  based  on  exploraWon,  with  total  respect  to  the  leading  star  -­‐  the  "Human  Consumer”.  

Page 27: Combination Magazine, Fall Edition 2013

Yoleni's   is   commihed   to   the   conserva)on,  preserva)on   and   protec)on   of   the   natural  environment.  

 

"We  think  green,  we  make  our  surroundings  green"  

   

27 CombiNation

We  use  environmentally  friendly  materials,  encouraging  customers  to  reuse  them  and  ul)mately  recycle  them!  

and  we  are  conduc)ng  further  research  into  the  latest  technology  developments  

Page 28: Combination Magazine, Fall Edition 2013

28 CombiNation

 In  our  effort  to  limit  the  use  of  electricity,  we  have  replaced  all  light  bulbs  with  low  consump)on  ones.  We  use  photovoltaic  solar  panels  for  the  

electrifica)on  of  our  offices.  The  en)re  building  is  equipped  with  recycling  bins.  

 Our  goal  is  to  support  all  related  ac)ons,  methods  

and  projects  

In  an  effort  to  contribute  to  the  reduc)on  of  environmental  risks  and  energy  saving,  all  members  

of  our  stuff  use  reprintable  paper  and  environmentally  friendly  sta)onery.  

 

Page 29: Combination Magazine, Fall Edition 2013
Page 30: Combination Magazine, Fall Edition 2013

For  any  businessman  the  one  thing  they  never  want  to  experience  is  a  company  crisis  but  some=mes  this  is  unavoidable  and  the  ques=on  is  “What  do  you  do  when  your  company  is  hit  by  a  crisis?”      9/11   was   another   major   turning   point   in   the   business   world   and   ever   since   that   fateful   day   many  companies  have  prepared  themselves  for  a  poten)al  crisis.    A  crisis  can  be  small  or  big  but  regardless  of  the  magnitude  of  the  crisis  itself  one  has  to  know  how  to  handle  it.      Cyprus  has  not  been  exempt  from  being  hit  by  crisis.    The  latest  one  being  in  the  banking  sector  where  Laiki  Bank  depositors  lost  their  money  because  all  deposits  over  €  100.000  were  literally  lost  overnight  and  the  depositors  of  the  Bank  of  Cyprus  were  imposed  with  a  47,5%  cut  and  capital  restric)ons  were  imposed  all  across  the  Cyprus  banking  sector.    Another  crisis  Cyprus  faced  was  the  Mari  explosion   in  July  2011  where  13  young  people  lost  their  lives  and  the  country’s  electricity  plant  literally  shut  down.    

30 CombiNation

CRISIS  MANAGEMENT  

Page 31: Combination Magazine, Fall Edition 2013

31 CombiNation

How  do  you  prepare  yourself  for  a  company    crisis?    Let’s  begin  by  discussing  what  is    known  as  ‘Crisis  management’.    Crisis    management  came  under  study  due    to  the  large  scale  industrial  and    environmental  disasters  in  the  1980’s.          Crisis  management  is  a  systema)c    series  of  ac)ons  through  which  any    organiza)on  deals  with  an  unexpected    crisis  in  order  to  protect  the  organiza)on    itself,  its  stakeholders  and  the  general  public.        This  also  applies  to  individuals  or  groups  of  people.      Plans  are  implemented  to  ensure  that  in  the  event  of  an  unexpected  crisis  ac)ons  are  swiYly  and  efficiently  carried  out  in  order  to  deal  with  the  situa)on  from  the  onset  of  the  crisis  to  the  period  aYer  the  said  crisis.  

It   is   important   to   note   that   crisis   management   is   different   to   risk   management   in   that   crisis  management   is   reac)ve   whereas   risk   management   is   pro-­‐ac)ve.     Risk   management   is   an   ongoing  process  in  which  poten)al  threats  are  brought  to  light  and  solu)ons  to  these  threats  are  put  into  place  as  preventa)ve  measures  to  that  par)cular  crisis.    In  a  crisis,  the  following  three  elements  are  always  common:    (a)  a  threat  to  the  organiza)on  (b)  the  element  of  surprise  (c)  a  short  decision  )me    

In  order  to  be  able  to  deal  with  a  crisis  one  needs  to  have  the  ability  to  think  pro-­‐acWvely  in  cases  where  the  situaWon  leads  to  a  worst  case  scenario  outcome.    ConWngency  plans  should  always   be   put   in   place   as   it   is   not   uncommon   for   the   first  course   of   acWon   to   end   up   being   a   trial   and   error   situaWon  without  any  back  up  courses  of  acWon  in  place.    One  important  rule   for   all   organizaWons   and   individuals   is   that   they   should  have   training   in   drills   and   exercises   specially   created   for  emergencies  where  Wme  is  of  the  essence.  

Page 32: Combination Magazine, Fall Edition 2013
Page 33: Combination Magazine, Fall Edition 2013

33 CombiNation

How  an  organizaWon  deals  with  a  crisis  largely  influences  their  credibility  as  well  as  their  reputaWon  because,  even  though  this  is  a  challenging  situaWon,  organizaWon  and  communicaWon  skills  are  imperaWve  in  order  to  ensure  that  the  steps  put  in  place  to  deal  with  the  crisis  are  successfully  carried  out.    In  order  to  achieve  this  it  is  important  to  know  the  types  of  crisis  faced  and  the  necessary  strategies  to  deal  

with  each  of  them.                                        

Types  of  crisis  When  faced  with  any  type  of  crisis  the  first  thing  to  be  determined  is  what  type  of  crisis  it  is,  bearing  in  mind  that,  a  crisis  could  be  more  than  any  one  at  the  same  

Wme.      

There  are  roughly  nine  types  of  crises    

•  Natural  disaster  •  Technological  crises  

•  ConfrontaWon  •  Malevolence  

•  OrganizaWonal  Misdeeds  •  Workplace  Violence  

•  Rumours  •  Terrorist  aoacks/man-­‐made  disasters  

•  Financial  crises  

Page 34: Combination Magazine, Fall Edition 2013

34 CombiNation

In  order  to  handle  a  crisis  properly,  below  are  ten  guidelines  on  dealing  with  crisis  management.    

 

1.  Being  prepared  for  a  crisis  Failure  to  plan  for  a  crisis  is  a  sure  way  to  guarantee  your  downfall.  There  is  no  excuse  for  not  being  prepared  and  that  in   itself   is   a   sure   way   to   destroy   your  reputa)on   as   it   indicates   how   much  importance   your   reputa)on   means   to  you.    Remember,   it  can  take  years  and  some)mes   a   life)me   to   build   a  reputa)on  and  yet   it   can  be  destroyed  in  a  maher  of  minutes.          2.   Gesng   ready   for   the   threats   as   a  result  of  the  crisis  Iden)fy   any   possible   threats   your  company   could   face   and   have  con)ngency  plans  in  place  for  each  one  of   them.   How   quickly   you   deal   with  them   is   the   determining   factor   in  

avoiding  many  problems  aYerwards.    

3.   Knowing   What   To   Say   Before  Being  Asked  For   any   crisis   faced   there  will   always  be  ques)ons  asked   so   it   is   important  to   prepare   yourself   for   the   possible  ques)ons   and   this   depends   on   the  crisis   itself.    Have  very  good  answers  ready   for   the   ques)ons   that   will   be  asked.                  4   .   Admit   That   You   Are   Wing-­‐It-­‐Challenged  What   does   it  mean   to   “wing-­‐it”?   –   It  means  to  do  something  without  being  prepared  for   it.  Facing  the  media  and  being   asked   ques)ons   is   extremely  frightening  and  difficult  so  accept  that  this  will   be   a   challenge   and   one  way  to  be  prepared   is  to  have  people  you  know   like   your   colleagues   ask   you  some  very  difficult  ques)ons.  

Page 35: Combination Magazine, Fall Edition 2013

35 CombiNation

5.  Three  Key  Messages  For  Every  Crisis    The  first   48  hours   are   the  hardest   so   know   these   three  key   messages   you   can   depend   on   during   that   )me  period,  regardless  of  the  type  of  crisis:    We  have  a  plan  to  deal  with  …”  You  MUST  really  have  a  plan   and   that   is   why   creaCng   a   crisis   plan   which   is  menConed  in  Step  1  is  so  important.    “Our  hearts  and  prayers  go  out  to  those  …”  You  need  to  show   compassion   for   those   people   that   have   been  affected   by   the   crisis   be   it   through   death,   injury   or  inconvenience.  

“We  immediately  began  our  own  invesCgaCon  to  ensure  that  we  …”  It  is  not  just  important  to  commit  to  finding  out  what  caused  the  crisis,  you  MUST  commit  to  it.  And  you  must  take  all  necessary  steps  to  make  sure  that  the  causes  won’t  happen  again.    Every  statement  you  make  on  the  course  of  acCon  you  propose  to  take  must  be  backed  up  by  your  acCons.    For  example  expressing  that  you  care  about  your  employees  must  be  proven  by  your  acCons.  

6.  Beware  Of  The  Court  Of  Public  Opinion    We  have  all  heard  of  the  ‘court  of  public  opinion’.      It  has  been  said  that  there  are  two  courts  in  the  world  -­‐  the  court  of  law  and  the  court  of  public  opinion.    Needless  to  say,  even  though  legal  counsel  may  be  on  board  to  help  with   the  crisis  at  hand  and  should   the  crisis  be  handled  posi)vely  with  a  posi)ve   legal   outcome,   this   does  not   automa)cally  mean   that   the  public  will   be   suppor)ve   in   the  way   that   you   hope   for   because   some)mes   the   court   of   public   opinion   holds   stronger   against   the  court  of  law.    Both  are  important  so  you  need  to  choose  wisely.  

Page 36: Combination Magazine, Fall Edition 2013

7.  You  Have  48  Hours    It   has   been   said   that   the   first   48   hours   are  the  hardest.    These  are  the  hardest  because  if   any   crisis   situa)on   is   not   properly  managed  within  these  first  48  hours  then  the  chances  of  the  crisis  taking  you  over  are  very  high.    The  main  reason  many  companies  fail  to  manage  a  crisis  correctly  is  due  to  the  void  in   communica)ons   that   is   created   at   the  onset  of  the  crisis.    

36 CombiNation

8.  Divide  And  Conquer    Time  never  seems  to  be  on  your  side  when  dealing  with  a  crisis.  Teamwork  is  essen)al  but  just  as  much  as   it   is   important   for  you  to  work   in  teams   it   is  equally  as   important  to  divide  and  conquer  the  tasks.    This  means  that  there  has  to  be  a  delega)on  of  individual  tasks  to  be  carried  out  as  soon  as  possible  in  order  to  stay  ahead  of  the  crisis  itself.    Plans  should  be  put  in  place  for  re-­‐grouping  from  )me  to  )me  in  order  for  the  teams  to  report  back  and  decide  if  any  further  courses  of  ac)on  may  be  needed.    If  each  team  member  carries  out  their  tasks  as  they  should  then  it  will  inevitably  lead  to  a  successful  outcome  in  dealing  with  the  crisis  itself.  

Vital  informa)on  must  be  shared  as  quickly  and  as  accurately  as  possible  in  order  to  avoid  informa)on  being  passed  on  that   is  not  accurate.    Provide   informa)on  as  oYen  as   is  necessary   in  order   to  avoid  inaccurate   reports.   Trying   to   overcome   nega)ve   percep)ons   is   almost   impossible   so   always   be  informa)ve.    It  can  never  be  too  much  even  though  at  )mes  you  may  say  the  wrong  thing.  

Page 37: Combination Magazine, Fall Edition 2013

37 CombiNation

9.  Get  Outside  Help    It  is  to  be  expected  that  when  dealing  with  a  crisis  in  a  company  most  people  will  first  think  of  what  is  best   for   them  as  opposed  to  what   is  best   for   the  company   itself.    This   is  when   internal  poli)cs   takes  over   because   if   jobs   are   threatened   then   naturally   each   one   will   react   in   ways   that   suit   them   best  personally.    This   is  why  gepng  outside  help   is  not  always  a  bad   idea  as   the  outside  counsel   looks  at  things  from  an  unbiased  point  of  view  as  is  able  to  give  ra)onal  solu)ons.    This  by  no  means  indicates  that  management   is   weak.     Good   leaders   recognize   the   issues   at   hand   and   are   proac)ve   in   gepng  solu)ons  by  seeking  outside  help.    10.  Every  Crisis  Is  An  Opportunity      Smart  leaders  understand  that  oYen  enough  a  crisis  situa)on  also  provides  opportunity  so  they  should  not  be  afraid  to  seize  that  moment  even  if  there  are  risks  involved.  Think  smart.          Sources:    •  Wikipedia  •  Brian  Ellis,  EVP/Crisis  Communica=ons  &  whatcanbe  Lab  

Page 38: Combination Magazine, Fall Edition 2013

Galvaniweg 10 b 8071 SC Nunspeet

the Netherlands E-mail: [email protected]

www.fundatio.nl Tel: +31 38 73 70 102

We provide a high level of cooperation, efficiency, and offer our clients global tailor-made solutions, at an

excellent price/ performance ratio

ACTION = REACTION

Page 39: Combination Magazine, Fall Edition 2013

Springwater  Company  Amsteldijk  zuid  198  1188VP  Amstelveen  

The  Netherlands  

(T):    0800-­‐7774649  (T)  +31  (0)297  23  18  31  (w)  www.springwater.nl    (E)  [email protected]  

Page 40: Combination Magazine, Fall Edition 2013

Telephone: +357 25431250 Fax: +357 25431251

E-mail: [email protected]

High quality services at affordable prices

Sollers Trust Ltd, 58 Agiou Athanasiou Avenue El Greco Building, 2nd Floor, Office 201 4102 Limassol, Cyprus

Kyiv Office (Ukraine) 9-B Pushkinska Street, office 66 Kyiv, 01034, Ukraine phone / fax: + 38 044 235 52 35 / + 38 044 235 10 35 www.fso-legal.com

Limassol Office (Cyprus) Arch. Makarios III Avenue, 140,

Raptopoulos Building, 3rd floor, office 301, P.C. 3021

Limassol, Cyprus phone: +357-25738400

fax: +357-25738408

Page 41: Combination Magazine, Fall Edition 2013

Func)onal  &  Crea)ve  

41CombiNation

Page 42: Combination Magazine, Fall Edition 2013

UP  CO

MING  EVEN

TS  IN  CYPRU

S  Cyprus  Interna)onal  4  Day  Challenge  

21  November  2013  -­‐  24  November  2013    

Co-­‐organized   by  Arena   Sports   a   leader   in  incoming  sports  and  event  organiza)on   in  Cyprus   and   2:09   Events   -­‐   a   UK   event  organizer   and   running   holiday   specialist  (owned   by   Mike   Grahon-­‐an   ex   London  Marathon  winner  himself-­‐  race  director  of  the   4-­‐day   Challenge)   hopes   to   con)nue  offering   par)cipants   an   adventurous   and  challenging   running   event   with   its   4  different   races   taking  place  during  4  days,  where   the   )mes   for   each   race   will   be  added  together  to  give  a  winner  at  the  end  of  the  4-­‐day  challenge.  The  last  race  of  the  series,  the  10k  Paphos  City  Run,  can  be  run  as  a  race  on   its  own  so  that  supporters  of  runners,   as  well   as   all  who   are   interested  can  enjoy  taking  part.  

The  Cyprus  Interna)onal  4-­‐day  Challenge,  is  a  staged  running  event,  covering  a  distance  slightly   longer   than   a  marathon  with  mountain   running,   trail   running  &   cross   country  running.  The  event  successfully  combines  a  6k  )me  trial,  a  mul)terrain  half  marathon,  an  11k  mountain  trail  run  and  a  10k  City  Run  over  four  days.  The  event  takes  place  in  the  area   of   Paphos,   and   for   the   most   part   of   it,   par)cipants   have   the   opportunity   to  compete   in   the  AKAMAS  Nature   Reserve   Park,   in   some  of   Cyprus  most   scenic   routes,  where   every   turn   comes   with   a   different   stunning   view,   unfolding   the   beauty   of   the  AKAMAS  Nature  Reserve  Park  in  a  panoramic  sea-­‐sky-­‐earth  mo)f.  

42CombiNation

Page 43: Combination Magazine, Fall Edition 2013

UP  CO

MING  EVEN

TS  IN  CYPRU

S  Day  1  

 Coral  Beach  6k  Time  Trial    

Day  2  AKAMAS  11k  Trail  Hill  Run  in  the  nature  reserve  park  

 

Day  3  AKAMAS  MulWterrain  1/2  Marathon  in  the  nature  reserve  park  

 

Day  4:  10k  Paphos  City  Run  

 (race  is  also  open  to  runners  not  parWcipaWng  in  the  other  3  races  of  

the  cyprus  challenge)      

More  informaWon  on  cypruschallenge.com  

43CombiNation

Page 44: Combination Magazine, Fall Edition 2013

The Dutch – Cypriot Chamber of Commerce organizes a seminar about saving taxes and

asset protection for Belgium and Dutch entrepreneurs.

Location: Amersfoort, the Netherlands

The seminar will start at 18.00.

The language used during the seminar is Dutch.

You can register via the seminar website www.belastingseminar.com

44 CombiNation

UP  CO

MING  EVEN

TS  IN  EU

ROPE  

Seminar    “Saving  Taxes  via  Cyprus”,  

November  11,  2013  

Page 45: Combination Magazine, Fall Edition 2013

45 CombiNation

Book  recommenda)on  

         Harlan   Coban   is   an   American   author   of  mystery   novels   and   thrillers.     Like  most   of   his  novels  this  book  is  full  of  twists  and  turns  which  keep  the  reader  in  constant  suspense  and  the  outcome  turns  out  to  be  not  quite  what  the  reader  would  expect  it  to  be.      This  novel  tackles  the  issue  most  parents  face  when  it  comes  to  the  internet  and  privacy  issues  because  once  informa)on  is  put  into  the  cyberspace  world  there  is  really  not  much  one  can  do  to  retract  it.    More  so,  this  book  takes  you  into  the  lives  of  parents  whose  very  controversial  decision  to  invade  their  child’s  privacy  can  be  argued  on  “how  far  is  too  far”.      This  story  revolves  around  Tia  and  Mike  Baye  whose  16  year  old  son,  Adam,  has  become  withdrawn   and   unusually   distant   aYer   the   suicide   of   his   friend   and   classmate,   Spencer  Hill.  As  a  means  to  find  out  why  their  son  has  suddenly  started  behaving  so  strangely  the  Bayes  decide  to  install  a  sophis)cated  spy  program  on  Adam's  computer,  and  within  days  of  doing  so  a  message  from  an  unknown  correspondent  addressed  to  their  son  -­‐  'Just  stay  quiet  and  all  safe'  comes  up!!      

Meanwhile,  Betsy  Hill,  the  mother  of  Spencer  Hill  is  one  day  browsing  through  an  online  memorial  for   Spencer  which   had   been   done   altogether   by   Spencer’s   classmates.  While   she   is   perusing   the  memorial  she  no)ces  a  par)cular  photograph  which  was  taken  of  her  son  on  the  night  of  his  death  and   in   the   picture   it   seems   he   is   not   alone.     She   thinks   Adam   Baye   is   standing   just   outside   the  camera's  range  and  when  Adam  suddenly  goes  missing,  it  soon  becomes  clear  that  something  deep  and  possibly  dangerous  has  filtered  within  the  community.    Through  a  series  of  twists  and  turns  involving  the  lives  of  other  families  the  story  may  be  somewhat  confusing  but,  nevertheless,   leaves  the  reader  in  suspense.  For  Tia  and  Mike  Baye,  the  invasion  of  their  son’s  privacy  leaves  them  exposed  to  finding  out  things  they  may  not  be  prepared  for  and  even  more  importantly,  can  they  accept  the  possibility  of  permanently  breaking  their  son’s  trust  when  he  discovers  that  they  have  invaded  his  privacy  and  can  that  damage  ul)mately  be  repaired.      When  it  comes  to  your  children,  is  it  possible  to  know  too  much?  And  how  many  rights  do  children  have  to  their  privacy  over  the  parents’  legal  and  moral  right  to  know  what  they  are  doing?    

HARLAN  COBEN  

Page 46: Combination Magazine, Fall Edition 2013

Movie  recom

menda)on  

46 CombiNation

.  All  of  these  men,  except  young  Stephen  Meyers,  are  realists.  They're  cynical,  compromised  and  some)mes  underhanded,  but  all  in  the  cause  of  something  they  believe  in.  The  Gosling  character   believes   mostly   in   himself.   Like   many   staff   members   of   powerful   men,   he  confuses  reflected  glory  for  the  thing  itself  and  dreams  not  so  much  of  Gov.  Morris  winning  as  of  being  able  to  rise  in  the  staff  ranks  and  take  over  Zara's  job.    This   all   happens   in   the   pressure-­‐cooker   atmosphere   of   the   Ohio   primary,   where   the   big  picture   is   painted   in   )ny   vignehes:   campaign   stops,   hand-­‐shaking,   speech   wri)ng,   sleep  loss,   and   bone-­‐deep   exhaus)on   that   drives   the   characters   almost   to   the   breaking   point.  Imprudent  sex  under   these  circumstances   is  explicable,  and  Stephen  puts   the  moves  on  a  young  intern  named  Molly  (Evan  Rachel  Wood).This  allows  him  to  use  her  naivete  to  learn  informa)on   she   doesn't   realize   she   should   ever,   ever   share.   He   also   develops   a   cagey  rela)onship  with  a  journalist  (Marisa  Tomei)  as  they  work  each  other  for  informa)on.  

"The  Ides  of  March"    tells   us   something   we   already   knew:   that   the  experience   of   running   an   American   poli)cal  campaign   is   crushing   for   body   and   soul.   By   the  )me   a   winning   candidate   survives   more   than   a  year  of  primaries  and   the  general  elec)on,   it   is   a  wonder  he  has  the  strength  remaining  to  govern.  The   film   also   raises   the   ques)on  of  whether   it   is  possible   for  any  candidate   to  win  and  yet   remain  true  to  his  original  values.  

The   central   character   is   Stephen   Meyers   (Ryan  Gosling),   who   as   a   press   secretary   is   required   to  more   or   less   lie   as   a   living.   He   works   for  Pennsylvania  Gov.  Mike  Morris   (George  Clooney),  an   idealis)c   liberal.   Philip   Seymour   Hoffman   is  Paul   Zara,   his   seasoned   campaign   manager;  Michael   Mantell   is   Sen.   Pullman,   Morris'  opponent,   and   Paul   Giamap   is   Tom   Duffy,  Pullman's   campaign   manager.   A   strong   cast.  Perhaps  because  the  screenplay  is  based  on  a  play  ("Farragut   North"   by   Beau   Willimon,   it   contains  some   front-­‐of-­‐the-­‐stage   monologues   that  Hoffman   and   Giamap  make   plausible   under   the  closer  scru)ny  of  a  camera.

Page 47: Combination Magazine, Fall Edition 2013

Movie  recom

menda)on  

47 CombiNation

The   screenplay   is   ingenious   in   the   way   it   meshes   personal   and   poli)cal   ambi)ons,  especially   when   Duffy,   the   manager   of   the   rival   campaign,   reaches   out   and   tries   to  recruit  Stephen  over  to  his  side.  His  mo)ves  are  suspicious:  Does  he  really  want  the  guy,  or  does  he  know  that  a  job  offer  is  a  useful  ploy?  Certainly  Stephen  is  on  the  make  and  looking  for  openings  to  his  advantage.    The   movie   really   reveals   no   new   informa)on.   Now   that   campaign   managers   shuffle  between  cable  news  shows  and  write  their  own  books,  few  secrets  stay  in  smoke-­‐filled  rooms  (and  besides,  hardly  anyone  smokes  anymore).  There   isn't  the  feeling,  as  there  was  with   “Primary   Colors”   or   “   Nixon”,   that  we  might   be   gepng   the   inside   story   on  actual   candidates.   "The   Ides   of   March"   is   more   about   the   nature   of   modern   media  poli)cs,  and  younger  players  who  are  strangers  to   idealism.  The  movie's  strength   is   in  the  ac)ng,  with  Gosling  once  again  playing  a  character  with  an  insistent  presence.      Many  thank  to  Roger  Ebert  (October  5,  2011  (h_p://www.rogerebert.com)  

Page 48: Combination Magazine, Fall Edition 2013

Bon  apeWt  !  

50 CombiNation

•  2  pounds  ground  beef  •  1/2  medium  onion,  grated    •  1/2  teaspoon  thyme  •  3/4  cup  ketchup,  divided  (1/2  cup,  ¼  cup)    •  1/2  cup  dried  breadcrumbs    •  1  large  egg,  lightly  beaten    •  1/2  teaspoon  salt    •  1/4  teaspoon  black  pepper    

 Preheat   oven   to   400°   F.   In   a   large   bowl,   combine   beef,   onion,  thyme,   1/2   cup   ketchup,   breadcrumbs,   egg,   salt,   and   pepper.  Using   your   hands,   gently   mix   un)l   all   the   ingredients   are  combined.   Place   meat   mixture   onto   a   baking   sheet   lined   with  parchment   paper   or   aluminum   foil.   Shape   the  meat   into   a   loaf  about  9  inches  long  and  4  inches  wide.  Top  with  remaining    ¼  cup  ketchup.  Bake  45-­‐50  minutes.  Let  stand  10  minutes  before  slicing.  Meatloaf   is   a   very   individualized   taste.   Experiment   with   the  seasoning  amounts  to  your  own  preference.    

48 CombiNation

Meatloaf  

Page 49: Combination Magazine, Fall Edition 2013

Next  edi)on  

49 CombiNation

Does  a  company  fit  in  a  P.O.  Box  ?  

Substance  becomes  more  and  more  

important  

The  Troodos  Mountains  in  winterWme  

Cyprus  10  months  a[er  the  Crisis  started.  

And  more....  

Page 50: Combination Magazine, Fall Edition 2013

Cyp

rus

Web

Art

The perfect balance

between price and quality

Quality websites Almost for free

www.cypruswebart.com