Alakh Verma, CEO of the AI-driven software platform Bcentriqe.ai, reveals the three essential elements that drew the company to Cyprus and suggests that Artificial Intelligence could become a point of connection between Cyprus and India.
In a recent interview with GOLD magazine, Verma also talks about what he believes Cyprus needs to improve if it is to become more competitive in attracting Indian companies.
Among other things, he also shares what opportunities and risks he thinks will define the India-Cyprus business relationship.
What were the main drivers for choosing Cyprus as a destination? Was there a calculation that Cyprus offered something different from other jurisdictions?
Cyprus was chosen for its combination of EU credibility, low tax rate, extensive treaty network and common-law legal system, alongside a strategic location that bridges Europe, Asia and Africa. Compared with similar jurisdictions, it offers a simpler tax regime, lower costs and greater regulatory legitimacy than offshore centres like the British Virgin Islands or Cayman Islands.
When we first came to Cyprus, the first thing we noticed was how welcoming people were across the country. I met with senior government officials – including the Deputy Minister of Research, Innovation & Digital Policy, the Chief Scientist and representatives from the Department of Education – and they were all open, supportive and eager to attract good professionals who could contribute to economic growth.
Culturally, Cyprus is very accommodating. It embraces multiculturalism and encourages different communities to live and work together. Having lived in California for the past 20 years, I found this openness and warmth very familiar. From a practical perspective, the process of registering a company was straightforward.
On the technology side, we found Cyprus well-prepared, with digital communication channels widely used. In short, the three essential elements for any entrepreneur – supportive people, efficient processes and enabling technology – are all in place in Cyprus.
How does the reality of doing business in Cyprus compare with your experience in India? Have you encountered practices or attitudes that struck you as markedly different?
Cyprus offers a more streamlined, rules-based and formal business environment, while India is larger, more complex and relationship-driven. The contrast lies in Cyprus’ predictability versus India’s dynamism and informality.
From your perspective, where does Cyprus need to improve if it is to become more competitive in attracting Indian companies?
Cyprus should improve the ease of banking, particularly KYC requirements. In many countries an account can be opened within 24 hours, sometimes even with e-banking set up the same day but it takes longer in Cyprus. This is understandable, given Cyprus’ background and its emphasis on anti-money laundering and security. I believe that these procedures will evolve over time as the economy opens further to international business.
Importantly, the experience has not been discouraging for me at all. Other things that could be improved include bilateral trade frameworks, awareness among Indian firms and work/residency permit processes to boost competitiveness.
Finally, looking five to ten years ahead, what opportunities and risks do you think will define the India-Cyprus business relationship?
The global economy is moving towards an AI-driven model. If you have a question, you turn to tools such as ChatGPT, which provide instant information. AI is becoming indispensable. In this context, I see great potential for collaboration between Cyprus and India. India has a vast pool of skilled people and, by working with Cyprus – and naturally extending to Greece – there is a corridor for economic transformation. Data, when combined with human intelligence, drives knowledge and growth.
By harnessing India’s expertise and Cyprus’ strategic position, both economies could benefit significantly. For governments, the shift to an AI economy requires a deep understanding of their citizens’ behaviour. People are tech-savvy, whether millennials or over 55, and all rely on mobile devices for their everyday needs.
So, services must be tailored to the individual, which is where augmented intelligence comes in. The same principle applies to business. Cyprus is not only a local market but also a gateway to Eastern Europe, the Middle East and Africa. The island has excellent infrastructure, including container hubs and trans-shipment facilities, with goods moving via Cyprus to the US, the UK and across Europe. This strategic location makes Cyprus an attractive base for large manufacturers.
There is significant potential for partnerships, particularly between India and Cyprus, to bring manufacturers here and take advantage of this position. As for risks, they stem from regulatory tightening, reputational concerns and competition from other hubs.
This interview first appeared in the October edition of GOLD magazine. Click here to view it.
