Arthur Mamedov, CEO of TheSoul Group, describes Cyprus as a long-standing base for the global company, highlighting the island’s competitive business environment, the government's efforts to attract international businesses and skilled talent, and its potential as a regional hub.
However, while praising the progress made, he also identifieds areas requiring further development, particularly access to investment capital, the start-up ecosystem and international connectivity.
Mamedov was speaking during a panel discussion entitled ‘Breaking Borders: International Entrepreneurs Transforming Cyprus,’ moderated by Invest Cyprus CEO Marios Tannousis on the Beyond Borders Stage of the recent INSPIRE 2026 Entrepreneurial Festival.
Why TheSoul Group chose Cyprus
TheSoul Group operates a global network of viral content brands, generating approximately 100 billion views per month through the content it creates and distributes. Cyprus has been the company's home since late 2015.
Mamedov explained that the initial decision to come to Cyprus was largely community-driven, following recommendations from friends. However, he attributed the company's decision to remain in the country to the improvements he has witnessed over the past decade.
He highlighted Cyprus's competitive taxation, labour mobility and geographical position, which facilitates travel to Europe and the Middle East and North Africa (MENA). More importantly, he praised the country's adaptability in attracting businesses and talent, as well as the state's support in developing a favourable business ecosystem.
Referring to recent reforms, including tax measures targeting highly skilled individuals and changes simplifying the pathway to citizenship, he said these demonstrated the government's commitment to creating an environment in which businesses can thrive.
As he put it, Cyprus has shown considerable “agility in terms of competing for businesses and talent.”
Setting up and operating a business in Cyprus
Mamedov said that establishing a business in Cyprus is relatively straightforward, covering incorporation, finding premises, opening bank accounts and recruiting staff. He noted that the banking sector had improved in recent years and that office rents remained reasonable compared with the broader European market, although Limassol had become increasingly crowded.
The main challenge, he explained, was finding skilled employees locally. When TheSoul Group was starting out, it had to relocate software developers from abroad because the necessary talent was not available in the local market.
However, he pointed to the growth of the technology ecosystem, particularly through TechIsland, which brings together more than 400 technology companies. Collectively, these companies account for more than 30,000 employees, according to his estimates.
This expansion has significantly improved the recruitment landscape, making it possible for businesses to establish operations and hire their initial teams locally.
Mamedov said that “operating business now, from Cyprus and incorporating here is actually much easier than it used to be.”
Cyprus as a safe harbour amid geopolitical uncertainty
Mamedov described Cyprus as a safe harbour in the region, noting that periods of geopolitical instability have repeatedly prompted businesses and skilled professionals to relocate to the island. He cited developments involving Russia, Ukraine, Belarus, Lebanon and Israel as examples of situations that have contributed to such movements.
He argued that Cyprus benefits from an established professional services sector, the presence of the Big Four accounting firms, a banking system capable of supporting larger enterprises, and access to the European regulatory framework for financial services.
He also praised the government's efforts to promote Cyprus internationally and improve its competitiveness through reforms. Measures facilitating the movement of skilled employees, including the introduction of EU Blue Cards, were among the developments he highlighted.
While acknowledging that the system was not perfect, he expressed confidence in the country's direction, observing that the business environment had changed substantially in recent years.
Comparing the situation in 2022–2023 with the present, he said the two periods represented “completely different ecosystems in terms of competitiveness.” Overall, he expressed a positive outlook for Cyprus.
Cyprus's international reach and remaining challenges
Mamedov said Cyprus works well as a base for businesses operating regionally and for digital companies serving international markets. However, he identified international connectivity as a significant limitation, particularly for businesses with operations in the United States.
He explained that travelling from Cyprus to San Francisco could take 25–26 hours door to door because there are no direct long-haul flights. This, he argued, effectively limits the geographical reach of businesses that depend on frequent in-person travel.
He distinguished between established, profitable businesses and start-ups seeking capital. For companies generating positive cash flow and paying dividends, Cyprus offers an attractive base from which to relocate operations, establish a presence and build teams.
However, he cautioned that Cyprus was “still by far not among the strongest jurisdictions” for businesses seeking to raise capital through the capital markets.
Although the shortage of skilled talent had been a major obstacle for the start-up ecosystem in the past, he believes that the situation has improved. Access to capital, however, remains a significant gap, with insufficient attention from major venture capital funds covering Cyprus.
He argued that addressing this challenge requires a longer-term strategy focused on strengthening higher education and attracting investment funds. While Cyprus has competitive schools, he said its university landscape is less competitive, making further investment in education important for developing new businesses.
Mamedov stressed that tax reforms can attract established businesses, but creating an ecosystem in which new ventures can emerge and grow requires sustained investment over a much longer period.
He concluded that these efforts should be a priority for Cyprus over the next decade, emphasising that building a strong entrepreneurial and investment ecosystem requires a long-term perspective of “five, 10, 20 years from now.”
Strategic Partner: CYTA Business
Platinum Sponsor: Bank of Cyprus
Innovation Partner: Ίδρυμα Έρευνας και Καινοτομίας/Research and Innovation Foundation
Gold Sponsors: Cyfield Group, Zorbas Group
Silver Sponsors: Bioland Energy, Petrolina (Holdings) Public Ltd
Stage Sponsors: Invest Cyprus - CIPA , KPMG Cyprus, National Bank of Greece, Odyssey Cybersecurity
Academic Partner: University of Nicosia
Mobility Partner: Pilakoutas Group
Sustainability Partner: Electricity Authority of Cyprus
Hospitality Sponsor: Hilton Nicosia
Sponsor: IMR/UNIVERSITY OF NICOSIA , Αρχή Ανάπτυξης Ανθρώπινου Δυναμικού - Human Resource Development Authority of Cyprus, Henry’s by Columbia, 33East
Panel Sponsor: Allwyn Cyprus
Technology Sponsor: Abasis.AI
Wellbeing Partner: wayfitco.
Supporting Organisations: National Betting Authority , SkillsCyprus
Exhibitors: drastyc, Emphasys Centre, Giorgio Armani, Factorial ,GrantXpert Consulting Ltd, onlyseo., Photos Photiades Breweries ,Wolt, Bank of Cyprus Nicosia Marathon
Supporters: Cloud Office,CP Herbal Skin Care, Farm Wisely Cyprus, Chr. Kapodistrias & Sons Ltd, Superhome Center, Alphamega Hypermarkets
Mimajo Healthy Snacks Ltd, Robura Asset Management, University of Limassol, Voici la Mode Group of Companies
With the Support of: Cyprus Computer Society, CITEA, CCCI, CPMA, OEB, Youth Board of Cyprus,TechIsland, StudentLife Academy, CSR Cyprus
Communication Sponsors: SuperFM, REPORTER, IN Business, Cyprus Business News, Alpha TV
Organiser: IMH
Under the Auspices: Nicosia Municipality
