Anuraag Maheshwari, Founder and CEO of the ship management company Sirtica Maritime Pvt, highlights the significance of Cyprus’ location for shipping industry operations and shares his views on where the country should focus its efforts to become a compelling EU gateway for Indian companies.
What were the main drivers for choosing Cyprus as a destination? Was there a calculation that Cyprus offered something different from other jurisdictions?
Over the years, Cyprus has become one of the preferred destinations for maritime and ship management companies due to its mature ecosystem. The availability of experienced professionals in the industry has been key, as running a shipping company today is far more complex than it was a decade ago, with issues such as emissions trading schemes (ETS) and environmental compliance. Post-pandemic supply chain disruptions have also made efficiency crucial. Cyprus offers the right mix of localised logistics expertise, maritime know-how, and government support – particularly from the Shipping Deputy Ministry. Some people assume that low taxation is the main reason companies come here. In my case, that wasn’t the deciding factor. What truly makes Cyprus stand out is its location. We work with principals based in Vietnam and the United States. From here, we can connect with both within the same working day – Vietnam in the morning, the US in the afternoon – without extending working hours or putting extra strain on our staff. In an industry where connectivity is everything, Cyprus delivers.
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?
After fourteen years here, I find the environment predictable. Regulation and compliance are clear, shaped by EU standards and British legal traditions. Setting up a company is straightforward, with a focus on due process that provides a sense of stability, which is critical in the maritime sector. India, by contrast, is huge, dynamic and complex. Business practices vary dramatically from region to region – southern and northern India operate almost as different worlds. Relationships drive decision-making, which can speed things up but also create unpredictability. For newcomers in India, understanding these nuances is critical. Culturally, Cyprus builds trust gradually whereas in India, interactions are more informal, and relationships develop quickly. Another distinction is work-life balance – Cyprus offers one of the best globally. Both environments have their strengths. Together, they offer a balance of predictability and dynamism, and navigating between the two has shaped how we run our company today.
From your perspective, where does Cyprus need to improve if it is to become more competitive in attracting Indian companies?
India has one of the world’s largest startup ecosystems, yet many companies know little about Cyprus, favouring Singapore, Dubai or Luxembourg. Cyprus needs to showcase its advantages and build visibility through government, business and people-to-people initiatives. Another issue is bureaucracy, as some administrative processes remain slow. Fast-moving, high-tech companies – especially in AI and software – want to focus on innovation, not paperwork. Streamlining immigration, registration and banking would go a long way in making Cyprus more appealing to these kinds of investors. That brings me to my third point: compliance and KYC procedures follow EU standards but without clear timelines and steps. Predictability here would ease frustrations for new entrants. Talent and mobility are also critical. Many Indian and international companies would love to expand to Cyprus but they worry about access to skilled talent, especially as industries like shipping now rely heavily on AI and data analytics. Bringing experts from India, China or Japan to train local teams would create a multicultural talent ecosystem, strengthening Cyprus’ maritime and tech clusters. Finally, bilateral cooperation matters. The Double Taxation Treaty is helpful but some trade rules remain unclear, slowing investment.
Finally, looking five to ten years ahead, what opportunities and risks do you think will define the India-Cyprus business relationship?
If promoted effectively, Cyprus can be a compelling EU gateway for Indian companies in pharmaceuticals, fintech and renewable energy, where India’s growing production of photovoltaic cells positions it as a global renewable energy player. In the maritime sector, India has one of the world’s largest pools of seafarers and maritime professionals, while Cyprus leads in ship management. Joint ventures in training and education could deepen this partnership. In financial services, Indian family offices and funds seek EU-aligned, cost-efficient alternatives to Dubai or Luxembourg, while in technology India’s thriving tech ecosystem can supplement Cyprus’ growing industry. As mentioned, challenges include perception, awareness and regulatory agility, especially in banking and work permits. Geopolitics is also a factor, with firms seeking neutral, stable jurisdictions. So, with strategic alignment, regulatory cooperation and strong people-to-people ties, Cyprus can become a trusted partner for Indian companies seeking global scale.
This interview is part of the “Cyprus – India: A New Chapter Unfolds” cover story in the October issue of GOLD magazine. Click here to view it.
