combination magazine, fall edition 2013
DESCRIPTION
The Magazine for Cyprus related Business and LeisureTRANSCRIPT
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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
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
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
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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.
3 Word by the Chairman
5 Colofon
12 Welcome to Paradise
17 The do’s and dont’s in Cyprus business life
24
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Contents
6 Move your head office to Cyprus
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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
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
MOVE YOUR HEAD
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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
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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 !
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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.
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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%
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.
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The minimum gross salary in Cyprus is approximately € 800 per month and the social insurance expenses
are below 15%
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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.
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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.
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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.
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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
Your gateway to Cyprus
Business & Leisure
00357 – 25 25 10 88
www.cypruschamber.eu
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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
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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
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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
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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
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
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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
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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
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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
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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
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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”.
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"
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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
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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.
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.
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CRISIS MANAGEMENT
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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.
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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
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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.
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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.
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.
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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.
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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
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
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]
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
Func)onal & Crea)ve
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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.
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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
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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
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MING EVEN
TS IN EU
ROPE
Seminar “Saving Taxes via Cyprus”,
November 11, 2013
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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
Movie recom
menda)on
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. 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.
Movie recom
menda)on
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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)
Bon apeWt !
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• 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.
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Meatloaf
Next edi)on
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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.
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