Cyprus is an island situated in the eastern part of the Mediterranean Sea, at the crossroads of Europe, Asia, and Africa. It has a population of about 730,000 and its capital is Nicosia, which is also the administrative and business centre of the island.

Cyprus is a member of the United Nations, the Commonwealth, the Council of Europe, the International Monetary Fund, and the World Bank. Cyprus has had an association agreement with the European Union since 1972, which provides for a Customs Union through successive stages. At the current stage the agreement provides for the gradual reduction of tariffs between Cyprus and the European Union. Cyprus has applied to become a full member of the European Union. As from 1st of May 2004 Cyprus is a full member of the European Union.

The legal system is based on the British system and its Common Laws. The Republic has adopted many British statutes from its pre-independence days. Among these is the UK Companies Act of 1948, which forms the basis of the Cyprus Companies Law, Cap 113.

The official languages of the Republic are Greek and Turkish. The English language, however, is widely used by both the government and the private sector. Communications with any government department may be made in English and is perfectly acceptable.

The telecommunication system of Cyprus is one of the most efficient in the world, providing telex, telegraph, telefax, mobile telephony, voicemail, paging, audio text, videoconferencing, packet switched data transmission, and access to the Internet.

Cyprus has developed into a commercial, financial and maritime centre with a corresponding growth of related services such as banking, accounting, insurance, legal and other management services. Government incentives have helped the country to develop a thriving offshore company centre with many multinationals having their regional headquarters established in Cyprus.